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Blockchain

Polygon’s Average Cost Per Transaction Decreased By 49% In Q2

July 27, 2022 - Around 2 mins mins to read

In its most recent release, Polygon, a PoS blockchain that competes with Ethereum, published its Q2 statistics. The network’s average cost per transaction dropped by 49% to $0.018 in Q2, which Polygon highlighted as evidence of its success despite the current weak market in cryptocurrencies.

Polygon's Average Cost Per Transaction Decreased By 49% In Q2
Polygon’s Average Cost Per Transaction Decreased By 49% In Q2

Following this, Polygon also had a 12.0% rise in the number of unique addresses created in Q2, totaling 5.34 million. Along with network income of $5.56 million, the network also reported that total Q2 transactions climbed by 4% to 284 million.

The blockchain further stated that the biggest growth stat was defined via developer activity on the network. The blog noted that:

“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”. 

Additionally, the NFT marketplace, OpenSea, saw 1.2M new NFT wallets come online on MATIC during Q2, bringing the total number of unique active wallets up by 47% to 1.51M, according to MATIC data.

The post pointed out that :

“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”.

DeFi and Web3 growth on Polygon

Polygon's Average Cost Per Transaction Decreased By 49% In Q2
Polygon’s Average Cost Per Transaction Decreased By 49% In Q2

The report also discussed the chain’s expanding DeFi and web3 efforts. Bungee Exchange increased its base by over 1,000% and its transaction volume by 972% in DeFi projects, a bridge aggregator.

The success of Meshswap, a decentralized exchange that was initially developed on the Klaytn chain and launched on MATIC in April, came next. The protocol grew by 91k users and handled 1.6M transactions in the third quarter. It also benefited from Polygon’s most recent liquidity mining (LM) operation.

Aavegotchi, an open-source community-owned NFT protocol, surpassed all other web3 projects on Polygon in Q2 when 102k new members joined the Gotchiverse, a growth of 805 percent from Q1.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Annie

CoinCu News

Bungee Exchange

DeFi and Web3

MATIC

NFT wallets

Polygon

PoS blockchain

Q2 transaction

Author

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
Blockchain

Polygon’s Average Cost Per Transaction Decreased By 49% In Q2

In its most recent release, Polygon, a PoS blockchain that competes with Ethereum, published its Q2 statistics. The network’s average cost per transaction dropped by 49% to $0.018 in Q2, which Polygon highlighted as evidence of its success despite the current weak market in cryptocurrencies.

Polygon's Average Cost Per Transaction Decreased By 49% In Q2
Polygon’s Average Cost Per Transaction Decreased By 49% In Q2

Following this, Polygon also had a 12.0% rise in the number of unique addresses created in Q2, totaling 5.34 million. Along with network income of $5.56 million, the network also reported that total Q2 transactions climbed by 4% to 284 million.

The blockchain further stated that the biggest growth stat was defined via developer activity on the network. The blog noted that:

“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”. 

Additionally, the NFT marketplace, OpenSea, saw 1.2M new NFT wallets come online on MATIC during Q2, bringing the total number of unique active wallets up by 47% to 1.51M, according to MATIC data.

The post pointed out that :

“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”.

DeFi and Web3 growth on Polygon

Polygon's Average Cost Per Transaction Decreased By 49% In Q2
Polygon’s Average Cost Per Transaction Decreased By 49% In Q2

The report also discussed the chain’s expanding DeFi and web3 efforts. Bungee Exchange increased its base by over 1,000% and its transaction volume by 972% in DeFi projects, a bridge aggregator.

The success of Meshswap, a decentralized exchange that was initially developed on the Klaytn chain and launched on MATIC in April, came next. The protocol grew by 91k users and handled 1.6M transactions in the third quarter. It also benefited from Polygon’s most recent liquidity mining (LM) operation.

Aavegotchi, an open-source community-owned NFT protocol, surpassed all other web3 projects on Polygon in Q2 when 102k new members joined the Gotchiverse, a growth of 805 percent from Q1.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Annie

CoinCu News