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Friday, July 1, 2022

Polygon Overtakes Ethereum For A Brief Point

According to Mihailo Bjelic, the co-founder of Polygon, the number of daily active users on this platform surpassed high-fee Ethereum. According to the stats he presented, his layer-two aggregator had around 351,000 daily active addresses last Monday, whereas Ethereum simply had 326,000.

This has been the direct result of layer-two protocols witnessing some immense growth throughout the year, and especially in terms of active addresses, this protocol did briefly surpass the network for which it was supposed to be a scaling solution.

Polygon Went Above Ethereum For a Brief Period 

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According to Polygonscan, the number of daily active addresses went up on the 20th of September, when it hit a peak of 426,586 on Monday, after which it fell down to a sum of 385,740. Etherscan, on the other hand, has reported that the daily active addresses for Ethereum were almost 457,402 on Wednesday, so the two protocols- Polygon and Ether- seem pretty evenly matched at this point.

The number of active addresses on the layer-two protocol has surged by around 330% over the last three months, whereas the cryptocurrency Ethereum has gone down by 12% over the same time frame. 

But, with respect to cumulative unique addresses, Ethereum seems to be way ahead with a sum of 170.8 million users on Wednesday, whereas Polygon lags behind with 89 million total district addresses on Wednesday as well. However, Matich has only been rebranded as this layer-two protocol in February, so the entire growth hasn’t taken all that time yet. 

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Polygon currently has a far greater number of transactions currently, according to Polygonscan– with around 5.7 million total transactions which were recorded on Wednesday, compared to around 1.1 million on layer one of Ethereum. This can definitely be attributed to the high fees of the cryptocurrency- which has definitely come up once again.

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