Polygon’s Q2 data shows significant growth in the ecosystem Polygon’s Q2 data shows significant growth in the ecosystem
Polygon recorded significant growth in its ecosystem in the second quarter scoring new partnerships and growth.
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Updated: Jul. 27, 2022 at 9:49 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The average transaction cost on Polygon (MATIC) declined 49% to $0.018 during the second quarter, according to statistics released on July 26.
The network reported that the total transactions it processed during the second quarter rose 4% to $284 million, and its revenue came in at over $5 million.
1/ Ready for some Q2 stats?#Polygon PoS is now home to 5.34M unique addresses, a 12% increase from Q1.
Total Q2 transactions increased 4% to 284M and network revenue was $5.56M.
Average cost per transaction fell 49% to $0.018.
Let’s take a look at #DeFi, #gaming and #NFTs.
— Polygon – MATIC 💜 (@0xPolygon) July 26, 2022
Polygon also saw the number of unique addresses on its platform rise 12% to 5.34 million in the second quarter.
Meanwhile, more developers used the network during the period as new contract creators increased by 273%, with more than 90,000 developers publishing their first contract on Polygon.
DeFi on Polygon
The quarterly insight dived into Polygon’s decentralized finance ecosystem, revealing some of its top performers.
Bungee, a bridge aggregator, saw its transaction volume spike by 972%, while its user base rose by over 1000%. It is now the fifth biggest DeFi platform on Polygon, with 90,000 users.
Other DeFi platforms like 0x and Meshaswap also entered the top 10. Meshaswap is a decentralized exchange deployed on Polygon in the second quarter and has already processed 1.6 million transactions and added 91,000 users.
Other dominant decentralized applications like Quickswap were able to maintain their growth. The decentralized exchange had 382,000 users in the quarter and is second on the top ten list of Polygon’s ecosystem.
Overall, the network’s TVL declined from $4.56 billion as of April 1 to $1.62 billion by June 30, per DeFiLlama data.
NFTs on Polygon
NFT projects on Polygon had a fair second quarter despite the bear market. OpenSea added 1.2 million new wallets on Polygon in the second quarter, taking the number of unique active wallets to 1.51 million.
New mints transactions increased by 50%, and the transaction volume on the platform reached 122.45 million after rising by 47%.
However, the dollar value of NFT trades dropped by 64% –an effect of the broader crypto market crash.
Gaming on Polygon
Gaming protocols also had a great quarter on the layer2 network. Aavegotchi gained 102,000 new users as it launched the Gotchi Land.
Others like PlanetIX, The Sandbox, Arc8, and The Dustland also significantly increased their user base.
Terra projects migration and new partnerships
Polygon also welcomed new projects from the collapsed Terra ecosystem during the quarter.
UPDATE: Terra projects have begun migration. Over 48 projects and counting… including @OnePlanet_NFT, an exclusive @0xPolygon marketplace, and @DerbyStars_HQ!
It was so awesome to help and welcome all these wonderful developers to our thriving ecosystem!
Welcome! 💜$MATIC https://t.co/5ypu1QdMBA pic.twitter.com/JcskdWGnZJ
— Ryan Wyatt (@Fwiz) July 8, 2022
Ryan Watt, Polygon’s CEO, said the network was accepting these new projects with open arms.
Aside from that, the layer2 platform also became the choice network for major brands like Stripe, Liverpool football club, and several others, pivoting into web3.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Polygon, a prominent layer 2 scaling solution on Ethereum, has emerged as a multifaceted and scalable platform, enhancing the Ethereum ecosystem’s capabilities.
Terra Classic
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Terra is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems.