Daily active users (DAU) on Polygon have outperformed Ethereum increasing more than 20,000 addresses. Meanwhile, Polygon (MATIC) has claimed the top tenth position in the crypto market ousting Solana (SOL).
Over the past couple of months, Polygon (MATIC) has been in the spotlight due to several reasons. Recently, the Polygon developers planned to introduce a hardfork to limit gas spikes and address chain reorgs. The Ethereum scaling solution has witnessed a substantial uptick in traction through partnerships with high profile companies such as Starbucks, Adidas and Coca-Cola among others.
As a result, the network’s popularity among cryptocurrency users has increased remarkably. Last year, Polygon partnered with the Ocean Conservation Exploration and Education Foundation (OCEEF) in an effort to advance ocean literacy and give people an opportunity to learn about deep-sea missions through new and engaging ways.
Polygon Achieves New Milestone
WOW @0xPolygon just overtook Ethereum in daily active users @sandeepnailwal imagine being bearish on $MATIC 🔥 pic.twitter.com/MgqXDqgK8e
— Zack 🔺 Chief Alpha Officer (@btc_zack) January 26, 2023
In the last development, Polygon with 340,000 DAU overtook Ethereum overshadowing the latter’s 320,000 DAU. According to Token Terminal, BNB Chain is still the top blockchain for daily active users, with almost 800,000.
As per Polygonscan, which is the blockchain explorer for the Polygon ecosystem, the jump in daily active chain addresses is closer to 400,000. Furthermore, the metric has increased by 21% over the past two weeks. Furthermore, Etherscan affirmed that there were 341,000 active Ethereum addresses on January 26.
In addition, NarbTrading, a popular Polygon commentator on Twitter, the total value locked (TVL) on Polygon has surged from $994 million to $1.2 billion over the last 30 days recording a gain of nearly 20% since the beginning of 2023.
TVL on @0xPolygon has risen from $994M to $1.2B over the last 30 days. pic.twitter.com/mPqBvuAsiT
— Narb (@NarbTrading) January 26, 2023
Polygon is built on top of Ethereum that processes multiple transactions for Ethereum boosting transaction times and lower fees. The Polygon network currently processes around 3 million transactions per day compared to the Ethereum network that churns approximately 1 million transactions.
MATIC Price Booms
As a result of this positive development, Polygon (MATIC) managed to flip Solana (SOL) to achieve the top ten rank in the cryptocurrency market. Accordig to CoinMarketCap, MATIC is up 8.12% in the last 24 hours to trade at $1.08. The token gained more than 13% over the past seven days drawing more users and developers to the blockchain. In a statement, Charles Storry, head of growth at crypto index platform Phuture explained,
“We’re starting to see users and interest come back to these kinds of networks and seeing activity again. There’s also a lot of projects that have built on top of Polygon that haven’t released their tokens yet, which will be coming out soon and add to the already increasing activity levels.”