Polygon surpasses BNB Chain in daily transactions as MATIC pumps 20% over weekend

Polygon, an Ethereum scaling solution, surpasses BNB Chain in daily transactions, according to on-chain data analyzed by BNB Chain. crypto slate.

On January 29, the BNB chain recorded 3,007,245 transactions while Polygon processed 3,066,110 during the same period.

Data obtained from Polygonscan and BscScan highlight the increase in daily transactions compared to the decrease in the number of transactions on the BNB chain.

Polygon’s transaction volume has been declining since June 2021, but has remained in the range of 2-4 million transactions per day over the past year. Also, since October 2022, the number of transactions per day has gradually increased.

However, the BNB chain graph tells a completely different story. Daily transactions on the BNB chain peaked at his 2022 market peak in November, later than Polygon. Following this, the number of transactions fell steadily from a high he had exceeded 11 million per day to 3.08 million.

The increase in activity on the Polygon Proof of Stake network is consistent with its strong market performance. In fact, since June 2022, Polygon has seen a 167% rise in the last 224 days, making it a very strong performer against Bitcoin. Moreover, MATIC, the native token of the Polygon PoS chain, has risen 251% against the dollar over the same period.

The candlesticks represent MATIC-USD and the blue line shows the price of MATIC denominated in BTC.

The chart therefore shows that Polygon’s bear market ended over six months ago and that the 2023 price rally is continuing a significant bullish trend.

However, data from Santiment, a blockchain analytics company, highlight An interesting on-chain event on January 25th. His MATIC, worth $56 million, was sent to a whale address just before the recent pump.

Santiment said:

The largest $MATIC transfer of the year happened just before this +20% rise. This address also held 585k #Ethereum already. One is enough.”

Last year, Polygon formed key partnerships with Nike, Meta, and Warner Music, and announced advances for other Polygon chains such as the ZK protocol. Adoption within the Polygon ecosystem continues to grow, and performance is reflected in the price of his MATIC.