By the end of June, daily transaction volume in the Polygon network (formerly Matic Network) surpassed Binance Smart Chain by 2.38x and Ethereum by 6.59x.
The chart below shows the rapid on-chain activity growth in Polygon that began in April, as well as a decline in the metrics of competing ecosystems.
The number of unique Polygon addresses is also rising steadily, signaling an expanding user base.
Users are drawn to Polygon’s high transaction speed and ultra-low fees. The latter, according to researcher Raphael Signal, are hundreds of times lower than those on Binance Smart Chain and Ethereum.
15/ Despite the increase in rev/tx, we can actually see just how inexpensive @0xPolygon is for users.
~148x cheaper than BSC and
~2401x cheaper than ETHThis coupled w/ dapp adoption is IMO the primary reason for the high tx/user noted earlier. pic.twitter.com/f1UTbuVR0v
— Raphael (@RaphaelSignal) June 29, 2021
The new platform still trails the aforementioned protocols in terms of the value of assets locked in smart contracts (TVL).
As of writing, the TVL of the Polygon-based ecosystem stands at $5.38 billion. The corresponding figure for Ethereum exceeds $56 billion, and for BSC is approaching $16 billion. The TVL of the Solana-based ecosystem has surpassed $1 billion.
In May billionaire Mark Cuban invested in the Polygon project.
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