• Polygon, the Ethereum scaling solution, has surpassed BNB Chain in the number of daily transactions according to on-chain data.
• BNB Chain recorded 3,007,245 transactions on Jan. 29, while Polygon processed 3,066,110 in the same period.
• Polygon’s strong market performance has been highlighted with a 167% increase against Bitcoin over the past 224 days and a 251% increase for the native token MATIC against the dollar.
The Ethereum scaling solution, Polygon, has seen an increase in activity on its proof-of-stake network, surpassing BNB Chain in the number of daily transactions according to on-chain data analyzed by CryptoSlate. On Jan. 29, BNB Chain recorded a total of 3,007,245 transactions while Polygon processed a total of 3,066,110 in the same period.
When looking at the data derived from Polygonscan and BscScan, it is evident that there has been an increase in the number of daily transactions which is a stark contrast to the declining number of transactions on BNB Chain. Although transaction volume on Polygon has decreased since June 2021, the number of transactions has remained in the range of 2 to 4 million per day for the past year. Since October 2022, the number of daily transactions has gradually increased.
In comparison, the graph for BNB Chain tells a drastically different story. Daily transactions on BNB Chain peaked later than Polygon at the 2022 market peak in November. Following this peak, the number of transactions steadily declined to 3.08 million per day from a high of over 11 million.
The market performance of Polygon has been highlighted with the native token MATIC increasing 251% against the dollar and the network up 167% against Bitcoin over the past 224 days. This strong market performance has likely contributed to the increase in activity on the Polygon network.
As the Ethereum network continues to grow, it is likely that Polygon will continue to be used as an efficient scaling solution. This will likely result in further increases in the number of daily transactions on the network, a promising sign for both investors and users of the platform.