For the third consecutive week, Polygon PoS saw record users. This week, an average of 207,719 users interacted with Polygon, a week over week increase of 17.16%!
The surge in active users pushed Polygon to new heights relative to Ethereum. Today Polygon has 40.54% of Ethereum’s daily users, and is the first time crossing the 40% milestone!
We can also contextualize this growth to Binance Smart Chain where we see Polygon maintaining roughly 20% of active users.
User growth was propelled by both strong cohorts and retention rates.
197,713 new users engaged with Polygon for the firsttime, the third largest cohort of all time! Since August 2nd, every weekly cohort has been well above 100,000 new users.
In addition to the strong new user growth, Polygon also saw great retention metrics. This was especially true in older cohorts, which continue to demonstrate
Long time users of Polygon are returning more and more, with the oldest cohorts improving retention for the third straight week.
And, while cohorts 11-20 continue to decline, cohorts 21-30 have also posted improvements in retention for two weeks on.
While active users are on the rise, daily transactions took a dip after five weeks of growth. Last week’s average transactions are 5.76mm, down -13.28% week over week.
On a per user basis, transactions fell below 30 transactions/user for only the second time in network history. As more and more users join Polygon, I expect this number to continue to inch down, while total transactions rise.
Part 2: Polygon PoS monetization growth
Network revenues continue to seesaw. This week, the average cost per transaction declined -39.37%!
Users benefited from an overall average cost per transaction of $0.0053.
Lower transaction costs combined with lower overall transactions to result in a significant decline in network revenues. In $MATIC terms, network revenues declined -30.79%. And, in USD terms, revenues plummeted to $30.6k/day, a -47.43 decline week over week.
Polygon PoS is experiencing an NFT renaissance. On OpenSea alone, active traders are increasing rapidly. From July to August, traders multiplied 7.4x. So far, September is on pace to more than double traders, up to 104.32%.
The activity in part is spurred by more project launches. In July, 44.6k NFTs sold. September is expecting 786.8k.
Polygon is quickly becoming a go to chain for NFTs. The demand is provably here, and with no gas wars I expect Polygon will continue to attract larger and larger projects, artists, and ultimately become a hotbed of innovation.
Polygon is the leading platform for Ethereum scaling and infrastructure development. Its growing suite of products offers developers easy access to all major scaling and infrastructure solutions: L2 solutions (ZK Rollups and Optimistic Rollups), sidechains, hybrid solutions, stand-alone and enterprise chains, data availability solutions, and more. Polygon’s scaling solutions have seen widespread adoption with 500+ applications hosted, ~600M total transactions processed, ~60M unique user addresses, and $5B+ in assets secured.
If you're an Ethereum Developer, you're already a Polygon developer! Leverage Polygon’s fast and secure txns for your Dapp, get started here.
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