On the 28th of May, the number of wallet addresses on the Polygon network reached a record high of 143.8 million.
This high number signifies a massive growth in Polygon’s network since its launch in 2017.
Exactly a year ago, the network had much fewer users. The Polygon network only boasted 2.8 million unique addresses as of May 28th, 2021. A few days earlier, on the 16th of May 2021, the network had slightly less than a million different wallet addresses. Comparing these figures to what we have today, Polygon has seen a 100x increase in unique wallet addresses within one year.
The Rise of the Polygon Network
The Matic token was first launched in 2017 before rebranding to Polygon in 2021. The Polygon network serves as a layer two scaling solution for Ethereum. The blockchain is powered by the MATIC token and was created to support ETH-compatible projects.
Polygon has lower transaction fees than the Ethereum blockchain, its base. Additionally, transactions are faster using the polygon network.
Thus, the development of dApps, NFT projects, and blockchain games on the Ethereum blockchain has been aided via the Polygon network.
The multiple benefits of Polygon have made it gain increasing adoption in the last few years. The unique wallet addresses of users of the Polygon network have been on a steady increase since 2021.
The Future of Polygon
Some fundamental analysts in the crypto space have presumed that the launch of ETH 2.0 will render Polygon useless. That is far from true. In reality, scaling Ethereum will not put an end to layer two scaling solutions or networks like Polygon.
Layer two blockchains built for the Ethereum network will complement ETH 2.0, making developers and users get the best out of Ethereum. Thus, neither Polygon nor the MATIC token will be buried when the Ethereum scaling has been completed. The crypto ecosystem is big enough for both layer one and layer two blockchains to thrive.
