Polygon (MATIC) Grows: Daily Active Addresses Up 47.6% in Q2

Polygon Shines Above Other Blockchains in Daily Active Addresses

The Polygon (MATIC) blockchain demonstrated remarkable growth across various metrics in the second quarter (Q2) of 2024. Notably, Polygon’s daily active addresses reached an impressive 1.2 million, marking a 47.6% increase from the previous quarter.

According to Messari, a leading data analytics platform, Polygon outperformed other major blockchains in terms of daily active addresses. Key statistics from Q2 2024 include:

• Average daily active addresses: 1.2 million
• Average daily returning addresses: 1 million (up 50.5% from the previous quarter)
• Average daily new addresses: 167,800 (a 31.7% increase QoQ)
• Average daily transactions: 4.1 million (a 3.9% increase QoQ)

In comparison, Arbitrum and Base recorded average daily active addresses of 545,000 and 528,000, respectively. The significant growth in Polygon’s active addresses and transactions can be attributed to its technical advancements, including the introduction of the AggLayer.

The Polygon CDK Advantage On Growth

Polygon’s Chain Development Kit (CDK), introduced in Q3 2023, played a crucial role in driving user adoption in Q2 2024. Notable CDK Chains announced during this period include Moonveil, OKX, Ronin, and Fox Corporation.

Additionally, the Polygon Miden alpha testnet v3 was launched in Q2 2024. Miden focuses on high-throughput applications with ZK-proofs, emphasizing sovereignty and client-side proving as key features for scalability.

Challenges for MATIC Despite Positive Ecosystem Milestones

Despite these advancements, MATIC faced challenges in Q2 2024. The overall crypto market experienced a downturn following a strong six-month period. As a result:

• MATIC’s market cap fell to $5.5 billion, a 44.3% decrease QoQ
• MATIC dropped to the 20th position among cryptocurrencies, down from 17th place at the end of Q1 2024
• As of now, MATIC ranks as the 22nd largest cryptocurrency
• The token’s price increased by 1.03% in the past day, trading at $0.5219

In summary, Polygon’s advancements in daily active addresses and technical developments highlight its growing prominence in the blockchain space. However, MATIC’s market performance underscores the volatility and challenges inherent in the cryptocurrency sector.