Polygon Surpasses Ethereum In Daily Active Users – Report
Per data from TokenTerminal, the number of daily active users on the Polygon network has surpassed that of Ethereum. The BNB Chain tops the list for daily active addresses with over 800,000.
Unfortunately for Ethereum, Polygon is now in the second position with 340,000. Ethereum sits at the third position with 320,000 daily active users.
Meanwhile, Polygonscan has confirmed the increase in daily users. According to the Polygonscan website, this number has surged by 21% in the last two weeks.
Etherscan noted that the number of active Ethereum users was 341,000 on January 26th. In addition, Polygon’s DeFi TVL (Total Value Locked) has increased in 2023.
According to the on-chain data analytics platform, DeFiLlama, Polygon’s TVL is about $1.28 billion, having increased by about 20% since January 1st. Furthermore, AAVE, the leading project on the Polygon network, has a 25% market share. Polygon is the fourth biggest DeFi platform, with 80% more locked collateral than Solana.
Ethereum, BNB Chain, and TRON are the first, second, and third largest DeFi platforms. On January 26th, @NarbTrading tweeted, saying Polygon’s TVL has increased to $1.2 billion from $994 million in the past 30 days.
MATIC’s Price Increases By 45% In 2023
Per Polygonscan data, the network currently handles approximately 3 million transactions daily. Compared to Polygon, Ethereum processes a significantly lower amount of daily transactions, processing around 1 million daily.
On the other hand, the Bitcoin network processes approximately 300,000 transactions per day, which is even less than Ethereum’s network. On January 17th, Polygon reported successfully carrying out the Delhi hard fork.
The upgrade was aimed at lowering gas fees and resolving issues related to chain reorganization. Notably, Polygon has cemented several partnerships in 2023.
Recently, Polygon collaborated with a blockchain analytics firm, Arkham intelligence. Additionally, the company teamed with BitGo to offer MATIC holders staking capabilities.
Interestingly, Polygon’s latest bullish activity has pushed the price of MATIC up in the last few weeks. According to Coingecko, the token’s price has increased by about 9.7% in the previous seven days, and in 2023, MATIC’s price has recorded a 44.2% gain.
The coin crossed the $1 mark two weeks ago after falling below it in November.
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