Polygon Network overtakes Ethereum in terms of active user base
Data Etherscan shows that the number of active addresses on the Polygon network has increased by 168% in the last 30 days, while the number of Ethereum has only increased by 0.6%. This is the first time that the number of users of the Polygon network has exceeded that of Ethereum.
Ethereum is an open source, public blockchain network that allows people to send cryptocurrency to anyone for a fee. This blockchain network had led the charge against competitors when it came to user interactions in crypto games. However, new figures have revealed that more users are interacting with the Polygon chain rather than the Ethereum mainnet.
How did Polygon overtake Ethereum?
Ethereum suffers from slow transactions and at times high transaction costs have prevented users from interacting with the coin. Meanwhile, on the Polygon network, the transaction fees are much lower and also offer high security.
According to Spencer Noon, a cryptocurrency venture capital fund, the adoption of non-fungible tokens (NFTs) and NFT-based fantasy games have fueled the growth of Polygon’s user base. “Since July, traders on Polygon OpenSea [the NFT marketplace] were multiplied by 45.5 and NFTs sold by 17.5, ”Spencer said in the network’s Oct. 2 report.