In a major milestone for the Polygon network, the daily active users have surpassed those on Ethereum. The Polygon network now boasts 340,000 users, slightly more than Ethereum's 320,000. This marks an increase of 21% in just two weeks.
Meanwhile, Polygon’s native token MATIC has also seen significant growth in recent days, moving into the top 10 crypto assets ranked by market capitalization after overtaking Solana.
Polygon PoS Dominates Transactions Among EVM-compatible Chains
Polygon has also seen significant success with its PoS chain. According to recent data, Polygon PoS now handles the most weekly transactions of any EVM chain, surpassing even BNB Chain.
In December 2022, Polygon PoS was the top choice for NFT transactions, with over 1.3 million NFTs minted and sold on OpenSea. Additionally, Polygon PoS leads in value transfers for NFTs and is trending upward in value transfers for DeFi, currently ranking second after BNB Chain.
Polygon PoS Continues to Gain Momentum with Active Wallets
The Polygon PoS chain is also seeing consistent growth in active wallets, currently ranking second after BNB Chain. This marks a continued upward trend since December 2022 and a steady rise from its previous position of third, after Ethereum.
Polygon PoS Emerges as Standout Choice for Ethereum Fans
On-chain analytics provide valuable insight into the activity of a blockchain ecosystem, and the numbers speak for themselves. Polygon PoS is the clear choice for developers, brands, and users who value the capabilities of Ethereum but seek faster speeds and lower fees. With its recent growth in active users, transactions, and token price, Polygon PoS is poised for even more success in the future.
MATIC’s Price Action
Following a strong three-day bullish move, MATIC ran out of steam around the $1.18 mark and subsequently recorded a 9.5% crash on January 30. At the time of writing, the cryptocurrency appears to be picking itself up once again as it positions for a possible bullish reemergence.
However, traders expect the week to be dominated by reactions to the US Federal Reserve’s interest rate increase, after the Fed raised its lending rate by 25 basis points on February 1.
With this news coming at the start of the month, coupled with the impressive on-chain feats recorded by the Polygon network, it will be interesting to see how MATIC fares in February, which has naturally been a bullish month for crypto.
MATIC Statistics Data
MATIC Current Price: $1.14
MATIC Market Cap: $9.9B
MATIC Circulating Supply: 8.7B
MATIC Total Supply: 10B
MATIC Market Ranking: #10
This article should not be taken as financial advice. It is essential to conduct research before making any investment decisions.