Polygon Poses Strong Challenge to Ethereum in this Arena

The Rise of Polygon

The past year has seen an impressive surge in the number of users that Polygon attracted, almost surpassing Ethereum.

Polygon pulled in a substantial number of users in 2023, and recent reports indicate a notable increase in active users.

Recent data highlights Polygon’s strong performance in 2023, revealing fierce competition with Ethereum and a higher ranking than other major blockchain networks.

Polygon’s User Metrics

Polygon’s performance, often overlooked, was recently brought to attention by data published by Flipside.

The data revealed that Polygon secured the second position, just behind Ethereum, in terms of acquired users. The observed networks collectively attracted over 62 million users, with Polygon having over 15.2 million acquired users.

• Polygon’s acquired users: 15.2 million
• Ethereum’s acquired users: 15.4 million

Furthermore, Polygon claimed the second position in the number of super users, with more than 510,000 users who conducted over 100 transactions on the network in 2023.

The network also secured the second-highest count of super users among NFT buyers and sellers, with over 175,000 buyers and over 120,000 sellers, respectively.

Transaction Trends on Polygon

An analysis of Polygon’s transaction trend in 2023 reveals a remarkable volume, reaching its peak on November 16th with over 16.4 million daily transactions.

However, recent data indicates a decline, with the current transaction count at over 3.3 million as of this writing.

The active account chart over the past year showed a spike around October, and recent developments suggest an increase in the number of active accounts, currently around 673,000.

Polygon’s highest-ever recorded number of active accounts was 782,186.

MATIC Price Analysis

Polygon exhibited strong performance at the end of the previous year, but the new year has seen fluctuations.

The daily timeframe chart shows a downward trend for most of the year, but the current assessment reveals a 2.4% increase in value, reaching around $0.74.

Analysis of the Relative Strength Index (RSI) suggests that Polygon needs additional uptrends to break free from the prevailing bearish trend it currently faces.

The positive increase in value at present suggests a potential shift, but sustained upward movement will be crucial for a more significant reversal in its overall trend.