Polygon briefly overtakes Ethereum for active addresses after 330% surge

This year, layer two protocols saw a tremendous growth and one of them briefly outperformed the network it is a scaling solution to in terms of active addresses.

According to protocol co-founder Mihailo Bjelic, the number of active unique addresses per day on Polygon has exceeded those on high-fee layer one Ethereum.

His stats show that Polygon had 3511,000 active addresses per day on Sept. 27, while Ethereum had 326,000.

Another milestone for @0xPolygon For the first time, we have eclipsed Ethereum L1 daily active addresses! This is only the beginning. We work round-the-clock to improve our tech and strengthen our ecosystem. This will increase adoption. Let’s make Ethereum a global platform! pic.twitter.com/K4sAF1y3LT
— Mihailo Bjelic (@MihailoBjelic) September 29, 2021

According to Polygonscan the number of active addresses shot up on Sept. 20 and hit a peak at 426,586 by the 27th, before dropping slightly to 385 7,740.

According to Etherscan, Ethereum’s daily active addresses count was 457.402 on Sept. 29, so they are fairly evenly matched.

Over the last 3 months, Polygon’s active addresses have risen 330% while Ethereum’s have declined by 12%.

According to Etherscan, Ethereum has 170.8 million cumulative unique addresses as of Sept. 29, while Polygon had 89.3 million total district addresses yesterday. Matic was launched in February and rebranded as Polygon. This means that its growth occurred in a shorter time frame.

According to Polygonscan, Polygon currently has more transactions than Ethereum layer one. There were 5.7 million transactions for Sept. 29, compared to the 1.1 million recorded for Ethereum layer 1. This is due to Ethereum’s increased fees, which have recently increased.

DeFiLlama reports that Polygon’s total value of all protocols is $4.81 trillion. However, it has seen more than half its growth since the mid-June peak of $10.54 billion. Flash loan platform Aave, which holds $1.77 billion TVL (37%), is the most popular protocol.

Related:Polygon active user growth continues at 75,000, as DeFi boom continues

Polygon was endorsed by billionaire investor Mark Cuban in May. According to CoinGecko, its native token, still called MATIC has seen 5.2% in the past 24 hours and reached $1.14.

In recent days, Ethereum transaction fees have risen again which has led to an increase in layer two protocol activity. Bitinfocharts currently shows that the average transaction price for Ethereum is around $23. According to Etherscan, more complex operations like smart contract interactions or DEX token swapping can cost up to $66 in gas.

https://cointelegraph.com/news/polygon-briefly-overtakes-ethereum-for-active-addresses-after-330-surge

Charles Griffin

Charles Griffin – Business and Transportation I am Charles Griffin with more than 10 years of experience in the Stock market industry, I am energetic about Finance and Business news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of Magnewspress.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Business News category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.  

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