Polygon’s AA users rise: All you need to know
- Polygon’s AA addresses saw a substantial uptick thanks to its appealing features.
- MATIC could be on the verge of another major rally such as the one in June.
Did you know that not all accounts in DeFi are made equal? Polygon [MATIC] just announced positive account growth in September. Interestingly, most of that account growth occurred in account abstraction (AA) accounts.
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Account abstraction makes it possible to create accounts that can be used to independently execute transactions in smart contracts. This is a departure from Externally Owned Accounts (EOA) that are considered the norm in traditional blockchain systems.
The ability to use AA accounts directly with smart contracts introduces a new level of convenience for users.
Since AA offers an edge over traditional accounts, it would explain the surge in these types of accounts in the Polygon ecosystem. The network highlighted improved security and account automation as some of the factors that have been driving the adoption of such accounts on Polygon.
An adoption story: @0xPolygon and account abstraction (AA).
TL;DR Polygon accounts for more than 50% of all AA Users.
In the month of September, Polygon has shown:
– 3.3x more successful UserOps
– 2.4x more active ERC-4337 accounts
than all other chains combined ✌️
— Polygon Devs ? DevX Global Tour (@0xPolygonDevs) October 6, 2023
In other words, the AA accounts offer more efficiency, and this is clearly a major component in the rapid adoption of such accounts. According to Poygon, the AA accounts registered a 2.4X surge in active accounts. In addition, successful user operations soared by 3.3X.
Have AA accounts contributed to Polygon’s network activity?
According to Santiment, Polygon may have achieved a marginal improvement in network activity in September. Unsurprisingly, the number of 24h Active Addresses soared to a 3-month high during the month, signifying that there was a significant surge in activity compared to August.
Similarly, Network Growth achieved its highest 3-month peak in September. This confirmed that there was notably more network activity in August, which might be in line with the surge in AA accounts.
However, the network activity alone may not necessarily confirm that the growth was fueled by account abstraction. This is because the on-chain data may not segregate between AA and EOA accounts.
MATIC price action recap
MATIC exchanged hands at $0.56 at the time of writing, which represented a +12% upside from its end of September lows. This bullish outcome notably occurred after retesting its June lows.
Read Polygon’s [MATIC] Price Prediction 2023-2024
Moreover, its bottom range in June yielded a 73% upside as well. This meant that MATIC could still be headed for more upside this month if history repeats itself.
Note that the bullish expectations are based on historic performance and assume that demand and supply factors will be similar. On the other hand, low prices and favorable address growth could further encourage a bullish outcome.