In the difficult period of falling cryptocurrency asset values, Polygon Network has demonstrated strong sturdiness. Despite the general market selloff during the same period, the Ethereum scaling platform reported a continuous rise in the number of network addresses and transaction volume.
Polygon acts as a significantly less expensive substitute for the Ethereum Network, which has received criticism for its high transaction price as a result of traffic congestion. According to the Q2 data, its average cost of transactions decreased by 49 percent to $0.018 QoQ.
5/ But the most bullish signal, and a sign that the #Polygon ecosystem is building through the bear, comes from developer activity.
The network added on average 1,000 new contract creators a day for a total of 90,514, more than triple the pace of growth in the last quarter.
— Polygon (@0xPolygon) July 26, 2022
A rise in unique addresses on Polygon Network
Polygon team revealed that the total number of unique addresses on the network has also increased to 5.34 million, up by 12 percent from Q1. In addition, the total volume of transactions totaled $284 million, up just 4 percent from the prior quarter.
Importantly, one crucial indicator for blockchain protocols looking to compete with or supplement the Ethereum blockchain is the number of developers active in the ecosystems. With over 90k developers submitting their first contract in Q2, Polygon’s growth was especially astounding.
A few weeks back, as TheCoinRise reported, Polygon Studios CEO Ryan Wyatt welcomed Terra projects that faced serious losses and revealed that Terra projects are now shifting to his platform.
The oncoming wave of migration due to the Terra disaster and Ethereum’s high transaction fees has proved to be advantageous for bridge aggregators and decentralized exchanges.
Regarding the network’s growth in NFTs, in Q2, there were 1.51 million Polygon-based wallets overall on OpenSea, up 47% from Q1. Newly issued NFTs increased by 50% to 66.65 million during this time.
Polygon’s Zero-Knowledge Ethereum Virtual Machine was released recently in an effort to forward Web3 ambitions. The new approach improves scalability and lowers costs without compromising security while working with already-existing wallets, developer tools, and smart contracts. In April, Polygon announced the launch of Supernet chains with a $100 million fund allocation for Web3 developers.