in

Unique Polygon ($MATIC) Address Numbers Hit 100 Million All-Time High

Unique Polygon ($MATIC) Address Numbers Hit 100 Million All-Time High


The number of unique addresses on the Polygon (MATIC) network has recently hit a new all-time high above 100 million as users keep taking advantage of the low transaction fees on its network and using it to access decentralized finance (DeFi) applications.

The network’s growth has been steady over time, with an exponential growth period seemingly starting in June of this year. In September the Polygon network added over 2.5 million new unique addresses in one single day, with the total number of unique addresses doubling since then.

It’s worth noting that unique addresses do not necessarily represent users on the network, as one user can create as many addresses as they’d like. It is, however, a metric often used to gauge how used a blockchain is, as it’s impossible to tell how many users it has.

Polygon PoS Chain Unique Addresses Chart | PolygonScan

Notably, this month the network increased its transaction fees 30x from a default value of 1 gwei to a minimum value of 30 gwei, according to a post published by Polygon co-founder Sandeep Nailwal suggesting the move was necessary to deter spam transactions on the network.

The move sparked criticism among the cryptocurrency’s community, as members questioned why the move was applied without notice to most users and whether any feedback was collected before the move went ahead.




Nailwal responded to the community saying the change was “recommended to reduce the spam transactions in the network,” before adding that as it’s a “client-level configuration you are free to run your node with old/different settings as per your wish.”

Despite the controversy, MATIC’s price has been steadily rising and is now close to the $1.5 mark. Polygon is used by several major DeFi projects including CREAM Finance, SushiSwap, Balancer, and others.

DISCLAIMER

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

IMAGE CREDIT

Featured image via Pixabay



Source link

Leave a Reply

Your email address will not be published.

GIPHY App Key not set. Please check settings

What do you think?

Crypto Frauds in The UK Resulted in $200 Million Stolen in 2021: Report

Crypto Frauds in The UK Resulted in $200 Million Stolen in 2021: Report

CNN has added Bitcoin as an official currency alongside the dollar, euro, and yen