Polygon Average Cost Per Transaction Fell By 49% In Q2

Polygon Has Pledged to Go Carbon Negative in 2022
Source: Bankless Times

The latest update from the Ethereum competitor PoS blockchain, Polygon saw the network publish its Q2 stats. Polygon emphasized its growth data through the ongoing crypto market bear period, highlighting that the network’s average cost per transaction fell 49% to $0.018 in Q2. 

Following this, Polygon also experienced a 12% increase in unique address creation in Q2 amounting to 5.34 million. Additionally, the network noted that the total Q2 transactions also increased by 4% to 284 million alongside network revenue, which was $5.56 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”. 

Furthermore, Polygon data also displayed substantial profits with the NFT marketplace, OpenSea experiencing 1.2M new NFT wallets come online on Polygon during Q2, increasing the total of unique active wallets by 47% to 1.51m. 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

The post also put light on the growth of DeFi and web3 projects on the chain. In DeFi projects, a bridge aggregator, Bungee Exchange grew its base by over 1,000% and transaction volume by 972%. 

This was followed by the success of a decentralized exchange that was originally built on the Klaytn chain and was deployed on Polygon in April — Meshswap. The protocol added 91k users and processed 1.6Mm transactions in the quarter, along with becoming one of the beneficiaries of Polygon’s latest liquidity mining (LM) campaign. 

Meanwhile, the open-source community-owned NFT protocol, Aavegotchi became the biggest web3 project on Polygon in Q2 after adding 102k users to the Gotchiverse, an 805% increase from Q1.