Polygon network has been resilient despite the relative downtown in the crypto market. The notable rise in bridge aggregators is an indication that there is a possible wave of user migration from Ethereum to Polygon. Although Ethereum is still the network to beat, other platforms like Polygon are covering the cap faster than anticipated.
Polygon Recorded Impressive Growth In Q2 2022
The network’s Q2 report shows that the platform saw steady growth when it comes to transaction volume and the number of network addresses. This comes despite a wider market selloff during the same period.
Polygon is regarded as a sidechain scaling solution for the Ethereum Network, which has been criticized for its traffic congestion and high transaction fees.
The polygon network is seen as a much cheaper alternative, with the average transaction cost in Q2 2022 being $0.018. This represents a 49% drop from the previous quarter.
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Additionally, Polygon has also attracted more users over the past few months. The total unique address on the network is 5.34 million, representing a 12% increase from Q1 2022. The total transaction on the platform during the quarter stood at $284 million, which represents a 4% surge compared to the previous quarter.
It’s important to note that the number of developers working within an ecosystem is an indication of a blockchain protocol’s attempt to challenge the status quo. Ethereum is regarded as the giant and juggernaut in the industry, and several protocols are struggling to match the level of transaction and popularity the network is wielding.
But Polygon has already recorded impressive strides. The network’s growth in the second quarter of the year has been very impressive, with more than 90,000 developers publishing their first contract during the period.
MATIC Gains Popularity Amidst Ethereum’s High Fees
The growth of Polygon is also indicated in its decentralized finance (DeFi) protocols. It has been attracting users that are feeling ripped off by the high fees with Ethereum. This means that decentralized exchanges and bridge aggregators are benefiting from the emerging wave f migration.
The network has also recorded progress when it comes to its expansion in NFTs. The total number of Polygon-based wallets on OpenSEa surged to 1.51 million in Q2, representing a 47% increase from the previous quarter.
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