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Polygon’s Success in the Previous Year The year 2023 proved to be highly significant for Polygon. According to data from Flipside Crypto, an analytical platform, Polygon, known for its Ethereum network scaling capabilities, achieved almost the same number of users as Ethereum itself. Polygon gained 15.24 million users during the last year, while Ethereum had 15.4 million.
Polygon particularly excelled in the first half of the year, leading in user acquisition. However, the second-largest cryptocurrency in the world maintained its lead in the second half of 2023. Overall, 62 million users were tracked across eight blockchains, including Optimism, Avalanche, and Base. The analytics company also noted that the peak of users was reached in May.
Flipside observed a correlation between the increase in acquired users since March and the collapse of Silicon Valley Bank (SVB). This incident may have reduced trust in centralized entities, leading to a shift towards decentralized asset holding options.
In the current year, Flipside predicts that DeFi activities will continue to dominate and surpass the significance of NFT trading. Decentralized exchange (DEX) trading will remain among the ongoing dominant applications. Flipside also forecasts the emergence of new DeFi applications in 2024.
For 2024, Flipside expects user behavior to involve increased interaction with multiple blockchain networks, although the majority of users are likely to remain loyal to a single chain.
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What is Polygon?
Formerly known as Matic Network, Polygon describes itself as the first well-structured, user-friendly platform for scaling Ethereum and developing infrastructure.
Polygon transforms Ethereum into a multi-chain system, also known as the Internet of Blockchains. Similar multi-chain systems are found in crypto projects like Polkadot, Cosmos, and Avalanche.
Polygon also leverages the security benefits of Ethereum, a live open ecosystem. To achieve its goals, such as supporting the creation of various types of applications, the project uses a flexible framework and Polygon SDK.
What Makes Polygon Unique?
Polygon combines:
- The Plasma Framework, designed by Ethereum co-founder Vitalik Buterin for easy scaling and autonomous smart contracts.
- Proof-of-stake blockchain architecture, a proven technology that complements Plasma PoS to meet the needs of all developers.
The project enables the creation of globally accessible decentralized financial applications on a single foundational blockchain. Rather than enhancing its base blockchain layer, Polygon aims to design solutions for “layer 2” scaling.
Polygon seeks to support multiple chains using Ethereum and become an interoperable decentralized blockchain platform on the second layer.
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