The Polygon unique addresses number increased by 12% in the second quarter and the huge growth of the bridge aggregators only shows a wave of user migration from Ethereum to Polygon so let’s have a closer look at today’s latest blockchain news.
Polygon Network showed quite the resilience in the difficult crypto winter where most crypto assets dropped in value. According to the Q2 reprots, the Ethereum scaling solution showed steady growth in the number of network addresses and the transaction volumes despite the market selloff in the same timeframe. Known as the sidechain scaling solution for the Ethereum network which is often criticized for high transactions and traffic congestion, Polygon works similarly but as the cheaper alternative. The average cost of transactions dropped 49% as shown in the report.
— Polygon – MATIC 💜 (@0xPolygon) July 26, 2022
In the meantime, the Polygon unique addresses increased from the first quarter as the total transaction volume hit $284 million, marking a 4% increase compared to the past quarter. It’s worth noting that the key metric for blockchain protocols trying to challenge or complement the blockchain is the number of developers working in the ecosystem. For Polygon, the growth was impressive with more than 90K developers publishing their first contract.
Polygon’s growth is reflected in the DeFi protocols as well which often attract users that are discontented with the high gas fees in Ethereum so as a result, the bridge aggregators and decentralized exchanges benefitted from the wave of migration. For exampel, Bungee, as an aggregator that bridges ERC-20 tokens from Ethereum to Polygon, became the fifth biggest protocol ont eh network with the transaction volume surging 972%.
Regarding the network expansion in NFTs, the total number of Polygon-based wallets on OpenSea increased by 47% in the second quarter, and in the meantime, the newly minted NFTs jumped by 50% to 66.65 and among the blockchain games developed on the blockchain, the community-owned NFT games like Aavegotchi saw a huge growth in the user base. To boost the Web3 ambitions, Polygon launched its zero-knowledge Ethereum Virtual Machine last week with the new solution working with the existing smart contracts, wallets, and other developer tools without having to modify codes but still enhancing scalability and lowering the costs without having to sacrifice security.
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