Polygon, a leading blockchain platform, witnessed a significant surge in network activity in September, primarily attributed to the rise in Account Abstraction (AA) users. But what exactly is the connection between AA users and Polygon’s growing numbers?
Understanding Account Abstraction (AA) Accounts
Polygon’s AA addresses experienced a substantial increase, thanks to their attractive features. AA accounts allow for independent transaction execution within smart contracts, differing from the traditional Externally Owned Accounts (EOA) in conventional blockchain systems.
The ability to directly utilize AA accounts with smart contracts introduces a new level of convenience for users, offering enhanced efficiency over traditional accounts. Polygon highlighted improved security and account automation as driving factors behind the adoption of AA accounts.
- AA accounts offer greater efficiency and convenience for users.
- Polygon reported a 2.4X surge in active AA accounts, accompanied by a 3.3X increase in successful user operations.
Impact on Polygon’s Network Activity
According to data from Santiment, Polygon experienced a marginal improvement in network activity in September. The number of 24-hour Active Addresses reached a 3-month high, indicating a substantial surge in activity compared to the previous month.
While the network activity surged, it is challenging to confirm if the growth was solely driven by account abstraction. On-chain data does not always differentiate between AA and EOA accounts, making it difficult to pinpoint the exact contribution of AA accounts to the network’s growth.
MATIC Price Action and Future Outlook
At the time of writing, MATIC was trading at $0.56, reflecting a +12% increase from its end-of-September lows. This bullish trend followed a retest of its June lows, suggesting the potential for more upside in the coming months.
Historical data indicates that MATIC experienced a 73% upside during its bottom range in June. If demand and supply factors align similarly, the current low prices and favorable address growth could further bolster a bullish outcome in the near future.
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