According to U.Today, Polygon (MATIC) has achieved a significant milestone, surpassing Bitcoin (BTC) and Ethereum (ETH) in the total number of active addresses on its layer-2 network. This information was shared by Polygon cofounder Mihailo Bjelic. Despite the recent price drawdown, Polygon's total active users increased by 1.18 million in 24 hours. In contrast, Bitcoin and Ethereum recorded approximately 594,000 and 365,000 active users respectively within the same period.
Polygon, although a smaller protocol in terms of market capitalization, is recognized as a well-used chain. The smooth operation of the Polygon network, despite its massive on-chain transactions, indicates that the efforts to scale the protocol have been successful. This is particularly important for Polygon, which has recently seen a slump in address profitability.
According to data from IntoTheBlock, 90.62% of all Polygon addresses are currently in losses, equating to 627,350 addresses. This suggests that MATIC holders are in need of recovery, and any positive ecosystem fundamental could act as a trigger. The price of MATIC has already started to respond to some of these key fundamentals, returning to a bullish setting. At the time of writing, the coin has increased by 4.63% in the past 24 hours and is trading at $0.5046. This recovery, following a more than 9% fall in the past seven days, suggests a brighter week may be ahead.