Polygon Network Overshadows Ethereum in Use Cases

CryptoCurrency

Data from DappRadar, a tool for tracking, analysis, and detection of users, indicated that Polygon DeFi platforms had exceeded Ethereum in the previous month in usage cases.

The performance on both Ethereum and Polygon Networks by Aave and SushiSwap is evaluated. DappRadar found that Polygon’s network has increased the value of transactions and active wallets.

The Polygon Network and Ethereum DeFi will be a huge phenomena for months to come, according to the DappRadar analysis.

It pointed out that Ethereum is considered the founder of all dapps and intelligent contract developments. Polygon’s recent growth and demand over the last month shows that the scaling solution gains momentum with its consumers.

The current migration to alternative skalable networks from Ethereum might be linked to the high gas charges caused by the huge use.

Polygon Overtakes Ethereum In May

The results of the performance analysis of Aave and SushiSwap on both Ethereum and polygon are based on the information supplied by DappRadar. Aave on Ethereum alone reported a transaction volume of $2.48 billion a day in May. Aave handled transactions valued at $6.75 billion within that same month.

In addition, in May both chains processed the amount of transactions. In comparison with Aave on Polygon, the average of 174 transactions per day for Ethereum was 9224.

Specially since Polygon’s network is a sidechain solution, these enormous disparities have been ascribed. And it has reduced gas charges as far as Ethereum’s high gas charge is concerned, encouraging more tiny transactions.

However, on average $27,811,685,057 was transacted daily by SushiSwap on Ethereum. And Polygon registered $581,456,733 a day on average the same month. This forecast illustrates SushiSwap’s exponential increase in Ethereum on Polygon.

Furthermore, the unique active wallet (UAW) addresses count is another statistic used in DappRadar to track Polygon and Ethereum activity. Aave recorded an average of 2.928 UAW in Polygon in May, with Ethereum being just 126.

SushiSwap attracted over 4208 UAW in Ethereum on the other hand. As for Polygon Sushi, average daily at roughly 2,773 UAW.

Notably, Dapp Radar reveals that that the Polygon network is increasing, though statistics from the month of June are not complete.

Polygon Network Hackathon

In the meanwhile its next hackathon, Hackmoney, was launched by the fast-growing scaling solution based on Layer 2 Ethereum. ETHGlobal drives the hackathon, which aims to be the biggest DeFi-Hackathon of 2021. It would also take over three weeks to be won with over $100,000 and focused mostly on DeFi.

Ethereum Polygon

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