The Polygon network held up despite the relative midtown of the crypto market. The noticeable increase in bridge aggregators indicates that there is a possible wave of migration of users from Ethereum to Polygon. Although Ethereum is still the network to beat, other platforms like Polygon are covering the ceiling faster than expected.
Polygon saw impressive growth in the second quarter of 2022
The network’s Q2 report shows that the platform has seen steady growth in terms of transaction volume and number of network addresses. This comes despite a massive sell-off in the market during the same period.
Polygon is seen as a sidechain scaling solution for the Ethereum network, which has been criticized for traffic congestion and high transaction fees.
The polygon network is considered a much cheaper alternative, with the average transaction cost in Q2 2022 being $0.018. This represents a decrease of 49% compared to the previous quarter.
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Moreover, Polygon has also attracted more users over the past few months. The total number of unique addresses on the network is 5.34 million, an increase of 12% compared to the first quarter of 2022. The total transactions on the platform during the quarter amounted to $284 million , which represents an increase of 4% compared to the previous quarter.
Importantly, the number of developers working within an ecosystem is an indication of a blockchain protocol’s attempt to challenge the status quo. Ethereum is considered the behemoth and behemoth of the industry, and several protocols are struggling to match the transaction level and popularity of the network.
But Polygon has already made impressive progress. The network’s growth in the second quarter of the year was very impressive, with over 90,000 developers releasing their first contract during the period.
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Polygon’s growth is also shown in its decentralized finance (DeFi) protocols. It has attracted users who feel ripped off by the high fees with Ethereum. This means that decentralized exchanges and bridge aggregators are benefiting from the emerging wave of migration.
The network has also seen progress in its expansion into NFTs. The total number of Polygon-based wallets on OpenSEa jumped to 1.51 million in Q2, representing a 47% increase from the previous quarter.
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