According to data from Token Terminal, the Polygon network has seen a significant surge in daily active users (DAU), reaching a total of 344,000. It surpasses Ethereum’s DAU of 324,000, making Polygon the second-largest blockchain in terms of daily active users.
The Binance Smart Chain (BNB) still holds the top spot with 781,000 DAU. However, the gap between Binance and Polygon has narrowed, indicating that more and more users are turning to the Polygon network for their blockchain needs.
This rapid growth can be attributed to the network’s ability to handle high throughput and low latency, making it a popular choice for decentralized finance (DeFi) and gaming projects. In addition, the network’s low transaction fees have also attracted a large number of users.
Many experts believe that Polygon’s success is just the beginning and that the network will continue to grow in the future as more and more projects migrate to its infrastructure. Polygon could even surpass BNB in the near future, becoming the leading blockchain in terms of daily active users.
However, the rise of Polygon is a clear indication that the blockchain industry is evolving and that more and more users are looking for alternatives to the traditional Ethereum network. It will be interesting to see how the competition between these two networks develops in the coming months.
Polygon (MATIC) Price Rise
The data from Token Terminal shows that the network recorded a 33% increase in daily active users in the last 180 days. This growth in usage has also been reflected in the price of its native token, MATIC, which has seen a recovery of 43.3% in the last 30 days. As of now, MATIC was trading at $1.12, with a 5% increase in the past 24 hours and 11.18% in the last seven days.
This growth in the Polygon (MATIC) price can be attributed to the recent success of the Gains Network, a derivatives trading platform built on the Polygon blockchain.
According to January 27th report, Gains Network has reportedly generated over $1.5 billion in trading volume on the Arbitrum blockchain just one month after its deployment. The platform enables users to trade derivatives of assets like tokens, stocks, and indices, using smart contracts to match trades.
The success of the Gains Network has contributed to the recent rising transactional activity on the Polygon network and highlights the increasing demand for decentralized trading platforms.
The ability to trade financial derivatives on the blockchain opens up new possibilities for the decentralized finance (DeFi) space and furthers the mainstream adoption of blockchain technology.
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