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Polygon Suppresses Bitcoin and Ethereum in Key Metric
Godfrey Benjamin
Polygon saw active addresses surpass BTC and ETH combined
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Polygon (MATIC) just recorded another major milestone, especially in relation to Bitcoin (BTC) and Ethereum (ETH). Second According to a simple performance statistic shared on X by Polygon co-founder Mihailo Bjelic, the total number of active addresses on the layer 2 network is more than Bitcoin and Ethereum combined.
Polygon that chooses small victories
Although it is a unique asset class, Polygon remains a major digital currency to watch. Amid last week’s price decline, Polygon saw its total active users increase by 1.18 million in 24 hours. In comparison, BitcoinDuring the same period, active users of were around 594,000, while Ethereum’s are estimated at 365,000.
These active users highlight many different positive metrics for their respective crypto networks. For Polygon, being a smaller protocol in terms of market cap does not compromise its recognition as a widely used chain.
With the Polygon network running smoothly despite its massive transactions or on-chain activity, it shows that the Polygon team’s efforts to scale the protocol are not wasted. This validation is especially needed for Polygon, whose drive profitability has been declining lately.
Polygon relaunch offer
According to IntoTheBlock data, exactly 90.62% of all Polygon addresses are at a loss at the time of writing. In terms of actual numbers, this amounts to 627,350 addresses.
Based on this, MATIC holders are in desperate need of recovery and every fundamental positive ecosystem adds to the necessary trigger. MATIC is already responding to some of these key fundamentals, as its price has returned to a bullish setting.
At the time of writing, the coin is up 4.63% in the last 24 hours and is trading at $0.5046 For data from CoinMarketCap. After falling more than 9% in the past seven days, this recovery shows that there could still be a brighter week ahead.
About the author
Godfrey Benjamin
Godfrey Benjamin is a cryptocurrency journalist whose main goal is to inform everyone around him about the prospects of Web 3.0. His love for cryptocurrency began when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. Due to his vast experience in covering various aspects of Web3, Godfrey’s articles have been published on Blockchain.news, Cryptonews, and Coingape, among others.