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.
EY, a global professional services and technology firm, is collaborating with Polygon on building and implementing scaling and enterprise solutions for the Ethereum ecosystem. As part of this collaboration, EY and Polygon will work on Polygon Nightfall, a public, privacy-focused Rollup. In addition to this, EY will offer its other flagship blockchain products on Polygon […]
The Protocol team was recently established at Coinbase to work on scaling Ethereum through integration with L2 and other ETH scaling solutions. The Coinbase team plans to integrate Polygon PoS as their first scaling solution for Coinbase. The Coinbase Protocol team is an experienced group of engineers at Coinbase focused on contributing to scaling blockchains and […]
We are proud and excited to announce that Hermez, one of the most prominent zero-knowledge (ZK) cryptography-based scaling projects and teams, will be joining Polygon. Starting today, we will initiate the process of merging Hermez into the Polygon ecosystem, where it will be operating under the new name: Polygon Hermez. Polygon Hermez will become a part of […]
Polygon is the biggest crypto project to be born out of India and is today one of the most adopted blockchains in the world. The project is very popular with developers and users alike, with 1200+ Dapps deployed and the highest daily active user count in the web3verse.. To further promote Web3 technology and culture […]
Now there’s an easy and low-cost way to gain exposure to top Polygon-native projects, including Quickswap, DFYN, and Aavegotchi, via a single token Amun, a leader in DeFi index products, today announces the launch of the Polygon Ecosystem Index (PECO) token. Available through the Amun Platform, the PECO token is an index of the top […]
We have covered the pace of growth of the Polygon ecosystem with blogs such as OpenSea, and our Polygon User in Numbers. Today, we will look at the overall growth of the Polygon developer ecosystem. Alchemy, a leading blockchain developer platform, is able to take a birdseye view on teams building on a number of […]