Polygon, the Ethereum scaling answer, has surpassed BNB Chain within the variety of every day transactions, in response to on-chain knowledge analyzed by CryptoSlate.
On Jan. 29, BNB Chain recorded 3,007,245 transactions, whereas Polygon processed 3,066,110 in the identical interval.
Knowledge derived from Polygonscan and BscScan highlighted the rise in every day transactions in contrast with the declining variety of transactions on BNB Chain.
Whereas transaction quantity on Polygon has declined since June 2021, transactions have remained vary sure between 2 – 4 million per day for the previous yr. Additional, since October 2022, every day transaction numbers have steadily elevated.
Nonetheless, the graph for BNB Chain tells a drastically totally different story. Day by day transactions on BNB Chain peaked later than Polygon on the 2022 market peak in November. Following this, the variety of transactions steadily declined to three.08 million per day from a excessive of over 11 million.
The rise in exercise on the Polygon proof-of-stake community aligns with its robust market efficiency. In reality, since June 2022, Polygon has carried out remarkably properly in opposition to Bitcoin, up 167% over the previous 224 days. As well as, MATIC, the native token of the Polygon PoS chain, rose 251% in opposition to the greenback over the identical interval.
The candles characterize MATIC-USD, whereas the blue line depicts the value of MATIC denominated in BTC.
Due to this fact, the chart illustrates that the bear marketplace for Polygon ended over six months in the past, with the 2023 worth rallying persevering with a considerable bullish development.
Nonetheless, knowledge from Santiment, a blockchain analytics firm, highlighted an fascinating on-chain occasion on Jan. 25. $56 million price of MATIC was despatched to a whale handle simply earlier than the latest pump.
Santiment acknowledged:
“The most important $MATIC switch of the yr occurred simply previous to this +20% pump. This handle had already been holding 585k #Ethereum as properly. Typically occasions, only one or a couple of whale addresses is all it takes.”
Final yr, Polygon entered vital partnerships with Nike, Meta, Warner Music, and introduced developments on different Polygon chains, such because the ZK protocol. Adoption throughout the Polygon ecosystem has continued to rise, with the efficiency being mirrored within the worth of MATIC.
