• Polygon has overtaken BNB Chain as the most used smart contract blockchain in the past month, recording more transactions than BNB Chain.
• Polygon, formerly known as Matic Network, is a blockchain platform that aims to make it easy for developers to build and deploy decentralized applications.
• Despite Polygon having registered more transactions than BNB Chain in the past 30 days, data also shows that ethereum layer 2 projects like Polygon have experienced a steep decline in daily transaction volume over the past year.
In the past month, Polygon has surpassed BNB Chain in terms of transaction volume, becoming the most used smart contract blockchain in the cryptocurrency space. Polygon, formerly known as Matic Network, is a blockchain platform that enables developers to quickly and easily build and deploy decentralized applications. The platform utilizes an ethereum-compatible sidechain system, providing users with a more affordable alternative to the ethereum network.
Polygon’s success is due to the trust that users and developers have placed in it, as well as the major partnerships the platform has made with projects in the cryptocurrency space, and the increasing number of mainstream brands getting involved with DeFi, NFTs, and web3. These developments have helped to solidify Polygon’s position as a leading blockchain platform.
Although Polygon has registered more transactions than BNB Chain in the past 30 days, data shows that ethereum layer 2 projects such as Polygon have experienced a significant decline in daily transaction volume over the past year. This is likely due to the increased competition in the DeFi space, as well as the emergence of permissionless and permissioned layer 2 solutions that offer cheaper, faster transactions.
Despite the decline in transaction volume, Polygon remains one of the most popular smart contract blockchains in the cryptocurrency space. With its easy to use interface, low transaction fees, and increasing number of partnerships, Polygon is well-positioned to continue to grow and be a major player in the blockchain space going forward.