Polygon (MATIC) Hits 4B Transactions Milestone as Usage Spikes
  • Polygon (MATIC) hits new milestone in total trading volume.
  • Recent feats suggest that the network is rapidly gaining popularity.
  • Despite MATIC’s less than exciting price movements, activity is on the rise.

The Polygon (MATIC) blockchain continues to achieve milestone after milestone.

In September 2023, the network celebrated surpassing 3 billion total transactions. Less than eight months later, the network broke an even more significant total transaction milestone, signaling growing usage and adoption of the network.

Total transactions: 4 billion

On Friday, May 17, the Polygon (MATIC) network surpassed the milestone of 4 billion total transactions, less than four years after its launch in June 2020. For reference, it took Bitcoin roughly 15 years to reach the 1 billion transaction milestone, and Ethereum roughly 10 years to reach 1 billion transactions. 2.4 billion transactions At the time of writing.

Recent milestones indicate that the network has experienced a significant increase in activity in recent months, processing 1 billion transactions in roughly 8 months. This surge in activity is also reflected in a steady increase in the number of daily active users on the network.

Since March 19, the network Average 1 million+ daily active users, 60+ consecutive days. Dapp Radar dataPopular dApps that have driven this traffic in the past 30 days include Matr1x, a mobile-first play-to-earn shooter, Galxe, a fast-growing digital identity network, and EARNM Rewards, a loyalty rewards ecosystem.

Despite MATIC’s generally uninteresting price movements over the past year, Polygon’s activity has grown.

Is the new total transaction milestone bullish for MATIC?

Over the past year, MATIC has largely underperformed the overall cryptocurrency market. While major currencies like Bitcoin, Ethereum, and Solana have risen by triple-digit percentages, MATIC has remained mostly range-bound, fluctuating between the $0.50 and $100 price range.

Despite the recent price slump, the increase in activity suggests the network’s fundamentals are strong. This suggests the network is providing value based on its functionality and the dApps it hosts that people want to and are using. This is good for MATIC, as users need to hold assets to interact with these apps. However, the potential benefits may be long-term.

Back side

  • Solana Processed Over 290 billion transactions have been made in roughly the same time period as Polygon.

Why is this important?

Polygon is the largest Ethereum scaling solution based on market cap, and the project’s recent milestones indicate that the network has seen rapid growth and adoption recently, which is a typically positive sign for asset holders.

More information on Polygons can be found here.
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