Polygon ($ MATIC) eclipses ‘Ethereum L1 for the first time in daily active addresses’

Polygon ($ MATIC) co-founder Mihailo Bjelic says Polygon will be released on Monday (Jan.

Another big milestone for @ 0xPolygon! 🔥

We dwarfed Ethereum L1 in daily active addresses for the first time!

This is just the beginning. We’re working around the clock to improve our technology, strengthen our ecosystem, and increase adoption.

Let’s bring the world to Ethereum! pic.twitter.com/K4sAF1y3LT

– Mihailo Bjelic (@MihailoBjelic) September 29, 2021

Last month, crypto influencer “Coin Bureau” (“@coinbureau” on Twitter) spoke about $ MATIC, one of the few crypto assets he regrets “not buying sooner”.

In a video (titled “TOP Altcoin Picks 2021 Q3”) posted on the Coin Bureau YouTube channel, the show’s pseudonymous host told the channel’s 1.2 million subscribers why he was on $ MATIC is so optimistic and stated his year-end price target.

Here’s what he had to say about $ MATIC:

  • Polygon is “the preferred Layer 2 scaling solution” for Ethereum.
  • Popular decentralized apps (apps) built on top of Polygon include Ave ($ AAVE), Decentraland ($ LAND), and SushiSwap ($ SUSHI).
  • Its more than 300 DApps contain a Total Value Locked (TVL) of over 9 billion US dollars.
  • Both Coinbase and Binance recently completed the integration of the Polygon wallet.
  • The number of active users (which is growing very quickly) is higher than some Layer-One blockchains (L1).
  • $ MATIC not only powers the polygon blockchain, but is also important for Polygon’s growing set of layer 2 blockchains (L2) for Ethereum.
  • $ MATIC has had “a great run” since the beginning of 2021. Although the crypto market crash in the second half of the second quarter of 2021 hit the $ MATIC price from its all-time high (ATH) of $ 2.44 (on the 18th realistic chance of reaching $ 5 by the end of this year.

Back on May 18, Anthony Sassano, who joined Polygon as a consultant this year, took to Twitter to clear up some of the polygon confusion (e.g. some people refer to Polygon as the sidechain to Ethereum while others refer to it as the L2 blockchain ). . Here are some highlights from this Twitter thread:

  • “There is the Matic Plasma Chain and the Polygon PoS chain. The majority of the activities take place in the PoS chain. “
  • “The PoS chain is what people refer to as the ‘sidechain’ for Ethereum because it has its own permit-free validator set (over 100 staking out MATIC) which means it doesn’t protect Ethereum (also known as PoW by Ethereum). “
  • “The PoS chain goes beyond a standard sidechain and actually relies on and committed to Ethereum (what some people refer to as the ‘commit chain’). It relies on Ethereum because the entire validator / staking logic for the PoS chain lives on Ethereum as an intelligent contract. “
  • “That means if the Ethereum network went offline, the Polygon PoS chain would also go offline. Second, the PoS chain actually commits to Ethereum every now and then.
  • “This has two advantages: it gives the PoS chain an Ethereum-based finality and can help the chain recover in the event of a disastrous event. This also means that Polygon pays Ethereum to use its block space (in ETH) & pays to secure the contracts & checkpointing. “

Sassano also took this opportunity to talk about the two bridges that exist between Ethereum and Polygon:

  • “There are 2 bridges – the plasma bridge, which is secured by Ethereum and the PoS bridge, which is secured / operated by the PoS chain validator set.”
  • “Of course, on the PoS bridge, 2/3 of the validators could theoretically collapse and try to steal the bridge funds, but the stake is $ 3.4 billion, so it’s risky. Should this attack occur, checkpointing and social coordination could be the only way out. “

He also talked about the multi-sigs for polygon contracts:

  • “The multi-sigs are in place so that the contract can be updated in the event of a bug / exploit, which is a practice of many existing projects (especially those within DeFi).”
  • “However, Polygon’s multi-sigs are 5 out of 8, which is definitely not ideal and not decentralized and there are plans to improve this a lot in the near future.”

Finally, he said that Polygon “has an obligation to develop and deploy L2 solutions such as rollups in the future” and that is what he was looking forward to “most”.

According to TradingView, currently (as of 09:35 UTC on September 29th) the Coinbase $ MATIC crypto exchange is trading around $ 1.0826.

Disclaimer of liability

The views and opinions of the author or any other person mentioned in this article are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading in crypto assets carries the risk of financial loss.

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Image by “Tama66” via Pixabay

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