As we have seen from the Polygon/Matic data, the chain has been grow a lot in the last two months. BSC has started its grow a bit earlier somewhere from January 2021, and has grown a lot in the period. Polygon seems to be gaining a lot of traction now, with a lot of projects building their Polygon version as well.
Is Polygon gaining now on BSC? What is the trend? Can we expect Polygon to overtake BSC at some point in the future?
Let's take a look at the data.
Both BSC and Polygon are ETH compatible, and they have been taking advantage on the high fees on Ethereum. Polygon fees are extremely low, in the sub one cent area. BSC has a bit higher fees, but still under one dollar.
We will be looking at:
- Number of Addresses
- Active Addresses
- Daily Transactions
The period that we are looking into is from the beginning of 2021, with a close lookup on the last month.
Number Of Addresses
One of the key metrics for crypto projects is the number of wallets.
First the overall number of wallets.
The orange line is BSC and the blue is Polygon.
As we can see BSC had an explosive growth in February 2021, and a steady increase since then.
Polygon started getting more wallets a bit later in May 2021 and the growth has continued in June as well.
Overall BSC is still far ahead in terms of wallets, with more than 80M, while Polygon is at around 16M now. What is interesting is that Polygon is growing faster than BSC in the last month.
What’s more interesting in times like this is how many wallets are transacting. How many of those addresses are actually active?
Again we can notice here that BSC been growing a lot before Polygon.
BSC started the year with around 50k active daily wallets and at the end of April has reached more than one million active wallets per day. Since then the numbers has been dropping and now is somewhere around 500k active daily wallets.
Polygon has started increasing in active wallets in May and has been growing in June as well. At the moment it is in the range of 100k to 200k active daily wallets.
If we zoom in a bit more in June 2021 we have this.
BSC is still far in the lead here.
But we can see the numbers for BSC are going down, while Polygon has an increase it numbers. BSC started the month with around 750k DAUs, and ended with 500k. Polygon started the month with 50k and ended it with 130k.
The activity on the networks is mostly represented by the number of daily transactions. Here is the chart.
This one is interesting. Polygon has overtaken BSC in number of transactions!
At the end of June 2021 Polygon has around 8M daily transaction and BCS around 4M. Obviously the cheap transactions are allowing users to make even more transactions. With less active wallets than BSC, Polygon has higher number of transactions, meaning more transactions per wallet.
Polygon is known for its very low fees, that has been the lowest in the industry to under one cent, lower than BSC. Here is the chart.
The fees are in dollar terms, cumulative for the day.
The Polygon line is almost nonvisible on the chart. The BSC network have reached more than 3M in fees per day when the prices were high. At the moment the fees on the BSC networks are still more than 1M, while on Polygon they are in the range of 10k to 20k USD per day (almost nonexistent). It really makes you wonder who will run Polygon nodes. With fees like this the only incentive is for large stakeholders who are looking for capital gains.
Polygon and BSC are smart contract platform so here is the chart for verified contracts per day.
In terms of smart contracts BSC is leading by a lot, with more than 2k at the end of June, while Polygon has a few hundreds.
Overall BSC is still in the lead by all metrics except by the number of transactions where Polygon has the lead, mainly because of the extremely low, almost nonexistent fees.
But while the BSC metrics have been in decline in June, mainly because of the low prices, Polygon data is showing an uptrend. Will this mean that at some point in the future Polygon can overtake BSC? Everything is possible in crypto, and it will be interesting to see how these both network perform in the next three to six months. At the end a note that we are still very early in the crypto industry so probably there is a lot room for growth for both of these networks and much more.
All the best
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