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HomeCrypto NewsMarket5.34M Unique Addresses, 284M Transactions, Transaction Cost Falling 49% As Polygon Release...

5.34M Unique Addresses, 284M Transactions, Transaction Cost Falling 49% As Polygon Release Q2 Stats

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Polygon Has Released Q2 Stats For Its Network, And They Look Promising, With A 12% Increase In Unique Addresses.


Polygon blockchain network has released its network statistics for the 2022 second quarter, and things are looking up.

The crypto winter has been tough on the market, but it appears that some crypto networks like polygon (the creator of Matic) haven’t experienced a bad effect despite the coin values going down. Polygon took to twitter to share details of the released stats.

 

From the look of it, it seems that Polygon has excelled in a number of fields, possibly making it one of the fastest growing blockchain networks in 2022.

Transaction Volume And Cost Has Decreased

Polygon now has 5.34 Million unique addresses, an increase of 12% from Q1. According to the details released, Polygon’s total transaction volume in Q2 has spiked by 4% as compared to Q1. The average transaction cost has also decreased by around 49%, a huge reduction especially considering that the entire crypto market has been on a downward move since the start of the year in Q1. The average transaction cost during Q2 was around $0.018.

As such, transaction volumes appeared to increase while costs decreased during the darkest period in the crypto winter. That may suggest that users were ditching other platforms for Polygon. During Q2, the network collected revenue amounting to around $5.56 million.

DeFi Exploded

During Q2, DeFi projects hosted on Polygon increased. Bungee Exchange saw its transaction volume grow by over 970%, while its customer base increased by more than 1,000%. Transaction volumes on Meshswap increased to over 1.6 million, and its user base increased by 92,000 after the deployment of OnPolygon. Meanwhile, QuickSwap DEX dominated with 4.52 transactions and 382k users.

NFTs Built Up

The gaming and NFT space on Polygon also saw a spike during Q2. Around 1.2 million new NFT wallets were created on the Open Sea. Minting transactions grew to 66.6 million, recording a 50% increase.

Developers Joining The Platform Increased By Over 300%

Besides all that, it appears that Polygon has become the new go-to place for blockchain developers. Over the Q2 period, the network experienced an addition of over 90,500 new developers, with over 1,000 devs joining the network each day.

According to a tweet by Polygon, increased developer activity on the network is an extremely bullish signal that could indicate an oncoming bullish move for Matic. Matic is the native crypto coin used on Polygon. Bascially, Polygon did great in Q2 despite the severe crypto winter that affected the entire market.

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Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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