It’s not an “Ethereum killer.” Polygon (MATIC), a blockchain-based company, builds on and enhances Ethereum. Its developers and users must have forgotten that we are in crypto winter. Although prices plummeted, Polygon’s ecosystem continued to grow in leaps and bounds until the end of quarter 2.
Developers can use the platform to create bridge infrastructure between different blockchains. Polygon facilitates interoperability among Ethereum-compatible chains by facilitating this. DeFi’s June quarter quarter was a success thanks to its collaborative and value-add approach.
Newly published Polygon data for Q2 shows a dramatic increase in the ecosystem. Users also paid lower network fees to use Polygon and do business with its decentralized apps.
In Quarter 2, Polygon Network Usage and Development Burgeons
In the second quarter, network usage on the second layer speed was up and the privacy chain saw a surge in use. Over the “winter” market quarter, unique address creation, new transactions and network revenue all increased. These numbers were up to 5.3million, 284million, and $5.5million, respectively.
Polygon saw a surge in developer activity, despite its long-standing reputation for its SDK. The network announced Tuesday that 90,000 developers published their first contracts to its chain in Q2.
“Over 90k developers published the first contract. This is 3 times the rate of Q1 growth. Every day, the chain saw 1k new creators and 22.7k new contracts.
The average gas fee fell by half in the last quarter to $0.018 per transaction heading into July. This represents a significant 49% decrease in transaction costs for MATIC.
DeFi crypto’s rapid growth in the past three months may have been due to lower fees and basic economic principles like supply and demand. Since June, the Layer-2 blockchain scaling solution to Ethereum has seen a strong rally.
MATIC Price Rally in July: New Partnerships and Price Rally
The spot price for MATIC tokens from Polygon rose from $0.40 per coin on June 18th to $0.90 on July 22, with the exchange rate at $0.90. The coin has moved across crypto exchanges between $0.77 and $0.90 since then. MATIC, which has a market capitalization totaling $7.5 billion on Sunday, is the 12th most valuable cryptocurrency according to this metric.
The native token of Polygon grew significantly in comparison to its peers over the one month view. MATIC climbed 64% from 30 days ago to surpass Ether (+37%) and BNB Coin (+14%) as well as Solana (+4.5%) and Polkadot -2%.
Polygon has also reduced gas prices by half compared to the quarter before and is now forming strategic partnerships. The network announced in June that the US Dollar Coin (USDC), now supports Polygon.
“The second biggest stablecoin US Dollar Coin (USDC) now supports Polygon, its backers – a cryptocurrency-focused payment company Circle – said. The current method of manually bridging USDC between Ethereum and Polygon via the Polygon Bridge will be replaced by Polygon-native USDC. This update will reduce transaction times and ether gas fee.
Reddit also announced earlier in the month that it will launch an NFT avatar marketplace. The new NFT marketplace will be powered by Polygon Network. Nothing Technology Limited, a London-based company, is working with Polygon in order to expand Web3 mobile.
Marla Brooks – Financial Analysis
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