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Polygon (MATIC)

Polygon Daily Users Surpass Ethereum, Solana As DeFi Activity Grows

Best Owie
by Best Owie
2 years ago
·
Posted in Polygon
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Polygon has recorded one of the most significant growth trends among Layer 1 and Layer 2 blockchains over the last couple of weeks. As a result, the daily active users on the Layer 2 blockchain has risen rapidly to surpass daily users on some of the largest Layer 1 blockchain in the world.

Polygon Daily Active Users Cross 405,000

Usually, Ethereum dominates most blockchains in terms of daily active users. This is because of the enormous decentralized finance (DeFi) activity that is being carried out on the blockchain, making it the top choice for crypto users who want to leverage the DeFi opportunities. However, Ethereum’s high fees have seen DeFi enthusiast flock to Layer 2 blockchains such as Polygon for lower fees and faster transactions.

Related Reading: Max Pain As 83% Of SHIB Investors Are Seeing Losses, Is A Change Coming?

As a result of this exodus, Polygon has seen a consistent rise in its daily active users and has now surpassed the likes of Ethereum and Solana. According to data from the DeFi aggregator website DeFiLlama, the total active users on the Polygon blockchain in the last 24 hours is sitting at 405,084.

In contrast, the total number of daily active users for the same time period for Ethereum is 332,000. This means that Polygon is currently seeing over 50,000 more daily active users compared to Ethereum. It is also ahead of rival Arbitrum which is sitting at 172,968, and Solana with 122,570 daily active users.

Polygon active addresses

Polygon daily active addresses cross 405,000 | Source: DeFiLlama

The number of protocols on the chain is also on the rise, coming up just behind Ethereum and BSC for the highest number of DeFi protocols. Ethereum currently has 855 protocols and BSC is sitting at 629 protocols. As for Polygon, it boasts a total of 445 protocols, making it the Layer 2 network with the highest amount of DeFi protocols.

MATIC Poised To Follow Network Growth

The price of MATIC has responded positively to the network growth on the Polygon blockchain as it trades in the green. This budding correlation between the two could signal the start of another rally for MATIC going forward.

Polygon (MATIC) price chart from Tradingview.com

MATIC price recovers to $0.78 | Source: MATICUSD on Tradingview.com

Over the last day, the price of MATIC is already over 7%, emerging as one of the top 10 performers in the crypto market during this time. If the price continues to rise with network growth, then the digital asset could retest the $0.85 resistance before the weekend is over.

Related Reading: Celsius To Sell Self-Custody Platform For 78% Loss, But It Gets Worse

MATIC’s rise has also put it above the 50-day moving average, indicating bullish momentum in the short term. However, the cryptocurrency is still well below its 100-day and 200-day moving averages, which would suggest a short-lived rally from here.

Nevertheless, MATIC’s rise can be sustained for now as bulls are quickly taking over. Its trading volume is up 548% in the last day, which suggests heightened interest from both small and large players alike.

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from Binance Academy, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Best Owie is a Managing Editor at Bitcoinist with extensive experience and a proficient expert known for crafting captivating and insightful content. Best boasts over six years in the crypto sector, and has supervised the conception and publication of thousands of articles. Best is also a content and marketing strategist with the ability to make sure your content reaches the right audience and beyond. In every aspect, Best stands out as a consummate professional, always striving for unparalleled excellence both within and outside the workplace.

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