Blockchain News

Polygon surges 330% briefly overtaking Ethereum in active addresses

The number of daily active unique addresses on layer two aggregator Polygon has overtaken those on high-cost layer one Ethereum.

Polygon Overtakes Ethereum

This year, layer two protocols have witnessed massive growth. One of them momentarily surpassing the network for which it provides a scaling solution in terms of active addresses.

On September 27, according to his statistics, Polygon had 351,000 daily active addresses, while Ethereum had 326,000.

According to Polygonscan, the number of active addresses surged on September 20. Therefore, peaking at 426,586 on September 27 before dropping to 385,740 on September 28.

According to Etherscan, Ethereum’s daily active address count was 457,402 on September 29. Moreover, indicating that the two are now fairly equally balanced.

Over the last three months, the number of active addresses on Polygon shot up by 330%. However, Ethereum’s has decreased by 12% for the same statistic.

Extremely Rapid Growth

According to Etherscan, Ethereum had 170.8 million cumulative unique addresses as of Sept. 29, whereas Polygon has 89 million total district addresses as of yesterday. Matic, on the other hand, only rebranded to Polygon and started in February, so its growth has been more rapid.

According to Polygonscan, Polygon has a higher amount of transactions than Ethereum layer one, with 5.7 million total transactions on September 29 compared to 1.1 million for Ethereum layer one. This is primarily due to Ethereum’s exorbitant fees, which have just increased again.

DeFiLlama presently states that the total value locked in all protocols on Polygon is $4.81 billion, down from an all-time high of $10.54 billion in mid-June. Aave, a flash loan platform, is the most popular protocol on the network, with $1.77 billion TVL, or 37% of the total.

Ethereum Costs Rises

In May, billionaire investor Mark Cuban added Polygon to his portfolio, giving it a huge boost. According to CoinGecko, its native coin, which is still named MATIC, has risen 5.2% in the last 24 hours to $1.14.

In recent days, Ethereum transaction costs have risen again, contributing to a surge in activity on layer two protocols. The average transaction fee on the Ethereum network is presently about $23, according to Bitinfocharts. According to Etherscan, more complicated activities such as DEX token switching or smart contract interactions can cost up to $66 in gas.

Read More: EY has chosen Polygon to help scale its corporate blockchain products on Ethereum

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