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Polygon Flips Ethereum on Active User Addresses
Increased network usage often translates into higher demand for the native token.
Updated May 11, 2023, 4:39 p.m. Published Oct 4, 2021, 7:32 a.m.
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Active user participation in Polygon explodes, giving positive cues to its native cryptocurrency MATIC.
- Polygon’s count of unique daily addresses active either as sender or receiver rose to a record high of 566,516 on Saturday, surpassing Ethereum for the first time, according to data provided by polygonscan. Ethereum’s tally stood at 527,158 on Oct. 2.
- The number of active addresses on Polygon has grown by 168% in the past 30 days, while Ethereum’s count has gone up by a meager 0.6%, data from etherscan shows.
- Non-fungible tokens (NFT) adoption and gaming have fueled the growth in Polygon’s user base, according to Spencer Noon, an investor in Variant, a cryptocurrency venture capital fund.
- “Since July, traders on Polygon OpenSea [the NFT marketplace] have multiplied 45.5x, and NFTs sold by 17.5x,” Spencer said in the Network report published Oct. 2.
- “Second, gaming is taking off. Arc8 is one example, achieving 104K DAU [daily active users] days after launch,” Spencer added.
- Increased network usage often translates into higher demand for the native token and an increase in its price, Chainalysis’s Philip Gradwell told CoinDesk.
- However, the spike in active addresses has yet to give Polygon’s MATIC token a meaningful lift. While the token has risen 12% to $1.27 in the first four days of October, it is still down considerably from September’s high of $1.80.
- Polygon facilitates faster and cheaper transactions by running sidechains, or tangential networks, alongside the main Ethereum blockchain.
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What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
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- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Gold tops $5,000 as bitcoin stalls near $87,000 in widening macro-crypto split: Asia Morning Briefing
Bitcoin’s onchain data points to supply overhang and weak participation, while gold’s breakout is priced by markets as a durable macro regime shift.
What to know:
- Gold’s surge above $5,000 an ounce is increasingly seen as a durable regime shift, with investors treating the metal as a persistent hedge against geopolitical risk, central bank demand and a weaker dollar.
- Bitcoin is stuck near $87,000 in a low-conviction market, as on-chain data show older holders selling into rallies, newer buyers absorbing losses and a heavy supply overhang capping moves toward $100,000.
- Derivatives and prediction markets point to continued consolidation in bitcoin and sustained strength in gold, with thin futures volumes, subdued leverage and weak demand for higher-beta crypto assets like ether reinforcing the cautious tone.
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