Polygon gives tough competition to Ethereum on this front

• Polygon pulled a decent number of users in 2023.
• The number of active users has increased recently. 

Recent reports showed that Polygon [MATIC] had a strong performance in 2023, particularly in certain key metrics. The data revealed strong competition with Ethereum, and it ranked higher than all other major blockchain networks.

Polygon comes second in the number of acquired users

Polygon delivered an impressive performance that went somewhat unnoticed by many.

However, recent data published by Flipside sheds light on the network’s standing, showing that it ranked second only to Ethereum in user metrics. The data showed that the observed networks attracted over 62 million users.

Among these, Polygon had over 15.2 million acquired users, placing it just behind Ethereum with its over 15.4 million acquired users. In this context, “acquired users” refers to users who conducted at least two transactions on the network.

Digging deeper into the data, Polygon also secured the second position in the number of super users. In this context, super users are those acquired users who conducted over 100 transactions on a specific network.

The data showed that Polygon had more than 510,000 such users in 2023. Furthermore, the network claimed the second-highest count of super users among NFT buyers and sellers for the year, with over 175,000 buyers and over 120,000 sellers, respectively.

How transactions trended on Polygon

An immediate observation in the analysis of Polygon’s transaction trend is the remarkable volume it experienced in 2023.

The Scanner chart clearly showed that the network reached its peak transaction volume that year. Specifically, the highest daily transaction count recorded was over 16.4 million on 16th November, 2023.

However, recent data showed a notable decline, with the current transaction count at over 3.3 million as of this writing.

Source: Polygon scan

The active account chart over the past year showed no significant trends besides a spike around October. However, recent developments showed a shift as the number of active accounts increased.

At the time of this analysis, the count of active accounts was around 673,000. The network’s highest-ever recorded number of active accounts was 782,186.

Source: Polygon scanner

MATIC sees more downtrends than uptrends

Polygon showed strong performance towards the end of the previous year. Still, the new year has yet to see a continuation of this impressive trend.

The daily timeframe chart showed a downward trend for most of the year. However, as of the current assessment, it was trading with an over 2.4% increase in value, reaching around $0.74.

Source: Trading View

 How much are 1,10,100 MATICs worth today

Analyzing the Relative Strength Index (RSI) showed that Polygon requires additional uptrends to break free from the prevailing bearish trend it currently faces.

The positive increase in value at present suggests a potential shift, but sustained upward movement will be crucial for a more significant reversal in its overall trend.