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Polygon Network has kept it strong in these testing periods when the cryptocurrencies are dropping down. The Ethereum scaling platform has experienced an increase in network addresses and transaction volume despite the market selloff in the same period.
One major criticism of Ethereum Network is its high transaction fees because of traffic congestion. On the other hand, Polygon acts as a much cheaper alternative. Polygon is also known as a sidechain scaling solution for the Ethereum Network. According to the Q2 report, the average cost of transaction declined by 49% to QoQ.
The total unique addresses on the network also increased by 12% from Q1, reaching 5.34 million as the transaction volume reached $284 million. In comparison to the previous quarter it has increased by 4%. The number of developers working within the ecosystems is a crucial metric for blockchain protocols while trying to challenge or complement the Ethereum blockchain. The growth in Q2 was especially ravishing for Polygon. Over 90 thousand developers published their first contract.
The growth of Polygon could be seen in its DeFi protocols. It’s likely to attract the users unhappy with the gas prices in Ethereum. As more and more people shifted to the blockchain, bridge aggregators and decentralized exchanges have profited from this.
Bungee has positioned itself as the fifth largest protocol on the network. Bungee is an aggregator that bridges ERC-20 tokens from Ethereum to Polygon. Its transaction volume surging by 972%. In the quarter, the number of users reached 92K.
The total number of Polygon-based wallets on OpenSea surged by 47% to 1.51 million in Q2 regarding the network’s expansion in NFTs. Meanwhile, newly minted NFTs increased by 50% to 66.65% million. Aavegotchi, a NFT game owned by a community, has witnessed high growth in its users among all the blockchain gamers. It has multiplied by eight times since Q1.
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Last week in its efforts to venture into Web3, Polygon released its Zero-Knowledge Ethereum Virtual Machine (Polygon zkEVM). The latest solution has partnered with the existing smart contracts, developer tools, and wallets. In addition it doesn’t change or re-implement the code and also increase scalability. Basically, without compromising on security it decreases the cost.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
