Polygon has grown its daily active wallet 13,000% year-over-year
The Polygon blockchain has surpassed Ethereum in terms of daily active wallets according to the DappRadar Industry Report for Q2 2021. The sidechain saw tremendous growth in the past quarter, increasing its daily active wallets 13,000% year-over-year.
At the end of June, Polygon gained enough traction to outperform Ethereum when it comes to daily unique active wallets. The sidechain solution reached more than 73,000 DUAW, while Ethereum reached an average of 71,000 active wallets, a decrease of 17,4% compared with the first quarter of the year.
Premier DeFi dapps like Aave and SushiSwap expanded their product from Ethereum to Polygon. They have been finding quite some success there. The value Polygon adds to these protocols, is also very clear. Currently these dapps have 22% and 20% of their Total Value Locked (TVL) on Polygon.
The advantages of the sidechain solution from a user perspective are the high speed and low costs of transactions. In addition, the move from existing DeFi protocols to for example Polygon is all part of the new multichain paradigm. Existing protocols expand their services to other blockchains to for example reach a bigger audience and create more value in the ecosystem.
To get a more comprehensive take on the developments and status of the blockchain industry, please read the DappRadar Industry Report. In the Q2 2021 report we go a lot deeper into Polygon, Ethereum and Binance Smart Chain and their roles in the DeFi ecosystem.