Polygon (MATIC) User Numbers Hit All-Time High – $100M Unique Addresses

The Polygon (MATIC) network has more than 100 million unique user addresses, which is a new all-time high. The attraction for new users are the low transaction fees on its network and access to decentralized finance (DeFi) applications.

The network has been growing steady over time, with an exponential growth period seemingly starting in June of this year. In September the Polygon network added over 2.5 million new unique addresses in one single day, with the total number of unique addresses doubling since then.

However, unique addresses might not necessarily represent users on the network, as one user can create more than one address. But, it’s a metric which is often used to gauge how used a blockchain is, as it’s impossible to tell how many individual users it has.

Also Polygon network increased its transaction fees 30x from a default value of 1 gwei to a minimum value of 30 gwei, according to a post published by Polygon co-founder Sandeep Nailwal suggesting the move was necessary to deter spam transactions on the network.

The move raised criticism among the Polygon community, as members questioned why the move was applied without notice to most users and whether any feedback was collected before the move went ahead.

Nailwal response was that the change was “recommended to reduce the spam transactions in the network,” before adding that as it’s a “client-level configuration you are free to run your node with old/different settings as per your wish.”

Regardless, MATIC’s price has been steadily rising and is now close to the $1.5 mark. Polygon is used by several major DeFi projects including CREAM Finance, SushiSwap, Balancer, among others.