Polygon beats Solana on this crucial front – What now?

Journalist

Posted: February 13, 2024

• Polygon’s daily active addresses have spiked 75% in the last two months.
• Polygon clocked the second-highest transactions, totaling 3.41 million on the 10th of February. 

Proof-of-Stake (PoS) network Polygon [MATIC] witnessed a significant jump in on-chain activity over the last week.

As per AMBCrypto’s analysis of Artemis data, Ethereum’s [ETH] scaling solution clocked the second-highest transactions, totaling 3.41 million on the 1oth of February, outpacing BNB Chain and trailing Solana [SOL].

A closer examination showed Polygon clocking 3.5 million daily transactions on average since the start of February.

Source: Artemis

Polygon flipped Solana in daily users on the same day, with more than 672K unique active addresses compared to Solana’s tally of 644K.

Daily active addresses nearing all-time highs

Polygon’s rising graph has been a source of significant media coverage and discussion in recent weeks.

The daily active addresses have spiked 75% in the last two months, with the Inscriptions frenzy playing a major part in driving user engagement.

Inscriptions have also helped in boosting Polygon’s NFT market. As per AMBCrypto’s scrutiny of CryptoSlam data, Polygon’s monthly NFT sales spiked nearly six times from October to January.

In fact, Polygon created history last month by flipping traditional powerhouse Ethereum [ETH] in 24-hour NFT sales for the first time.

As of this writing, Polygon was the fourth-largest chain for NFT trading in the past week, with cumulative sales of over $8 million.

Source: CryptoSlam

Whales scoop MATIC, but…

The ecosystem’s native token MATIC was down 3.72% at press time, according to CoinMarketCap. However, on a weekly chart, the 14th largest cryptocurrency posted gains of nearly 6%.

MATIC lost the psychologically important $1 level immediately after 2024 began and failed to reclaim it.  The coin was down 18% on a year-to-date (YTD) basis.

Interestingly, whales utilized the dip to add more MATIC to their portfolios.

As per AMBCrypto’s analysis of Santiment data, addresses in the user cohorts holding between 1,000–10 million coins jumped considerably over the last month.

Source: Santiment

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In contrast, most traders were betting on MATIC’s price decline in the derivatives market.

The number of short positions increased sharply in relation to longs in the past two days, AMBCrypto noticed using Coinglass’ data.

Source: Coinglass