Polygon Network Witnesses Rapid Growth as per Q2 Report

Polygon Network Witnesses Rapid Growth as per Q2 Report
  • The network’s average transaction cost decreased by 49% to $0.018 in Q2.
  • Polygon is up 9.56% in the last 24 hours. as per CMC.

PoS blockchain Polygon released its Q2 statistics in the most recent update. Through this current crypto market bear market, Polygon underlined its growth figures, stressing that the network’s average transaction cost decreased by 49% to $0.018 in Q2.

For the second quarter, Polygon saw a rise of 12 percent in the number of unique addresses created. As a result, overall Q2 transactions grew 4% to 284 million, while net revenue was $5.56 million, according to the network. Further, the blockchain indicated that the network’s growth was determined by the amount of developer engagement.

The Polygon team stated:

“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”.

Strong Comeback Despite Sluggish Market

The NFT marketplace, OpenSea, had 1.2 million new NFT wallets come online on Polygon during Q2, bringing the total number of unique active wallets to 1.51 million, an increase of 47%. New mints surged 50% to 66.65Mm transactions, the article noted. The overall dollar value of NFT transactions decreased by 64%, although transaction volume increased by 47% to 122.45Mm in the second quarter.

Moreover, DeFi and web3 initiatives were also mentioned in the article. Bridge aggregator Bungee Exchange increased its user base and transaction volume by more than 1,000 percent in DeFi initiatives. According to CMC, the Polygon price today is $0.956813 USD with a 24-hour trading volume of $1,921,552,788 USD. Polygon is up 9.56% in the last 24 hours.

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