By: Tech Desk | Pune |
October 9, 2021 8:01:47 am
Polygon is a framework for creating Ethereum-compatible blockchain networks. (Image credit: Polygon)
Data from Etherscan shows that the number of active addresses on the Polygon network has grown by 168 per cent in the last 30 days, while Ethereum’s count has gone up by a meager 0.6%. This is the first time ever that the number of users of the Polygon network has exceeded that of Ethereum.
Ethereum is an open-source public blockchain network that enables people to send cryptocurrency to anyone for a fee. This blockchain network had led the charge against competitors when it came to user interactions in crypto gaming. However, new numbers have revealed that more users are interacting with the Polygon chain rather than the Ethereum Mainnet.
How did Polygon overtake Ethereum?
Ethereum suffers from slow transactions and at times high transaction costs have prohibited users from interacting with the coin. Meanwhile, on the Polygon network, the transaction fee is very less and offers high security too.
According to Spencer Noon, a cryptocurrency venture capital fund, Non-fungible tokens (NFT) adoption and NFT based fantasy gaming have fueled the growth in Polygon’s user base. “Since July, traders on Polygon OpenSea [the NFT marketplace] have multiplied 45.5x, and NFTs sold by 17.5x,” Spencer said in the Network report published October 2.
? The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines
© IE Online Media Services Pvt Ltd