Polygon Unique Addresses Market Up 12% in Q2 Despite Crash

Polygon Network has shown solid resilience in tough times of crypto asset price declines. According to its Q2 report, the Ethereum scalping platform saw a steady increase in the number of network addresses and transaction volume, despite a broad market sell-off during the same period.

steady growth in winter

Known as a sidechain scaling solution for the Ethereum network – often criticized for its high transaction fees due to traffic congestion – Polygon serves as a much cheaper alternative. Its average cost of transactions fell 49% to $0.018 QoQ, as shown in the Q2 report.

Meanwhile, the total number of unique addresses on the network stood at 5.34 million, up 12% from the first quarter, as total transaction volume reached $284 million, a modest 4% increase over the previous quarter.

It is worth noting that a key metric for blockchain protocols attempting to challenge or complement the Ethereum blockchain is the number of devs working within the ecosystem. For Polygon, with over 90k developers, the growth in Q2 was particularly impressive To publish His first contract.

4/ In NFT space, @open sea 1.2M New NFT Wallets Come Online #onPolygon In Q2, total unique active wallets increased by 47% to 1.5M.

New mints jumped 50% to 66.6M transactions. And while the total dollar value of NFT trades fell 64%, TX volume increased 47% to 122 million.

– Polygon – MATIC (@0xPolygon) 26 July 2022

DeFi and NFT

Polygon’s growth is well reflected in its DeFi protocol which attracts users dissatisfied with the high gas fees in Ethereum. As a result, bridge aggregators and decentralized exchanges benefited from the emerging wave of migration.

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For example, Bungee – an aggregator that bridges ERC-20 tokens from Ethereum to Polygon – became the fifth largest protocol on the network, increasing its transaction volume by 972% and its number of users to 92K in the quarter.

With regard to network expansion in NFTs, the total number of Polygon-based wallets on OpenSea increased 47% to 1.51 million in Q2. Meanwhile, newly minted NFTs rose 50% to 66.65 million. Avegotchi, a community-owned NFT game, saw the most explosive growth in its users, growing eightfold from the first quarter of all blockchain games developed on the blockchain.

To fuel its Web3 ambition, Polygon last week launched its zero-knowledge Ethereum virtual machine (Polygon zkEVM). The new solution works with existing smart contracts, developer tools and wallets, increasing scalability without modifying or reimplementing code and reducing costs without sacrificing security.

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