Polygon’s total addresses have reached 157 million during the current bear market.
Polygon Network has shown remarkable resiliency during the challenging time when the value of crypto assets keeps plummeting. Despite the ongoing bear market, the Ethereum scaling platform saw a consistent increase in the number of network addresses and the volume of transactions, as stated in the report covering the platform’s performance so far in the second quarter of 2022.
According to the stats provided by Coin98, Polygon has seen a surge of 22 percent in total addresses since the start of 2022. Polygon CEO Sandeep shared the numbers. Polygon is now the third biggest blockchain regarding the total number of addresses, only behind Ethereum and BNB.
Steadily climbing up the ladder in all organic metrices – @0xPolygon https://t.co/vUdogDmp7Y
— Sandeep | Polygon ??3️⃣ (@sandeepnailwal) August 3, 2022
As The Crypto Basic reports, Polygon’s Q2 report shows, “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% 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.”
The growth of Polygon in the second quarter was especially noteworthy, with over 90 thousand developers publishing their first contract on the blockchain.
Polygon said:
“Over 90k developers published their first contract. This is more than 3x the pace of Q1 growth. On average, 1k new creators and 2.7k new contracts went live daily on the chain.”
Polygon’s growth is also accurately represented in its DeFi protocols, which have a propensity to attract users who are dissatisfied with the high gas prices in Ethereum. The resulting wave of migration from Ethereum to Polygon has benefited bridge aggregators and decentralized exchanges. Currently, Polygon has $1.85B in Total value locked, with AAVE dominating Polygon TVL by 23.44%.
The Polygon NFT market showed growth as well. OpenSea announced that 1.2 million new wallets came to Polygon, bringing the total number of unique active wallets up to 1.5 million, a 47 percent increase over the previous number. Although the number of NFT trades on Polygon has decreased by 64 percent on the open sea, the total amount of money transactions increased by 47 percent to 122 million dollars.
In related developments, the Zero-Knowledge Ethereum Virtual Machine (also known as the Polygon zkEVM) was recently released by Polygon. The solution is said to be compatible with preexisting smart contracts, developer tools, and wallets. It aims to improve scalability, reduce costs, and maintain security without compromising any of these factors.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
