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July 27, 2022

Polygon Network Q2 Transactions At $284M

As recently as the second quarter of 2022, Ethereum layer-2 solution Polygon revealed that their network has surpassed a transaction high of $284 million between April and June.

The volume of trades in the second quarter increased by just 4% compared to the first quarter (Q1). The overall number of wallet addresses on the network increased by 12 percent in Q2 to 5.34 million, accounting for $5.56 million in income.

As the number of projects produced on the Polygon blockchain grows, so does Polygon itself. Bungee, a bridge aggregator, has grown its user base by more than 1,000 percent, bringing it to 90,000 users, among other initiatives in the DeFi segment. The aggregator project also saw a 972 percent rise in transaction volume, putting it in fifth place among the network’s DeFi projects.

Meshswap Protocol, an automated market maker (AMM) that switched from the Klaytn chain to Polygon in April, witnessed excellent growth in Q2 as well. Polygon’s implementation of the protocol resulted in 1.6 million transactions and the addition of 91,000 additional members.

As a result, Polygon-based blockchain games saw a surge in revenue. NFT game project Aavegotchi garnered the greatest attention, attracting 102,000 members to its metaverse, nicknamed Gotchiverse. Planet IX, another blockchain game, has surpassed the 58,000 user mark and now ranks in the top 10 most popular on the network, thanks to a modest 8 percent increase in new players.

Despite the worldwide NFT market’s lack of growth in Q2, Polygon Network was able to make some strides throughout the quarter.

NFT marketplace OpenSea reported 1.2 million new wallets on Polygon, raising the total number of NFT wallets to 1.51 million, according to the sidechain. In the second quarter, the network saw a 122.45 million rise in the amount of NFT transactions.

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A 49% drop in transaction costs was reported in Polygon Q2’s report, making the network’s average cost per transaction $0.0018. However, according to last week’s news, the blockchain’s developers have launched a Zero-Knowledge Ethereum Virtual Machine (zkEVM).

As the network grows and transaction costs are reduced, the blockchain trilemma may be maintained while maintaining decentralization and network security.