Polygon - Active Addresses

    In this dashboard, we will look at daily change in Active Addresses on Polygon and if its related to the price of MATIC in anyway.

    We will quantify active address as any address that has made a transaction, sent or received tokens on any given day. We will use polygon.transactions and polygon.udm_events to aggregate the data. We will retrieve the price data from ethereum.core.fact_hourly_token_prices.

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    We can see that most user activity picked after March 2021, when MATIC incentives for DeFi on Polygon was announced.

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    Similar to activity, the price of MATIC token also picked up around the same time.

    Let us look at how these both stack against each other

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    In a simple eye test, we can see that post the first peak of MATIC price to around 2.5 every subsequent peak has been followed with activity spike.

    • The first activity spike comes after the drop from 1.7$ local maximum
    • The 2nd group of activity spike comes after 2$ local maximum
    • The 3rd spike comes after the MATIC ATH.
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    Checking if the volatility matters,we plot the 7day volatility of MATIC token price. We can see that spikes in volatility have not really resulted in spikes. However, most spikes seem to appear in dips between spikes in volatility

    Takeaways from this analysis:

    • Post March 2021, saw increased user activity and MATIC price appreciation.
    • Activity spikes tend to happen after a Price peak.
    • Activity spikes tend to happen when there is a depression in 7 day volatility of the MATIC price