Polygon (MATIC) piqued the interest of United States residents in the past 90 days, emerging as the second most searched proof-of-stake (PoS)-based cryptoasset within the region, dwarfed by only ether (ETH), data shows.
Polygon (MATIC) making waves
Since its launch during the crypto summer of 2017 by Mumbai-based engineers: Jaynti Kanani, Sandeep Nailwa, Anurag Arjun, and Mihailo Bjelic, polygon (MATIC), an ethereum layer-2 scaling solution has witnessed a steady increase in adoption and popularity in the web3 space.
Despite experiencing a serious outage that triggered reduced network usage and a more than 2% drop in the price of its native MATIC token, research findings released by The Money Mongers, an independent web3 and cryptocurrency think thank, shows that polygon is the most searched PoS-based cryptoasset in the U.S. in the past 90 days.
Analyzing Google Trends search data over a 90-day timeframe, the researchers found that ethereum (ETH), which completed the much-anticipated Shanghai upgrade on April 12, was the most searched crypto in the past three months, followed by polygon (MATIC).
28 U.S. states most interested in ETH
The study examined the top five PoS cryptos by market capitalization (ETH, MATIC, ADA, SOL, and DOT) across the entire 50 states in the U.S. and found that ETH was the most sought-after crypto across 28 states (54.9%), including Alaska, Arizona, and Colorado.
“With Ethereum’s Shanghai upgrade, Ethereum has become the most popular proof-of-stake (PoS) crypto because users who had earlier staked 32 ETH, can unstake and withdraw their ether, as staking and unstaking is a critical part of the PoS consensus mechanism.”
Sudhir Khatwani, oo-founder of The Money Mongers.
Polygon emerged as the most popular asset in 18 U.S. states (35.3%), including Alabama, Indiana, and Kentucky.
Four U.S. states (7.8%), including South Dakota, the District of Colombia, Rhode Island, and Delaware are the most interested in ADA.