Polygon Network has demonstrated strong resilience during difficult times of the crypto asset market with declining value. As reported by Q2, the Ethereum scaling platform has seen steady growth in network presence and transaction volume. Although there was a wider market sell-off during the same period.
stable growth in winter
Polygon serves as a cheaper alternative to the Ethereum network with average transaction costs ofreduce 49% came in at $0.018 quarter-on-quarter as shown in the Q2 report.
meanwhile Total unique addresses in the network were 5.34 million, an increase of 12% from Q1. Total transaction volume was $284 million, a slight increase of 4% compared to the previous quarter.
The number of developers working within the Polygon ecosystem saw impressive growth in Q2. with over 90k developerspublish first contract
DeFi and NFT
Polygon’s growth is reflected in its DeFi protocol, which attracts users who are dissatisfied with the high GAS fees on Ethereum. As a result, bridge aggregators and decentralized exchanges benefit from this.
For example, Bungee, a bridge aggregator linking ERC-20 tokens from Ethereum to Polygon, became the fifth largest protocol in the network, with a 972% spike in transaction volume and a 92K increase in user traffic. in this quarter
As for NFTs, the total number of Polygon-based wallets on OpenSea increased 47% to 1.51 million in Q2. Meanwhile, the newly created NFT rose 50% to 66.65 million. On the blockchain, community-owned NFT games like Aavegotchi have seen the fastest increase in users. by an eight-fold increase from Q1.
Polygon just launched its Zero-Knowledge Ethereum Virtual Machine (Polygon zkEVM) last week. The new solution works with smart contracts as a developer tool. and existing wallets without modifying or redeploying codes, while increasing scalability and reducing costs without sacrificing security.
The post that unique addresses on Polygon rose 12% in Q2 despite market crash appeared first on Bitcoin Addict.