Polygon Network Surpasses Ethereum in Terms of Active Users

Last weekend, the Polygon blockchain added over 500,000 new users, making for an 18 percent monthly growth in the user-base.

By Radhika Parashar | Updated: 8 October 2021 13:51 IST

Polygon Network Surpasses Ethereum in Terms of Active Users

Polygon blockchain helps Ethereum-based interfaces to work in sync

Highlights

The Polygon network has more users than Ethereum blockchain
The spike in Polygon user-base is driven by popularity of NFTs
The Polygon network however, is not very secure in itself

With fresh additions of over 566,500 users, the Polygon blockchain network has witnessed a significant growth of 18 percent in the last one month, a research report by Polygonscan revealed recently. The network has now surpassed the popular Ethereum blockchain network – in terms of user-base. Ethereum is the second most-valued blockchain in the world after Bitcoin. This is the first time ever that the number of users of the Polygon network has exceeded that of Ethereum, which only recorded a 0.6 percent increase in its user-base in recent days.

Ethereum is an open source public blockchain network that allows people to send cryptocurrency to anyone for a minor fee. The network powers a bunch of applications that can be used by everyone and cannot be taken down by anybody. This programmable blockchain allows people to transact in digital money without the involvement of banks or brokers. It also serves as a marketplace for financial services, games, and apps without censoring them, as per Ethereum.org.

The Polygon network, on the other hand is a framework that is used for developing such blockchain networks that can be interlinked with the Ethereum network. With the Polygon blockchain, full-fledged multi-chain systems can be created that can work in sync with other interfaces built on Ethereum. As per Polygon.technology, the network maintains better security while resolving issues associated with blockchains – like slow speeds and high transaction fees.

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The native coin of Polygon has also been performing well in recent days despite major market instability caused due to China's crypto crackdown. As of Friday, September 8, Polygon (MATIC) gained value by 3.59 percent and is trading at $1.36 (roughly Rs. 102). In a report, Cryptopolitan.com had claimed that investors view Polygon as a safe and stable crypto-investment option.

It's however noteworthy that the Polygon network is not as “secure” in itself as it needs to be. In August, for instance, the Polygon network was hacked and the attackers reportedly stole $600 million (roughly Rs. 60 crores) worth of crypto assets.

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Further reading: Polygon, Ethereum, Users, Blockchain, Network

Radhika Parashar

Email Radhika

Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More