- Polygon (MATIC) has hit a new milestone for total transactions.
- The recent feat suggests that the network is seeing rapid adoption.
- The rise in activity comes despite largely uninteresting MATIC price action.
The milestones keep coming hard and fast for the Polygon (MATIC) blockchain.
In September 2023, the network celebrated breaching the 3 billion total transactions mark. Less than eight months later, the network has smashed yet another significant total transaction milestone, which is a sign of growing network usage and adoption.
4 Billion Total Transactions
On Friday, May 17, the Polygon (MATIC) Network surpassed the 4 billion total transactions milestone less than four years after it launched in June 2020. For context, it took Bitcoin nearly 15 years to reach the 1 billion transaction milestone and Ethereum almost a decade to reach about 2.4 billion transactions at the time of writing.
The recent milestone suggests that the network has witnessed a significant surge in activity in recent months, processing a billion transactions in about eight months. This surge in activity has also been reflected in the steadily high number of daily active users on the network.
Since March 19, the network has averaged over 1 million daily active users, an over 60-day streak. Per DappRadar data, popular dApps drawing this traffic over the past 30 days include Matr1x, a mobile-first play-to-earn shooting game, Galxe, a burgeoning digital identity network, and EARNM Rewards, a loyalty rewards ecosystem.
The growing Polygon activity comes despite largely uninteresting MATIC price action in the past year.
New Total Transactions Milestone Bullish for MATIC?
Over the past year, MATIC has primarily underperformed the broader crypto market. While major currencies like Bitcoin, Ethereum, and Solana have experienced triple-digit percentage pumps, MATIC has remained largely range-bound, bouncing between the $0.5 and $1 price points.
Despite these recent price woes, the rising activity hints at strong network fundamentals. It suggests that the network offers value based on its capabilities and the dApps it hosts that people want to use and are using. This is good for MATIC as users have to hold the asset to interact with these apps. However, the potential benefits may be in the long term.
On the Flipside
- Solana has processed over 290 billion transactions in nearly the same period as Polygon.
Why This Matters
Polygon is the largest Ethereum scaling solution based on market capitalization. The project’s recent milestone suggests that the network has seen rapid growth and adoption recently, a typically positive sign for asset holders.
Read this for more on Polygon:
Polygon (MATIC) Labs Head of DeFi Jumps Ship, Joins Berachain
Community members are questioning the integrity of the Ethereum Foundation. Find out why:
ETH Foundation Compromised? EigenLayer Ties Raise Questions
