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Polygon Suppresses Bitcoin and Ethereum in Major Metric

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Mon, 8/07/2024 - 16:05
Polygon Suppresses Bitcoin and Ethereum in Major Metric
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Polygon (MATIC) has just registered a significant new milestone, especially in relation to Bitcoin (BTC) and Ethereum (ETH). According to a simple performance stat shared on X by Polygon cofounder Mihailo Bjelic, the total number of active addresses on the layer-2 network is more than that of Bitcoin and Ethereum combined.

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Polygon picking small wins

While it represents a unique asset class, Polygon remains one of the top digital currencies to watch out for. Amid the price drawdown recorded over the past week, Polygon has seen its total active users jump by 1.18 million in 24 hours. In comparison, Bitcoin’s active users within the same period came in at approximately 594,000, while those of Ethereum are pegged at 365,000.

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These active users underscore many different positive metrics for their respective crypto networks. For Polygon, being a smaller protocol in market capitalization does not undermine its recognition as a well-used chain.

With the Polygon network running smoothly despite its massive on-chain transactions or activity, it shows that the efforts of the Polygon team to scale the protocol are not wasted. This validation is especially needed for Polygon, whose address profitability has been slumping in recent times.

Polygon revival bid

Per data from IntoTheBlock, exactly 90.62% of all Polygon addresses are in losses at the time of writing. In actual figure terms, this amounts to 627,350 addresses.

Drawing on this, MATIC holders are in dire need of recovery, and every positive ecosystem fundamental adds up to the trigger needed. Already, MATIC is responding to some of these key fundamentals as its price has returned to a bullish setting.

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At the time of writing, the coin is up 4.63% in the past 24 hours and is changing hands for $0.5046 per data from CoinMarketCap. After falling by more than 9% in the past seven days, this recovery proves a brighter week might yet be ahead.

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