The number of daily active users on Solana, Polygon and Ethereum is becoming almost identical and converging to the level of approximately 300K daily users measured by the number of active addresses.
Such convergence has been made possible due to the different trends observed regarding the major altcoins offering solutions for smart contracts. In particular, Ethereum demonstrates slightly negative dynamics as its maximum number of daily active addresses exceeded 600K.
Obviously, this ETH market crash can be caused by the lack of scalability of the Ethereum execution layer and high transaction fees (gas). For this reason, many users look for other alternatives so that these rates are cheaper and, in addition, that the transactions are faster. As is the case with Polygon and Solana.
Solana and Polygon: alternatives to Ethereum
The number of Polygon users has remained comparatively stable over the past few days, indicating that the blockchain is comparatively effective in maintaining the loyalty of its regular users by offering the right mix of quality of service and low fees.
At the same time, Solana demonstrates the fastest growth in recent days, closing the gap between its number of daily active addresses and those of its competitors. Solana’s innovations and ability to process a large number of transactions per second may be the main reasons for this increase in active wallets.
From the perspective of the entire crypto industry, the current situation is quite positive. The reason is that the demand is more evenly distributed among the major platforms, thus avoiding further congestion of the Ethereum network, which would cause even higher gas fees and slower transactions.
In addition, reliance on Polygon and Solana Proof-of-Stake gives them additional advantages in terms of scalability and rate optimization.
If existing trends persist, Solana may even become a leader in the number of daily active users, which will contribute to its overall sustainability in the cryptocurrency industry. The Ethereum development team needs to speed up the transition to the consensus layer, if they want to maintain their leadership, as the current flexibility and functionality do not meet the expectations of a considerable percentage of users.
Polygon can also use the current environment to target private and corporate users and introduce additional benefits related to quality and cost. In any case, the degree of competition between Ethereum, Polygon and Solana is expected to increase further in the coming months.
Current price of ETH, SOL and MATIC
At the moment, the price of Ethereum (ETH) is $3,159, with an increase of 1.31% in the last 24 hours. In the case of Solana, the price of SOL is $114, which represents an increase of 0.45% in the last 24 hours. And finally, the price of MATIC (Polygon) is $1.96, around +1% in the last 24 hours.
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