Polygon Suppresses Bitcoin and Ethereum in Major Metric

by

As a researcher with a background in blockchain technology and digital currencies, I find Polygon’s (MATIC) recent achievement of surpassing Bitcoin (BTC) and Ethereum (ETH) in terms of active addresses to be an impressive milestone. Mihailo Bjelic, Polygon cofounder, shared this statistic on Twitter, highlighting the potential of this layer-2 network.

MATIC’s Polygon has recently achieved an impressive feat in comparison to Bitcoin (BTC) and Ethereum (ETH). As mentioned by Polygon cofounder Mihailo Bjelic on X, the number of active addresses on its layer-2 network outnumbers that of Bitcoin and Ethereum put together.

Polygon picking small wins

Polygon, a distinct type of digital currency, is among the most intriguing to keep an eye on. In contrast to the price decline experienced in the previous week, Polygon’s user base expanded by 1.18 million within a day. This growth surpasses that of Bitcoin and Ethereum during the same period: Bitcoin recorded around 594,000 active users, while Ethereum had about 365,000.

Number of active addresses (24h):

Polygon: 1.18M
Bitcoin: 594k
Ethereum: 365k

Not too shabby, I guess..

— Mihailo Bjelic (@MihailoBjelic) July 8, 2024

Active users significantly contribute to the impressive statistics of various crypto networks, including Polygon. Despite having a smaller market capitalization than other protocols, Polygon’s widespread usage gives it notable recognition within the crypto community.

As a researcher studying the blockchain ecosystem, I’ve noticed that Polygon’s network continues to function effectively despite the large number of transactions and activity taking place on its chain. This observation underscores the significance of the Polygon team’s efforts to scale their protocol. Given recent challenges with address profitability for Polygon users, this validation is particularly important.

Polygon revival bid

According to IntoTheBlock’s statistics, approximately 90.62% of Polygon’s total addresses are currently experiencing losses. This translates to a specific figure of 627,350 such addresses.

Based on recent developments, it’s clear that MATIC token holders are eagerly awaiting a price recovery. Every favorable aspect of the ecosystem serves as an accumulating catalyst towards achieving this goal. Notably, MATIC’s price has already started responding to some of these essential fundamentals by reverting back to a bullish trend.

Currently, the coin has increased by 4.63% within the last 24 hours and is being traded at $0.5046 according to CoinMarketCap’s data. Following a decline of over 9% in the previous seven days, this recent improvement suggests that an optimistic week may still unfold.

Read More

2024-07-08 19:13