Polygon has experienced a remarkable surge in growth, outpacing both Layer 1 and Layer 2 blockchains in recent weeks.
Data from the DeFi aggregator website DeFiLlama reveals that Polygon's total active users in the past 24 hours have reached more than 400,000.
Daily active users on its Layer 2 blockchain have soared, surpassing even some of the largest Layer 1 blockchains in the world.
Ethereum typically has been the dominant force in terms of daily active users, owing to its thriving decentralized finance (DeFi) ecosystem.
Skyrocketing fees on Ethereum have however compelled DeFi enthusiasts to seek alternatives, leading them to migrate to Layer 2 blockchains like Polygon for cost-effective and quicker transactions.
As a consequence of this mass migration, Polygon has witnessed a consistent increase in daily active users, eventually overtaking Ethereum and Solana.
By comparison, Ethereum had 332,000 daily active users during the same timeframe, making Polygon's user base surpass Ethereum's by more than 50,000 users.
Polygon is also ahead of competitors like Arbitrum, and Solana.
The number of protocols on the Polygon chain has been on the rise, positioning it closely behind Ethereum and Binance Smart Chain (BSC) in terms of the highest number of DeFi protocols.
At present, Ethereum hosts 855 protocols, while BSC stands at 629.
Polygon boasts a total of 445 protocols, solidifying its position as the Layer 2 network with the most extensive array of DeFi protocols.
Kikyo
