Polygon (MATIC) continues to outdo Ethereum in active users and transactions

Karthik Subramanian

Polygon(MATIC), the Layer 2 solution on Ethereum, continues to show strong numbers in the active users and transactions segments over the course of the last few weeks, as compared to Ethereum proving to be a strong alternative to Ethereum at this time.

Polygon(MATIC), the Layer 2 solution on Ethereum, continues to show strong numbers in the active users and transactions segments over the course of the last few weeks, as compared to Ethereum proving to be a strong alternative to Ethereum at this time.

Though the total number of active users on Polygon (MATIC) continues to be less than 100,000 as compared to close to 500,000 on Ethereum, the number has been increasing at a much higher rate over the last few weeks as more users and developers switch to it. Polygon(MATIC), at this time, solves the main two issues that are plaguing the ethereum network which are the gas fees and congestion. Though the critics still continue to believe that congestion is as bad on the Polygon network as on ethereum, the gas fees are far lower in the network.

The transactions per day have also increased by close to 400% on the Polygon (MATIC) network and it now far exceeds those on the ethereum network. The key here would be the revenue that the network is gaining but that continues to remain low though the potential for growth is large. The revenue depends on the value of the token and the actual fees (calculated based on the tokens) and due to the large fluctuations in the token price over the last few weeks, the revenue has also been volatile and continues to be less than $10,000 per day which doesn’t compare favorably to Ethereum which boasts of revenue of over $500,000 per day.

But what should encourage the users and the investors on the Polygon (MATIC) network is the fact that more and more dApps are shifting to the network with the Kyber network being the latest one to announce integration into the network and liquidity mining as well. Critics of the network continue to point to the congestion and security concerns that surround the network and also believe that ETH 2.0, once it becomes live and stable, should solve most of the problems that currently exist with the ethereum network and with it being the bigger cousin, it is expected that the users and the developers would flock back to the ethereum network if and when that happens.

Till that time, Polygon(MATIC) network continues to bask in the spotlight that is being shone on it and if it manages to solve some of the nagging issues associated with it, we could believe that it would continue to hold strong even after ETH 2.0 is live.

Read this next

Digital Assets

SEC denies First Trust Advisors-SkyBridge application for Bitcoin ETF

The US Securities and Exchange Commission (SEC) has again rejected another bid to list a spot bitcoin exchange-traded fund (ETF), which is widely seen as a proxy into crypto for millions of retail investors.


Crypto fund Modus.Trade taps Gold-i to manage its technology infrastructure

Modus.Trade, which operates an investor network, online learning platform, and suite of algorithmic trading strategies, has selected FinTech company Gold-i to manage its entire technology infrastructure.

Industry News

Ripple’s “biggest victory” triggers XRP Holders’ request for unprivileged SEC meetings

“The biggest victory for Ripple and XRPHolders, from Judge Netburn’s recent decision, isn’t necessarily the email with the Draft version of the Hinman speech.”

Retail FX

Fintech Alpaca poaches Pepperstone Cyprus head Victor Zachariades

Victor Zachariades, who joined Pepperstone in 2019 to head up its Cyprus operations, has left the FX firm to join Alpaca, a stock brokerage that allows developers to build apps, services, and trading platforms.

Industry News

Public.com acquires HyperCharts to improve broker’s data visualization

“One chart is worth 1,000 numbers. We built HyperCharts to make financial analysis easy, fun, and approachable for the masses by turning complex SEC filings into simple, interactive charts.”

Institutional FX

FX HedgePool launches mid-month roll cycle for better pools of peer liquidity

“By introducing this new cycle, we’re offering the buy-side greater choice with respect to accessing safe and transparent pools of peer liquidity.”

Digital Assets

Robinhood launches Beta version of crypto wallet

Wallets will allow Robinhood users to send and receive their crypto from Robinhood to external crypto wallets, fully connecting Robinhood crypto holders to the greater blockchain ecosystem for the very first time – a major milestone for the broker’s venture into crypto.

Industry News

JKO Play drops out of running to acquire Playtech

A consortium called JKO Play, led by former Formula 1 boss Eddie Jordan and gambling industry veteran Keith O’Loughlin, has pulled out of the race to acquire Playtech.

Institutional FX

ABN AMRO launches fractional investing infrastrucutre, BUX is first broker client

“The launch of fractional investing marks an important new chapter in the normalization of investing in Europe.”