Evening
Layer 2 scaling solution, Polygon(Matic) has been pitching itself as a nice alternative to Ethereum, as it has already surpassed Ethereum in terms of daily number of transactions. As of June 13 total number of transactions on Polygon were 7.2 million in comparison to Ethereum's 1.13 million transactions. Polygon is even dwarfing Binance Smart Chain daily number of transactions(4.4 million).
Interestingly, daily active addresses on Polygon are way less than those on Ethereum. As of June 13 Polygon hosted 108K unique active addresses in comparison to Ethereum's 686K unique addresses and Binance Smart Chain's 672K unique addresses.
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The main reason Polygon was able to reach higher number of daily transactions despite of lesser number of unique wallets is Polygon's ability to allow bot functionality at a very low gas fees.
But still Ethereum enjoys lion share when it comes to total locked value. Total locked value in Ethereum Defi projects is $57.8 billion, where as Binance Smart Chain has TLV of $26.23 billion and Polygon has only $9.7 billion worth assets locked.
Polygon surpassing Ethereum and Binance Smart Chain in terms of daily number of transactions is a no minor feat. But it seems as far as TLV is concerned and daily number of unique wallets are concerned Polygon has some catching up to do. However, the nascent side chain solution is still young and can give giant chains tough competition in future.
Fingers Crossed🤞🤞🤞
