• Polygon, the Ethereum scaling solution, has surpassed BNB Chain in daily transactions according to on-chain data.
• Polygon’s daily transactions have remained range bound between 2-4 million per day since October 2022.
• MATIC, the native token of the Polygon PoS chain, has risen 251% against the dollar since June 2022.

Polygon, the Ethereum scaling solution, recently surpassed BNB Chain in daily transactions according to on-chain data. The data, derived from Polygonscan and BscScan, highlighted the increase in daily transactions compared to the declining number of transactions on BNB Chain. On Jan. 29, BNB Chain recorded 3,007,245 transactions, while Polygon processed 3,066,110 in the same period.

Polygon’s daily transactions have remained range bound between 2-4 million per day since October 2022. This stability is in stark contrast to BNB Chain, whose daily transactions peaked in November 2022 and have steadily declined since then, down to 3.08 million per day from a high of over 11 million.

The increased activity on the Polygon proof-of-stake network has aligned with its strong market performance. MATIC, the native token of the Polygon PoS chain, has risen 251% against the dollar since June 2022. The token rose 20% over the weekend, with a Polygon whale taking the opportunity to buy the dip.

Polygon’s ability to scale Ethereum has been a huge selling point for the platform, allowing it to process transactions faster and more cheaply than the Ethereum blockchain. This has enabled developers and users to build, deploy, and use Ethereum-compatible applications on the Polygon network. The increased popularity of the platform is likely to continue as more users discover the advantages of using Polygon.