Polygon Unique Addresses Grew 12% in Q2 Despite Market Crash

Polygon

Polygon Network has shown solid resilience in the difficult period of crypto assets plunging in value. According to its Q2 report, the Ethereum scaling platform witnessed steady growth in the number of network addresses and transaction volume despite the broader market selloff during the same period.

Regular growth in winter

Known as a sidechain scaling solution for the Ethereum network – often criticized for its high transaction fees due to traffic congestion – Polygon acts as a much cheaper alternative. Its average transaction cost fell 49% to $0.018 QoQ, as shown in the Q2 report.

Meanwhile, the total unique addresses on the network amounted to 5.34 million, up 12% from Q1, as the total transaction volume reached $284 million, a slight increase of 4% compared to the previous quarter.

It should be noted that a key metric for blockchain protocols attempting to challenge or complement the Ethereum blockchain is the number of developers working in ecosystems. For Polygon, growth in the second quarter was particularly impressive, with more than 90,000 developers editing their first contract.

DeFi and NFTs

Polygon’s growth is well reflected in its DeFi protocols which tend to attract users discontented with high gas fees in Ethereum. As a result, bridge aggregators and decentralized exchanges benefited from the emerging wave of migration.

For example, Bungee – an aggregator that links Ethereum’s ERC-20 tokens to Polygon – has become the fifth largest protocol on the network, with its transaction volume skyrocketing 972% and its number of users rising to 92,000 during the quarter.

Regarding the network’s expansion in NFTs, the total number of Polygon-based wallets on OpenSea increased by 47% to 1.51 million in Q2. In the meantime, newly minted NFTs jumped by 50% to 66.65 million. Among all the blockchain games developed on the blockchain, a community-owned NFT game, Aavegotchi, saw the most explosive growth in its users, surging eight times from Q1. 

To boost its Web3 ambition, Polygon last week launched its Ethereum Zero-Knowledge Virtual Machine (Polygon zkEVM). The new solution works with existing smart contracts, developer tools and wallets without modifying or reimplementing codes while improving scalability and reducing costs without sacrificing security.

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