Polygon reported on Tuesday that its native coin MATIC had surpassed Ethereum in terms of daily active users (DAU) for the first time. According to on-chain statistics, the number of active addresses interacting with the polygon Network on Monday surpassed that of Ethereum, which was 326,000 at the time.
This is a significant achievement given that MATIC, Polygon’s native token, has a market valuation of $7.5 billion, compared to Ethereum’s current market cap of $355 billion.
Polygon is attracting a growing number of users worldwide.
Polygon’s popularity among users and other networks around the world has skyrocketed, with developers releasing a slew of new partnerships and products on the network. The network, based on the Ethereum Layer 1 network, aims to transform Ethereum into a multi-chain ecosystem with secured Layer 2 chains and standalone chains.
Polygon has recently made inroads into the DApps metaverse, with over 500 Dapps already actively working on its ecosystem, dealing a blow to Ethereum, which is still dealing with congestion, high gas and processing fees, and other issues.
As a result, exchanges like Coinbase, Okex, Huobi, and Binance have expressed interest, and others are currently exploring partnerships that will see Polygon’s scaling solution integrated into their networks, primarily to reduce transaction fees and settlement times.
Is Ethereum’s allure fading?
Because of Ethereum’s volatile transaction fees, more users have migrated to layer 2 networks such as Solana, Cardano, and Polygon, which have been dubbed “Ethereum killers” due to their low fees and fast transaction speeds.
With more creators opting to use Polygon to build and launch their arts, the rise of Polygon’s NFT program is set to deal a further blow to the Ethereum network. Polygon Studios, a new arm for the Blockchain Gaming & NFT ecosystem, was launched in July, with the goal of cementing Polygon’s existing leadership position as the de-facto platform for NFTs & Gaming.
Polygon currently has over 100,000 blockchain gamers thanks to its strong infrastructure, which enables all-around NFT creation and launching for blockchain gamers and NFT teams. Leading NFT platforms and DApps, including Open Sea, Decentraland, Sandbox, and Atari, have already joined forces with Polygon in this NFT venture.
MATIC has also posted a year-to-date gain of +5,788.30 percent, compared to Ethereum’s +732.01 percent. The coin’s price was changing hands at $1.12 at press time, a 2.45 percent increase on the day after losing 4.85 percent on the week.