Part 1: Polygon PoS engagement growth
Daily active users decreased -6.01% week over week.
But the truth is Polygon usage remains near an all time high. Daily active addresses are up +116.68% in the last 28 days.
For context, Polygon PoS now has 83.14% of the active addresses relative to Ethereum. And recently , Polygon has steadily maintained higher activity. Below is a chart showcasing addresses that sent a transaction on either address.
A few weeks ago, Polygon increased the suggested minimum gas price for developers, from 1Gwei to 30Gwei.
Since, there have been two major ramifications. First is the average cost per transaction. This week, the average cost per transaction crossed the one cent mark, a full 43.17% more expensive week over week.
However, we can infer that the majority of lost transactions were from bots by looking at transactions per user. Before Polygon had an extremely elevated number of transactions per user, from a high of over 80. For context, other low fee environments such as Binance Smart Chain have closer to 5 transactions per user.
Polygon currently has 7.8.
As a consequence, overall network transactions have declined despite increasing daily active users.
Last week transactions declined 15.75% week over week, coming in at 3.3mm.
Last week saw over $412mm USD bridged into Polygon PoS ecosystem and $234mm withdrawn.
This resulted in a net increase of $188mm. More impressive are the number of unique depositors.
Last week Polygon PoS averaged 3,758 depositors a day, compared to 639 addresses that withdrew funds from the network.
In other words, depositors dwarfed withdrawers by 5.88x.
Image Source: https://app.uniwhales.io/polygon/bridge-tracker
Part 2: Polygon PoS monetization growth
Network revenues climbed tremendously last week. In $MATIC terms, revenues increased to 32k daily revenues, a 15.95% week over week improvement.
In addition, $MATIC token saw its average price appreciate from $1.27 to $1.32. This had a multiplying effect on revenues in USD terms, which grew a healthy 20.62%.
We’ve highlighted Polygon’s spectacular user growth over the last months. Equally important is the developer ecosystem.
One partner, Alchemy Platform, recently released their developer usage data showing just how popular $MATIC has become. Today over 1,200 teams use Alchemy to build on Polygon PoS, wth developers growing at a 60% rate.
Further, the majority are focusing on Polygon PoS as their primary chain to launch (60%). You can see their full report here.
Be a part of our social ecosystem!
The year is 1859 and a powerful new technology is upending the art world. An ingenious invention is democratizing access to the means of artistic expression and has become a major hit with the masses. The very definition of fine arts and what it means to be an artist are in question. The FUD is...
Even the most accomplished startups need guidance, whether that’s learning the ropes of the industry when you’re just starting out, or finding the best talent for your team, or approaching problems with creative solutions. That’s why Polygon has become a global sponsor of Techstars Startup Weekend Global 2022! We want to help the best minds...
Hola readers! GBM’s Bid-to-Earn smart contracts, which let bidders make money even if they are outbid, are now optimized for Polygon, deltaDAO Taps Polygon Supernets to Establish a Decentralized Data Economy Ecosystem on Global Scale, and OnePlanet Introduces Launchpad for NFTs on Polygon. Let’s dive in. Key takeaways: DeFi on Polygon was particularly impressive last...