Over the last six months, the Polygon (MATIC) network, an Ethereum layer-2 scaling solution, has added more than 46 million new addresses to its network.
The price of its native token, which is used to cover transaction costs and secure the network through staking, has therefore been outperforming the overall crypto market.
Data from Polygon network explorer Polygonscan shows that over the last six months, the Polygon network has added about 46 million new addresses, with its daily growth rate briefly increasing from 50,000 to over 300,000 addresses per day.
It is noteworthy that the cryptocurrency network increased from having 143 million unique addresses in May of this year to having over 188 million unique addresses as of the time of writing. It had about 130 million unique addresses at the beginning of the year.
During that time of network expansion, the value of MATIC, the network’s native crypto, has also increased dramatically.
Market data reveals that over the last six months, MATIC has increased by over 76%, while the two most popular cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), have declined by 34.7% and 27.2%, respectively.
Despite the network’s expansion, price forecasts for the cryptocurrency indicate a bearish turn before the end of the year, with users anticipating a significant drop from the current price.