Polygon (MATIC), an Ethereum-based Layer 2 scaling solution, has become a focal point after hitting a major milestone on January 4. Sandeep Nailwal, the project’s co-founder, reported that the number of daily active wallet addresses on the network has risen to an average of 500,000, matching the level seen in October 2023.
As the highest market cap Layer 2 protocol, Polygon has shown significant growth. Data from corporate data provider Artemis indicates that the daily active user count on Polygon PoS jumped from a low of 247,200 on November 24, 2023, to 519,970, marking a twofold increase.
According to Artemis, Polygon PoS hadn’t seen the current user count level since October 22, 2023, when it reached 543,290 users. Additionally, Polygon PoS has provided promising data for a more holistic performance view.
As of January 2, the Total Value Locked (TVL) in the protocol hit $927.02 million, the second-highest level since the beginning of October 2022. The emergence of Polygon’s PoS in early last year marked a significant shift in focus for the network, aiming to penetrate the Ethereum-dominated Decentralized Finance (DeFi) market.
Polygon PoS has repositioned itself in line with industry development, planning to transition to zkEVM Validium Layer 2. This steady growth in PoS has contributed to the network’s increasing adoption, positioning Polygon as a dominant Layer 2 in the competitive space. MATIC’s price is currently on an upward trajectory, potentially leading to a parabolic rise if the current trend continues.