The number of new user acquisitions in both networks is in a complete downward trend and both networks are not successful in attracting new users for Metamask, but the point is that this downward trend in the Ethereum network has a gentler slope, but in the Polygon network The decrease has been more severe and you can see that in the last 5 months, the Ethereum network had a total of 270,000 new users on Metamask, and Polygon was able to attract 193,000 new users.

Project : Ethereum

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Bounty Name : Open Analytics Bounty: ETH (October 23)

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Question: Metamsk is a very popular wallet that has many users. This wallet allows users to swap their assets. Now let's see which of the two big networks, Ethereum and Polygon, has the most swaps.

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Date of analysis : 2022-10-27

Metamask

MetaMask is a cryptocurrency wallet that enables users to store Ether and other ERC-20 tokens.

MetaMask is one of the leading crypto wallets and leans on browser integration and practical design to perform as one of the main gateways to the world of Web3, decentralized finance (DeFi), and NFTs.

Methods

Tables I used : I use ethereum.core.fact_event_logs and polygon.core.fact_event_logs for number of swaps and i also filter transactions with event_name = 'Swap' because I just want swap transactions.

Metamask swap router contrcat on Ethereum :0x881D40237659C251811CEC9c364ef91dC08D300C

Metamask swap router contrcat on Polygon:

0x1a1ec25DC08e98e5E93F1104B5e5cdD298707d31

All analysis and data are from July

Metrics

Number of Swaps

Number of Unique Users

Number of Pools

Total Amount Fee Spent (USD)

Number of New & Total new Users

Total Number of Swaps

Total Number of Unique Users

Average Number of Swaps per User

Total Amount Fee spent (USD)

Top 10 Swap pairs

Top 10 Swap from Asset

Metamask Overtime

You definitely know that Polygon and Ethereum are two very powerful and popular networks and have very active users, and Metamask is one of the most popular wallets of both networks, and now let's see how the competition between these two networks is in the number of swaps in Metamask.

Since the middle of July of this year, we have seen that the number of Metamask swaps in the Polygon network is slowly decreasing, but this is not the case in the Ethereum network, and the number of Ethereum swaps has been almost constant.

At the beginning of July, Ethereum's dominance percentage in the number of swaps was close to 30%, and with the decrease in the number of Polygon swaps, its dominance percentage went up to 60% in October, which means that the activity of users in the Polygon network has greatly decreased, and this is the important point. Because you can see that the number of Ethereum swaps has not increased significantly, but the number of Polygon swaps has decreased, and this decrease increases the percentage of Ethereum dominance.

In terms of the number of users of each network, we have the same conditions, and with the decrease in the number of users of the Polygon network, the percentage of Ethereum's dominance has increased, and the important thing is that Polygon can again attract new users with incentive plans to increase the activity of its network.

The number of pools that users use for swaps has been more than Polygon in Ethereum network almost all the time, and this shows that Ethereum users like more variety.

The fee per swap is one of the most important reasons for users to use different networks, and the fee is a determining factor for the network. Swaps are much more than Polygon, so we cannot compare their amount

Number of New & Total new Users

Metamask Total Stats

As you can see, the competition between Ethereum and Polygon was very close and each network has its own active and loyal users.

During this time, Metamask users have made a total of 864 thousand swaps on the Polygon network, and the total number of users who have made this number of swaps has been 189 thousand users. In the Ethereum network, users made a total of 714,000 swaps, and this number of swaps was done by 257,000 users, and as you can see, the number of Ethereum users was more than Polygon, but the number of swaps was less, so one conclusion can be drawn, that Polygon users are much more active than Ethereum users.

The number of Metamask swaps per user in the Ethereum network is 3 swaps on average, while in the Polygon network, users make an average of 5 swaps, which is exactly what I said when I said that Polygon network users are more active than Ethereum.

Ethereum users have paid a total of 4.31 million dollars per fee for this number of swaps, while Polygon users have paid only 14.3 thousand dollars, and this is one of the most important reasons that Polygon can beat Ethereum and attract much more users than Ethereum.

The most popular metamask piar on the ethereum network is DAI->USDT, users made 2300 swaps with it and made this pair the most popular pair.

The most popular Pair Metamask on the Polygon network is MATIC->USDC, that is, it is the conversion of the native token of the Polygon network to the powerful USDC stablecoin, and users made 77,925 swaps with it.

Top 10 Swap from Asset

The most popular asset that users use to swap to another asset on the Ethereum network is USDC, 51,000 users swapped this stablecoin 105,000 times.

Metamask users in the Polygon network use USDT more to convert swaps to other assets because 47 thousand users swapped this stable coin 157 thousand times, which means that on average each user swapped this stable coin 3 times.

Top 10 Swap to Asset

The most popular asset that users swap from other assets to is USDC. This shows that this stablecoin is very popular among Ethereum users because 48 thousand users made 115 thousand swaps from other assets to this token.

In the Polygon network, the most popular asset to swap from other assets to it is WETH, which 44,000 users made 172,000 swaps to this asset.

Thanks for reading

• All data used are from: Flipside Crypto

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• My Twitter: Sepehrmhz8

Conclusion

Both of these networks, Ethereum and Polygon, are very popular networks and definitely have active and loyal users, and the point is that although the amount of fees received by Polygon is much, much lower than Ethereum, it does not have more users than it. This shows that Polygon needs to increase its network infrastructure a lot in order to attract more users by advertising that it charges a lower fee.

Most Popular Pairs