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PolygonInsights For Q2 2022: Bungee, Aavegotchi, The Sandbox

Polygon Team
Polygon Team
Jul 26, 2022
Polygon Analytics
Defi_1q2

Welcome to PolygnInsighs Quarterly. Today we explore the biggest changes across DeFi, gaming, NFTs, and developers on the PoS chain in the April-June period. Let’s begin!

DeFi

Bungee, a bridge aggregator, burst into the Top 10 of DeFi protocols after growing its base by over 1,000% and transaction volume by 972%. With 90k users, Bungee was the fifth-biggest DeFi dApp on Polygon last quarter ranked by users. Meshswap and 0x have also entered the rankings. 

Meshswap, a decentralized exchange originally built on the Klaytn chain, deployed on Polygon in April. The protocol added 91k users and processed 1.6Mm transactions in the quarter. Meshswap is one of the beneficiaries of Polygon’s latest liquidity mining (LM) campaign. LM2.0 was launched in March as a six-month $15 million program focused on rapidly growing Polygon protocols.

QuickSwap maintained its dominance with 382k users, or more than the next three protocols (KyberSwap, 1Inch, Meshswap) combined, processing 4.52Mm transactions. Uniswap v3 saw a 15% gain in users to 87k, while its transaction volume rose 26% to 1.11Mm.

Read more: DeFiForAll: The State of Lending on Polygon

Gaming 

Aavegotchi, an open-source community-owned NFT protocol, was the biggest gainer after adding 102k users to the Gotchiverse, an 805% increase from last quarter. The team in May pushed through the much-anticipated Gotchi Land release which gave players teleportation powers and allowed them to customize their own plots.

PlanetIX, an NFT-based strategy game, was a new entry in the Top 10 after growing its user base 8% to 58k along with The Sandbox which grew 73% to 36k. Arc8 continued to top the ranking with 244k users, an 89% increase, and 6.20Mm transactions.

NFTs

NFT projects continued to be a bright spot amid the broader market doldrums. OpenSea saw 1.2Mm new NFT wallets came online on Polygon in the quarter, increasing the total of unique active wallets by 47% to 1.51Mm. New mints jumped 50% to 66.65Mm transactions. And while the total dollar value of NFT trades declined 64%, transaction volume soared 47% to 122.45Mm.

Developer Stats

Developer activity saw huge growth throughout Q2. 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 on the chain every day.

In total, Polygon PoS is home to 5.34Mm unique addresses, a 12% increase from Q1. Total transactions saw a slight bump to 284Mm (+4%) and network revenues came in at $5.56Mm. Average cost per transaction fell 49% to $0.018.


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