Home News Polygon briefly overtakes Ethereum for active addresses after 330% surge

Polygon briefly overtakes Ethereum for active addresses after 330% surge

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Polygon briefly overtakes Ethereum for active addresses after 330% surge. Layer 2 Protocols have experienced spectacular growth this year. One such protocol has briefly exceeded the network that it scales for in terms of active addresses.

A Polygon co-founder said that the number of unique addresses registered on Polygon on a daily basis beats those on the high-fee-layer-1 Ethereum.

He noted that on Monday Polygon had 351,000 daily active addresses versus Ethereum with 326,000.

According to Polygonscan, the number of active addresses peaked on Sept. 20 at 426,586 before dropping to 385,740 on Monday.

Ethereum’s daily active address count was 457,402 on Wednesday, according to Etherscan, indicating that the two are now very evenly matched.

Over the last three months, the number of active addresses on Polygon has increased by 330%, while Ethereum’s has decreased by 12%.

According to Etherscan, Ethereum has 170.8 million mounting unique addresses as of Wednesday, whereas Polygon has 89 million total district addresses. Matic, on the other hand, only rebranded to Polygon in February and released in March, so its growth has been more rapid.

Ethereum’s high transaction costs

According to Polygonscan, Polygon now has a higher amount of transactions than Ethereum’s layer one. With 5.7 million total transactions on Wednesday against 1.1 million. This is primarily due to Ethereum’s high transaction costs, which have just increased again.

According to Defi Llama, the total value locked (TVL) of all Polygon protocols is presently $4.81 billion. However, it has dropped by more than half since reaching an all-time high of $10.54 billion in mid-June. Aave, a flash lending platform, is the most popular protocol on the network. With $1.77 billion TVL, or 37% of the total.

When Mark Cuban, a billionaire investor, added Polygon to his portfolio in May, it enjoyed a huge boost. According to CoinGecko, MATIC, the company’s native token, has risen 5.2% in the last 24 hours to $1.14.

The current increase in activity on layer-two protocols has been attributed to an increase in Ethereum transaction fees. The Ethereum network’s average transaction fee is presently about $23, according to BitInfoCharts. According to Etherscan, more complicated activities like decentralised exchange token switching or smart contract interactions can cost up to $66 in gas.

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