2022-2-9 23:32 |
The number of daily active users on Ethereum, Polygon, and Solana are becoming almost identical with them converging at the level of approximately 300,000 daily users as measured by the number of active addresses.
Source: ChainCrunchSuch convergence has become possible due to different tendencies observed in regards to all major altcoins that offer solutions for smart contracts. In particular, Ethereum demonstrates a slightly negative dynamics as its peak number of daily active addresses exceeded 600,000.
The probable cause of the declining market for ETH is the insufficient scalability of Ethereum’s execution layer and high gas fees. Thus, many users consider alternative crypto solutions that allow economizing funds and time associated with their transactions. The number of Polygon users remain comparatively stable within the past few days, indicating that the blockchain is comparatively effective in maintaining the loyalty of its regular users by offering an appropriate combination of service quality and low fees.
At the same time, Solana demonstrates the most rapid growth within the past few days, closing the gap between its number of daily active addresses and those of leading platforms. Solana’s innovations and ability to process a tremendous number of transactions per second may be the main determinants of such users’ reactions.
From the perspective of the entire crypto industry, the current situation is mostly beneficial. The reason is that the demand is more uniformly distributed among the main platforms, thus avoiding earlier misbalances and Ethereum’s network congestion caused the uncontrolled increase in gas fees and lower access to its services for some clients.
At the present moment, the overload can be effectively avoided with the growing number of people becoming aware of reliable alternatives to Ethereum’s functionality. Moreover, the reliance on proof-of-stake by Polygon and Solana provides them additional advantages in terms of scalability and fees optimization.
If the existing tendencies persist, Solana may even become the leader in regards to the number of daily active users, contributing to its overall sustainability in the crypto industry. In order to maintain its lead, Ethereum’s dev team needs to accelerate the transition to the consensus layer as the current flexibility and functionality do not meet the expectations of a considerable percentage of crypto users.
Polygon may also utilize the current environment for targeting both private and corporate users and introduce additional quality and cost-related benefits. In any case, the degree of competition between Ethereum, Polygon, and Solana is expected to increase even further in the following months.
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