Polygon[1] is well-known particularly when it comes to DeFi. The network has been performing well as a Layer-2 scaling solution for Ethereum[2] and has continued improving on that front.
So with millions of users on their hands, why is the Polygon development team coming up with an increased gas fees structure? And can it be toppled by some other chain?
Polygon on the rise
Well that is the case more in terms of network performance, than price action. In fact, yesterday MATIC[3] witnessed an 8% fall[4]. Even though the price performance had been pretty decent in October, yesterday’s fall invalidated the growth by more than 25%. At the time of writing, MATIC was trading at $1.2.
This is despite the fact that Polygon has been putting out solid numbers in the DeFi space. The L2 chain is closing its gap with the Binance Smart Chain (BSC) and the difference is now at just 695k wallets.
Polygon total addresses | Source: Coin98[5]
However, it won’t be too long before Polygon actually overtakes BSC in terms of total addresses. At the moment Polygon is adding over 970k new addresses every day. BSC on the other hand is only at 172k and Ethereum is further below that.
Polygon new addresses | Source: Coin98[6]
However, Binance Smart Chain has been improving significantly as well.
How so?
Even though Polygon has been adding more addresses, BSC still has the highest number of Daily Active Addresses. The figures have been growing every day and presently DAA[7] reached its all-time highest of 1.345 million wallets.
This incredible rise has also supported daily transactions and consequently, BSC has been clocking in 7.8 million transactions a day. These
