The crypto borrowing and lending platform Nexo recently provided transparency into exactly how its business makes money. Its lengthy breakdown follows the collapse of numerous high-profile crypto lending firms that were overexposed to defunct projects and businesses. Nexo’s Business Model As Nexo explained in a Twitter thread on Monday, Nexo’s primary business strategy is to facilitate collateralized credit. Its core services include crypto collateralized loans, interest-bearing crypto accounts, and spot, futures, and options trading. Through its Earn product (crypto interest…
As per Coinmarketcap, the number of active users on the Polygon blockchain has officially overtaken ETH, according to their analysis on 3rd OCT. The site also added that the skyrocketing number of users is due to the upcoming mobile game Arc8.
Polygon Active Addresses Skyrockets
As per the Polygon scan, 531,831 addresses were using the polygon blockchain on Oct 3, 2021. Comparatively, the ETH network was serving about 472,079 active users on the same date. While the numbers of users on the ETH network have increased exponentially by 157% since Sep 19. The Polygon network has received almost tripled values.
Polygon’s network has experienced almost tripled traffic over the last week due to the upcoming Arc8 mobile gaming app. This game has helped Polygon register more users than the ETH network. The latter has only maintained its number of users in the past week.
Arc8 Mobile Gaming App Causes Massive Traffic on Polygon
The new GMEE token ‘mining’ seems to be the primary cause of the skyrocketing number of users on the Polygon network. This cellular gaming app started gaining traction on Oct 19. On the exact date, an uptick in the number of active Polygon users also happened.
As per DappRadar, ARC8 had 257,000 active users over the last day, making it the critical app on the Polygon network. Arc8 has also become the third most played blockchain game.
The blockchain sporting activities started this summer by the play-to-earn Axie Infinity.
The platform allows its players to earn tokens by engaging in the sport and winning bundles. Axie infinity has now amassed large numbers of active users and a market valuation of about $30 B. Axie has also made Sky Mavis the fifth most prominent online gaming firm globally.
With the market for online blockchain games open, gaming platforms can now have the chance to emulate big play-to-earn video games. The growing blockchain gaming market will also create more demand for in-offer tokens. And supporting chains, positively impacting the crypto market.