Polygon (MATIC) Celebrates 4 Billion Transactions with Solid User Growth

The cryptocurrency market is witnessing yet another impressive milestone with the Polygon (MATIC) blockchain, which surpassed 4 billion total transactions in May 2023. This feat comes less than four years after the network’s launch in June 2020, highlighting a exponential growth compared to established giants like Bitcoin and Ethereum.

Since September 2023, when the network celebrated 3 billion transactions, it didn’t take long for an additional billion to be processed, reflecting the skyrocketing rise in adoption and usage of the platform. Activity on the network is evidenced by the daily number of active users, which has remained above 1 million since March 19, for more than 60 consecutive days.

Polygon’s vibrant dApp ecosystem also plays a crucial role in this growth, with varied applications attracting a wide range of users. Among the most visited dApps recently are Matr1x, a rewards shooter, Galxe, a digital identity network, and EARNM Rewards, a loyalty ecosystem. These applications not only attract users, but also reinforce the usefulness and relevance of the network in the digital economy.

NEW:

Polygon PoS has reached 4B total transactions processed. pic.twitter.com/ZifZDTqs2Z

— Today In Polygon (@TodayInPolygon) May 17, 2024

Despite the relatively stable price performance of the MATIC token, which has fluctuated between $0.5 and $1 over the last year, the robustness in network activity suggests a solid foundation. “This growth in activity suggests strong network fundamentals. This suggests that the network offers value based on its capabilities and the dApps it hosts that people want to use and are using. This is good for MATIC, as users need to remain active to interact with these applications,” comments an industry analyst.

In contrast to Polygon, other networks like Solana processed a greater number of transactions in the same period, reaching more than 290 billion. However, Polygon’s recent milestone reinforces its status as the leading Ethereum-based scaling solution by market cap and suggests a promising future for holders of the asset.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.