The massive proliferation of bridge aggregators suggests a probable migration wave from Ethereum to Polygon.
Polygon Network has shown remarkable durability throughout the challenging era of falling crypto asset prices. According to its Q2 report, the number of network addresses and transaction volume on the Ethereum scaling platform grew steadily despite the overall market decline during the same quarter.
Winter Witnesses Steady Growth
Polygon is a cheaper alternative to Ethereum’s sidechain scaling mechanism, which is widely criticised for its high transaction fees owing to traffic congestion. According to the Q2 data, the average cost of transactions decreased by 49 percent to $0.018 quarter-over-quarter.
The network’s overall number of unique addresses reached 5.34 million, a 12 percent rise from Q1, while the total transaction volume reached $284 million, a minor increase of 4 percent from Q1.
The number of developers working inside ecosystems is an important measure for blockchain protocols seeking to compete or complement the Ethereum blockchain. During the second quarter, more than 90 thousand developers published their first contract on Polygon.
Polygon’s development is accurately mirrored in its DeFi protocols, which attract Ethereum users dissatisfied with excessive gas prices. Consequently, bridge aggregators and decentralised exchanges profited from the developing migratory surge.
Bungee, an aggregator that links ERC-20 tokens from Ethereum to Polygon, became the fifth most extensive protocol on the network, with its transaction volume jumping by 972 percent and its users reaching 92K during the quarter.
Q2 saw a 47 percent growth in the number of Polygon-based wallets on OpenSea, bringing the total to 1.51 million. In the interim, freshly issued NFTs increased by 50% to 66.65 million. Aavegotchi, a community-owned NFT game produced on the blockchain, showed the most dramatic rise in its user base, growing eightfold from Q1 to Q2.
Last week, polygon debuted its Zero-Knowledge Ethereum Virtual Machine (Polygon zkEVM) to further its Web3 ambitions. The new method is compatible with current smart contracts, developer tools, and wallets without requiring code modifications or reimplementation while increasing scalability, decreasing costs, and maintaining security.
