The number of daily active addresses on the Polygon network has surged past major layer-1 blockchains Ethereum and Solana, fueled by the growth of decentralized applications (DApps) and transactions on the network.
Data from analytics platform DeFi Llama shows that Polygon now boasts over 405,000 daily active addresses compared to 332,000 on Ethereum and 122,570 on Solana. This indicates that more users are actively using the MATIC token on Polygon than ETH on Ethereum and SOL on Solana.
The surge in usage correlates with the rising number of DApps and protocols built on Polygon. The network currently hosts over 445 decentralized applications, second only to Ethereum’s 855 applications. This rapid growth is a result of Polygon’s low transaction fees and faster speeds that have attracted DApp developers and users.
The protocol’s native MATIC token has also responded positively to the growth, rising over 7% in the last 24 hours. The digital asset is showing bullish momentum, crossing its 50-day moving average and looking to test resistance at $0.85. However, MATIC still needs to climb above its 100-day and 200-day moving averages to sustain a meaningful rally.
Growing network activity and interest from traders could see MATIC continue its ascent in the near term. But for the cryptocurrency to see long-lasting gains, it will need to gain strength above key resistance levels and establish an upward trend.
Still, the surge in usage of the Polygon network highlights its rising popularity among crypto users seeking cheaper and faster transactions. As more DApps and protocols deploy on Polygon, its value proposition as a layer-2 scaling solution seems poised to attract even more activity and TVL in the long run.
This article is based on the original news published on Bitcoinist.
Disclaimer: This news article is for informational purposes only and does not constitute financial or legal advice. It is important to conduct through research and consult with professionals before engaging in any investment or financial activities.