Polygon Suppresses Bitcoin and Ethereum in Major Metric

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Polygon (MATIC) has recorded a significant new milestone, especially in relation to Bitcoin (BTC) and Ethereum (ETH). according to According to a simple performance statistic shared by Polygon co-founder Mihailo Bjelic on X, the total number of active addresses on the Layer 2 network now exceeds that of Bitcoin and Ethereum combined.

Seizing Small Wins with Polygons

While a unique asset class, Polygon remains one of the top digital currencies to watch. Amid record price declines over the past week, Polygon’s active users increased by 1.18 million in 24 hours. By comparison, Bitcoin has approximately 594,000 active users and Ethereum has 365,000 active users over the same period.

These active users highlight various positive metrics for their respective crypto networks: In Polygon’s case, being a protocol with a smaller market cap doesn’t detract from its recognition as a well-used chain.

The Polygon network has been operating smoothly despite a high volume of on-chain transactions and activity, demonstrating that the Polygon team’s efforts to scale the protocol have not been wasted. This validation is especially necessary for Polygon, which has seen its address profitability stagnate recently.

An attempt to revive polygons

According to data from IntoTheBlock, 90.62% of all Polygon addresses are in losses at the time of writing, which in real terms equates to 627,350 addresses.

Given this, MATIC holders are in desperate need of a recovery and any positive fundamentals in the ecosystem will be the catalyst they need. MATIC has already responded to some of these key fundamentals, sending the price back into a bull market.

At the time of writing, the coin is trading at $0.5046, up 4.63% over the past 24 hours. Per Data from CoinMarketCap.After dropping more than 9% over the past seven days, the recovery proves that a brighter week may still be ahead.

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Godfrey Benjamin

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