Polygon (MATIC) leads Ethereum (ETH) on the number of active addresses

The market has been highly favorable for Layer-two protocol Polygon (MATIC/USD), which has seen a 330% in the past three months. One of the most notable growth areas for the protocol is the number of active addresses.

According to Polygon’s co-founder, Mihailo Bjelic, the protocol has now overtaken layer-one Ethereum when it comes to the number of daily active addresses.

Are you looking for fast-news, hot-tips and market analysis?

Sign-up for the Invezz newsletter, today.

The recent stats show that Ethereum (ETH/USD) has 326,000 daily active addresses while Polygon now has 351,000.

Polygonscan shows that the number of active addresses surged impressively on September 20, as it hit a pick of 426,586 shortly before falling back to around 285,400 on Monday.

Number Of Active Addresses Rise On Polygon

While the number of active addresses on Polygon has increased over the past three months, the opposite is the case for Ethereum’s active addresses, as it fell by 12% within the same period.

However, Ethereum is still ahead when it comes to cumulative unique addresses. According to Etherscan, Ethereum has 170.8 million district addresses while Polygon reveals that it has 89 million. But with the recent rebrand of MATIC to Polygon, the protocol’s unique addresses will likely improve.

Polygon is leading when it comes to the total number of transactions. The platform presently has 5.7 million total transactions compared to the 1.1 million for Ethereum’s layer one.

MATIC Token Continues To Surge

Ethereum’s high transaction fees have led to the increased use of other protocols, and Polygon seems to be one of the major beneficiaries.

In June, Polygon recorded an all-time high of $10.54 billion for its total value locked (TVL) of all protocols on the platform. However, recent data from DeFi LIama showed that value have been halved to $4.81 billion.

Flash loan platform Aave still remains the most popular protocol on the Polygon network with $1.77 billion TVL (37% of the entire volume).

In May, billionaire investor Mark Cuban showed his interest in Polygon by adding it to his portfolio. Its native token, MATIC, has surged over the past few months after trading way below $1 at the beginning of the year. As at press time, the token is trading at $1.14.

Invest in crypto, stocks, ETFs & more in minutes with our preferred broker,



67% of retail CFD accounts lose money