Polygon now has 351,000 Daily Active Addresses (DAA) surpassing those of Ethereum. But Ethereum is still is the leader when it comes to Total Value Locked (TVL)
Polygon Overtakes Ethereum in DAA
Polygon network has crossed another milestone by hosting more DAA than Ethereum.
The Ethereum layer-2 scaling solution has more than 351,000 DAA, surpassing Ethereum’s 326,000, as tweeted by its Cofounder, Mihailo Bjelic.
“Another huge milestone for Polygon! We eclipsed Ethereum L1 in daily active addresses for the first time! This is just the beginning. We are working round the clock to improve our tech, strengthen our ecosystem and increase adoption. Let’s bring the world to Ethereum!”Mihailo Bjelic, Cofounder Polygon
The feat indicates how fast Polygon is growing as a low cost and quick solution for Ethereum. Its growing adoption will fetch it competitive ‘network effects’, catapulting it to the vanguard of layer-2 scaling projects.
Polygon’s burgeoning ecosystem hosts more than 700 DApps.
Polygon’s Total Value Locked (TVL)
Polygon might be doing spectacular when it comes to the number of users, but it ranks 5th in TVL behind Ethereum, Binance, Solana, and Terra, as per Defi Llama.
As of today, it boasts of only 2.34 percent of the market share in TVL, whereas Ethereum has a massive 69.9 percent market share.
Still, this is a massive improvement. Polygon had close to 0 percent market share back in February. Since then, it has made considerable strides. Currently, it has USD 4.11 billion worth of value locked on its network.
But, TVL keeps on changing with respect to the price of the cryptocurrency. Polygon’s native currency MATIC’s price reached an All-Time High of USD 2.62 on May 18, as per data from Coin Gecko.
Today it is trading at USD 1.09, at the time of writing this article. Once its value increases its TVL will also increase.
News recommendation: Facebook Forms $50M Investment Fund to Build Metaverse