Polygon network (formerly Matic) continues to record remarkable growth as the project continues to witness rise in integration by numerous decentralized applications.
Data released by DappRadar, a platform that enables users to track, analyze, and discover dapps revealed that in the previous month Polygon DeFi platforms has surpassed Ethereum in use cases.
.@0xPolygon breaths down Ethereum’s neck. https://t.co/EMV0Birg6u
— DappRadar (@DappRadar) June 11, 2021
By evaluating the performance of Aave and SushiSwap on both Ethereum and Polygon networks. DappRadar was able to discover that Polygon’s network has increasing transaction values and more active wallets.
According to the DappRadar report, Polygon network and Ethereum DeFi are going to be a major phenomenon in the DeFi space for months to come.
It noted that while Ethereum is deemed the founding father of all dapps and smart contract projects. The recent growth and demand of Polygon over the past month suggest that the scaling solution is gaining traction with users.
It’s worth noting that the recent shift from Ethereum to other scalable networks can be attributed to the high gas fee which occurred as a result of massive usage.
Polygon Overtakes Ethereum In May
According to information provided by DappRadar, from analyzing the performance of Aave and SushiSwap on both Ethereum, and Polygon. In the month of May alone Aave on Ethereum recorded a daily average of $2.48 billion in transaction volume. While in the same month, Aave on Polygon processed transactions worth $6.75 billion.
Also, analyzing the number of transactions both chains have processed in May. Aave on Ethereum processed 174 transactions daily, in comparison with Aave on Polygon, which averaged 9,224 daily.
Notably, these huge differences have been attributed to the fact that the Polygon network is a sidechain solution. And offers lower gas fees, as to Ethereum high gas fee, thus attracting a higher number of small value transactions.
However, SushiSwap on Ethereum processed an average of $27,811,685,057 daily. And in the same month on Polygon recorded an average of $581,456,733 daily. This projection reveals the exponential growth of SushiSwap on Polygon in comparison to Ethereum.
Additionally, another measure DappRadar uses to track Polygon and Ethereum activities is the unique active wallet (UAW) addresses count. In May, Aave on Polygon recorded an average 2,928 UAW, while Ethereum was just 126.
On the other hand, SushiSwap on Ethereum, attracted about 4,208 UAW. As to Sushi on Polygon with about 2,773 UAW on average daily.
Notably, while data for the month of June aren’t complete, DappRadar already suggests that the Polygon network is showing increased activity.
Polygon Network Hackathon
Meanwhile, the fast-growing Layer 2 Ethereum based scaling solution has announced its upcoming hackathon, Hackmoney. The hackathon is powered by ETHGlobal and would aim to be the largest DeFi Hackathon of 2021. Also, it would run for three weeks with more than $100,000 to be won and mainly focus on DeFi.
1/2 We are excited to announce the upcoming hackathon powered by @ETHGlobal – HackMoney!
HackMoney aims to be the largest DeFi Hackathon of 2021!
😎 Expecting 1,000+ hackers
💰 $100k+ in prizes
⏳ 3 weeks of hacking🗓 Deadline: 14th June
Register now: https://t.co/UlvgRVngGd pic.twitter.com/4nlZZ88JQP
— Polygon (previously Matic) (@0xPolygon) June 10, 2021
MATIC Price
At the time of publication, MATIC’s price has rallied by 11.7% and was trading at $1.36. It currently has a market cap of $8,579,212,204 and a 24-hour trading volume of $1,908,165,889.
The token has a circulating supply of 6.2 billion MATIC coins and a max supply of 10 billion.
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