Polygon’s Brief Blaze Past Ethereum for Active Addresses following a 330% Surge

The past three months have seen Polygon, a Layer-two aggregator, experience a 330% surge in active addresses.

This year has been especially favorable to Layer-two protocols, and when one looks at this growth in terms of active addresses, there is a protocol that has gone above and beyond the network for which it serves as a scaling solution.

Polygon co-founder Mihailo Bjelic confirmed through a tweet that the number of daily active unique addresses on this layer-two aggregator has surpassed those on the high-fee Layer-one, Ethereum. The statistical data presented by Bjelic reveals that on Monday Polygon had 351,000 daily active addresses while Ethereum’s number was 326,000. 

A Tight Race

Looking at Polygonscan, reveals that on Sept 20, the number of active addresses hit the roof and peaked at 426,586 on Monday. They then fell slightly back to 385,740.

Etherscan, on the other hand, reported that Wednesday’s daily active address count for Ethereum was 457,402. This means that the two are evenly matched at the moment.

After analyzing data over the past three months, one can see a 330% surge in the number of Polygon’s active addresses. However, looking at the other side – Ethereum – shows a 12% decline for the same metric over the same period.

Again analyzing the cumulative unique addresses as of Wednesday puts Ethereum ahead with 170.8 million, according to Etherscan. On the same day Polygon had 89 million total district addresses. It is good to note that it was not too long ago that Matic rebranded to Polygon and launched in February. Once can conclude that the protocol’s growth has been on an upward curve over a shorter period of time.

Where is the Surge coming from?

At present, Polygonscan reveals that Polygon boasts of a greater number of transactions than Ethereum as of Wednesday with the former having 5.7 million total transactions while the latter sits at 1.1 million. This low number on Ethereum’s side can be largely attributed to their high fees, which have recently gone up, again.

A report by Defi llama shows that the total value locked (TVL) of all protocols on Polygon is $4.81 billion. This is a decline since in mid-June it was enjoying an all-time-high of $10.54 billion. At the moment, Aave, the flash loan platform, is the most popular protocol on the network with 37% of the total or $1.77 billion TVL.

The surge in activity on layer-two protocols can be directly linked to the skyrocketing Ethereum fees in recent days.

Image courtesy of pixabay

Edwin Kinoti

Edwin Kinoti

Edwin is a naturally curious person with a deep interest in blockchain, finance and new tech, fields which he dedicates his time to researching and documenting.

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