Polygon proof of stake (POS) continues active user growth for the 6th consecutive week.
Week 32 highlights
157,000+ DAU (avg.)
4.7mm transactions/day (avg.)
$22k/day revenuens (avg.)
Part 1: Polygon POS engagement growth
This week Polygon POS continues its incredible run of active user growth. From the start of our dataset in week week 15, Polygon POS has grown active users every week but one.
Consistent weekly growth has multiplied active users. On week 15, Polygon POS had 8,780 DAU.
Since, DAU has multiplied ~18x to 157,000+. Today Polygon has over 30% of Ethereum’s daily active users.
Despite user growth, transactions are dipping in recent weeks. While unique users are +33.29% month over month, transactions per day are -19.11% month over month.
Still, transactions per user are incredibly high relative to other blockchains.
Currently the average active address on Polygon makes 30 transactions per day. Compare this to Binance Smart Chain which averages 5.7 transactions per day and Ethereum which averages 2.3 transactions per day.
It will be interesting to chart how new users interact with Polygon POS overtime, especially as new use cases such as gaming become more popular.
Part 2: Polygon POS monetization growth
Engagement drives revenue.
With lower transactions we would expect a decline in monetization. But that didn’t happen.
The last time Polygon had these transaction levels was between week 19 and week 20, which averaged 2,200 MATIC a day in network revenues.
Fast forward to week 32 and Polygon POS is generating nearly 10x revenues on the same number of transactions at 21,317 MATIC per day.
The primary cause is increased gas cost. Gas cost has multiplied 6.21x since week 19.
Below we chart Polygon POS revenues from week 17 - week 31.
Summary
Polygon POS continues to grow their active user base. Despite increased usage and revenue metrics, the average cost of a transaction on Polygon is exceedingly small.
One transaction on Polygon POS costs a user an average $0.00476. At time of writing, that is 2,258x less expensive than Ethereum, which costed users an average of $10.75 per transaction in week 31.
With the constantly rising user base, Polygon POS is a clear destination for both development teams. And, the low cost environment is especially suited for a new variety of blockchain use cases, including NFT and gaming.
