Ethereum News; The Polygon network emerged as an alternative to decentralized finance users in the volatility-driven era. It has become a competitor not only to the existing Ethereum network, but also to the Binance Smart Chain. Last week, the top 10 DeFi apps on the Polygon network attracted more than 242,000 different active wallets, according to data.
The number of unique active wallets for the top 10 Ethereum DeFi applications was limited to 100,000.
Despite the current drop in transaction fees on Ethereum, it was clear that users preferred to use the Polygon network.
“Ethereum’s woes have turned into Polygon’s gains as the sidechain has experienced record growth lately while the sidechain has sustained high transaction fees. As transaction fees began to return to normal, many investors were expected to return to Ethereum dapps. But instead, we see Polygon DeFi experiencing record growth.”
Even the low fees on Ethereum were high for average investors. Polygon’s network was cheaper, with high promotional returns and a large number of DeFi applications.
MATIC has seen tremendous growth in the market due to the advancement of the network. This growth can be seen with the parabolic increase in unique wallets on the network.
Total number of wallets holding Matic – Source: Dune analytics
The table above shows that Polygon hosted more than 423,000 different addresses at the time of writing this news.
Meanwhile, the total number of locks on the project hit an all-time high. In the first quarter, Polygon lacked much progress, but by the second quarter, the progress line showed an upward trend. The total value peaked at $11.84 billion on June 15 and is currently at $8.65 billion.
As the project continues to evolve, the MATIC price is currently witnessing strong selling pressure due to Bitcoin’s decline. The cryptocurrency is trading at $1.01 and has lost 30% in two days.