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Key points: 

• Only MATIC and BNB prices have increased since October. 
• 73.05% of MATIC investors are currently losing money, 14.69% are profitable at the current price, and the remaining 12.26% are in balance.
• Dune Analytics shows that Polygon’s user growth has dropped 27% over the past 30 days.
• The path for MATIC to continue outperforming other tokens does not appear to be entirely clear at the moment.

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The collapse of FTX led to disaster for the entire industry. Most of the companies involved have been directly or indirectly affected by the crisis. At the same time, the collapse of the exchange also paved the way for a bearish extension.

In such an environment, only MATIC and BNB tokens can generate modest positive returns for investors. The price changes of most other coins are in negative territory.

Similarly, Chinese journalist Colin Wu tweeted using Delphi Digital's analytics data:

“The Delphi chart pointed out that under the influence of the FTX crash, only MATIC and BNB prices have increased since October, SOL has fallen by 60% and Near has fallen by 55%. FTX and Alameda are the core investors of Solana ecology; FTX and 3AC are important investors of NEAR.“

Investor profitability and user growth

Despite managing to make ends meet, approximately 3/4 [73.05%] of MATIC investors are currently in dire straits or losing money. On the other hand, only 14.69% are profitable at the current price, while the remaining 12.26% are in balance.

As the chart below shows, this was one of the longest periods in recent history, with red dominating the chart. In fact, around this time last year, the trend was the opposite. About 94% of them are profitable by December 2021.

Data from Dune Analytics further shows that Polygon’s user growth has dropped 27% over the past 30 days. It also shows that people may lose interest in the Network.

Nonetheless, existing users stuck with it, with cumulative transaction volume up about 11% year-over-year.

The number of investors currently underwater is not a good incentive for new entrants to enter the ecosystem. Due to this and slowing user growth, the path for MATIC to continue to outperform other tokens does not appear to be entirely clear at the moment.