Polygon and Ethereum Lead in User Acquisition for 2023
A recent report by Blockchain analytics firm Flipside reveals that Polygon and Ethereum were the top networks in terms of user acquisition in 2023, with 30.6 million new users combined. Polygon attracted 15.24 million users, while Ethereum acquired 15.4 million users. These figures include individuals who performed at least two transactions on the respective networks.
Polygon Outperforms Other Networks and L2 Solutions
Despite falling slightly short of Ethereum’s numbers, Polygon’s user acquisition is still impressive, surpassing other networks like Bitcoin and Solana. Additionally, Polygon outperformed other Ethereum layer-2 solutions such as Arbitrum, Optimism, and Base, which acquired 7.3 million, 3.3 million, and 1.9 million users, respectively.
Polygon Sets Record for Monthly Acquired Users
Polygon started 2023 strong by setting a record for monthly acquired users with 2 million in January. This coincided with MATIC’s price rising above $1 for the first time in a while. Although MATIC struggled to maintain this level throughout the year, it eventually rose above $1 again in December.
Allegations of Secret MATIC Token Sales
An analysis by ChainArgos suggests that the Polygon team has been secretly selling off MATIC tokens, potentially contributing to sell pressures and hindering its price from staying above $1. The team is accused of not executing token allocations as publicly stated and using wallets linked to Binance to conduct these secret sales.
Impact on MATIC’s Price
About 767 million MATIC tokens have reportedly been sold through these secret transactions, which has had an impact on MATIC’s price on multiple occasions. ChainArgos suggests that these outflows can be an indicator of a market top and subsequent downward movement.
MATIC’s Current Price
As of now, MATIC is trading at around $0.73, showing an upward trend in the past 24 hours according to data from CoinMarketCap.
Hot Take: Polygon’s Impressive User Acquisition Raises Concerns About MATIC’s Price
Layer-2 network Polygon has emerged as a strong competitor to Ethereum in terms of user acquisition in 2023. This achievement raises concerns about the price of its native token, MATIC, as it suggests an influx of new money into the ecosystem. However, allegations of secret token sales by the Polygon team have affected MATIC’s price and hindered its ability to sustain a value above $1. It remains to be seen how these factors will continue to shape MATIC’s performance in the future.
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