Polygon Unique Addresses Grew 12% in Q2 Despite Market Crash

Polygon Network has demonstrated solid resilience during the hard period when crypto assets have plunged in value. The Q2 report shows that the Ethereum scaling platform saw steady growth in transaction volume and network addresses despite the wider market selloff.

Steady growth in winter

Polygon is a sidechain scaling solution to the Ethereum Network. Although Polygon has been criticized for its high transaction fees due to congestion, it can be used as an alternative. The Q2 report shows that transactions cost averaged $49% less at $0.018 QoQ.

The total number of unique addresses in the network increased by 12% over Q1. In addition, $284 million was spent on transactions, which is a slight increase of 4 percent compared to the prior quarter.

It is worth noting that the number of developers working in the ecosystems is a key metric when blockchain protocols attempt to compete with or complement the Ethereum blockchain. Polygon saw a remarkable increase in Q2, with more than 90k developers publishing their first contract.

4/ The NFT space saw @opensea see 1.2M NFT wallets #onPolygon come online in Q2, increasing the total number of active wallets by 47%, to 1.5M.

The number of transactions made by new mints increased 50% to 66.6M. While NFT trades’ total dollar value declined by 64%, the tx volume rose 47% to 122M.

— Polygon – MATIC

(@0xPolygon July 26, 2022

NFTs and DeFi

Polygon’s success is evident in its DeFi protocols, which attract discontented users who are unhappy with the high fees for Ethereum gas. The emerging wave of migration has benefited bridge aggregators as well as decentralized exchanges.

Bungee, an aggregator that connects ERC-20 tokens Ethereum to Polygon, was the fifth-largest protocol on the network. Its transaction volume soared by 972%, and its user base grew to 92K during the quarter.

Concerning NFTs’ expansion, the number of OpenSea wallets that are Polygon-based increased 47% to 1.51million in Q2. The number of newly-minted NFTs increased by 50% to 66.65 millions. Aavegotchi, a community-owned NFT gaming platform, experienced the fastest growth, growing eight times in Q1.

Polygon’s Zero-Knowledge Ethereum Virtual Machine (Polygon zkEVM), was launched last week to boost its Web3 ambition. This new solution can be used with existing smart contracts, developers tools and wallets, without the need to modify or re-implement codes. It also enhances scalability, lowering costs, and without compromising security.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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