Polygon is quickly overtaking Ethereum on active addresses after gaining 330%

Layer 2 protocols have seen spectacular growth this year, and one of them has quickly overtaken the network as a scaling solution in terms of active addresses. Ethereum

According to protocol co-founder Mihailo Bjelic, the number of daily active unique addresses on layer two of the synthetic polygon has exceeded the number on the paid Ethereum layer one.

According to its statistics, on September 27, Polygon had 351,000 daily active addresses while Ethereum had 326,000.

https://twitter.com/MihailoBjelic/status/1443041767725674499?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

The number of active addresses soared on September 20, according to Polygonscan, peaking at 426,586 on September 27, before declining slightly to 385,740.

Etherscan reports that Ethereum’s daily number of active addresses was 457,402 as of September 29, so the two are pretty much even at this point.

The number of active addresses on Polygon has increased 330% in the last 3 months, while Ethereum has decreased 12% over the same period on the same metric.

In terms of cumulative unique addresses, Ethereum leads with 170.8 million as of September 29, according to Etherscan, while Polygon has a total of 89 million circle addresses yesterday. However, Matic just changed its name to Polygon and launched in February, so its development took place in a shorter period of time.

Polygon now has a larger number of transactions, a total of 5.7 million transactions recorded on September 29, compared to 1.1 million on Ethereum Layer One, according to Polygonscan. This is largely due to Ethereum’s high fees, which have rallied recently.

DeFiLlama currently reports that the total value of all logs on Polygon is $ 4.81 billion, but has more than halved since its all-time high of $ 10.54 billion in mid-June. The most popular protocol on the network is the Aave fast lending platform with a TVL of USD 1.77 billion, which is 37% of the total volume.

Related: Polygon’s active users are growing by 75,000 while the DeFi boom continues

Polygon got a big hit in May when billionaire Mark Cuban added it to their portfolio. Its native token, still known as MATIC, has gained 5.2% to $ 1.14 in the past 24 hours, according to CoinGecko.

Transaction fees for Ethereum have skyrocketed again in the past few days, which has contributed to an increase in activity on Layer 2 protocols. According to Bitinfocharts, the average transaction price on the Ethereum network is currently around $ 23. More complex operations like DEX token swaps or smart contract interactions can cost up to $ 66 in gas, according to Etherscan.

Polygon got a big hit in May when billionaire Mark Cuban added it to their portfolio. Its native token, still known as MATIC, has gained 5.2% to $ 1.14 in the past 24 hours, according to Coin Gecko. Transaction fees for Ethereum have skyrocketed again in the past few days, which has contributed to an increase in activity on Layer 2 protocols. According to Bitinfocharts, the average transaction price on the Ethereum network is currently around $ 23. More complex operations like DEX token swaps or smart contract interactions can cost up to $ 66 in gas, according to Ethers can.  the average transaction price on the Ethereum network is currently around $ 23. More complex operations like DEX token swaps or smart contract interactions can cost up to $ 66 in gas, according to Ethers can. the average transaction price on the Ethereum network is currently around $ 23. More complex operations like DEX token swaps or smart contract interactions can cost up to $ 66 in gas, according to Ethers can.