Polygon crushes previous active user records, exploding 38.52% week over week. This is the fifth consecutive week Polygon has increased daily active users, reaching an average 287,723 DAU per day.
The jump in user base brought new all time highs relative to both Ethereum and Binance Smart Chain.
This week, Polygon averaged 61.59% of Ethereum’s userbase, a 51.93% improvement week over week.
Relative to Binance, Polygon PoS had 25.82% of daily active users, a 28.47% increase.
Finally, on September 27th, 2021, Polygon experienced its first day having more active users than Ethereum!
User growth was propelled by the second largest new cohort size to date. Last week, 225,083 new users experienced Polygon PoS for the first time.
This marks the third consecutive week of new user growth. For the previous two months, cohorts have been well above 100,000.
Even more impressive, retention continues to improve across cohort groups.
In the oldest cohorts, retention notched another week over week improvement, coming in at 21.69%. In other words, retention has not decreased for these users in over four months! (17 weeks).
We are also seeing very promising retention metrics with the latest cohort aggregation of chorts 21-30. This week retention spiked up to 20.18%, the highest retention rate since week 22.
We see this increase in users have led to a sizeable increase in daily transactions (+13.42%). Currently Polygon PoS is averaging 6.5mm transactions per day and has increased steadily in seven of the last eight weeks.
Part 2: Polygon PoS monetization growth
Network revenues continue to experience a lot of volatility.
After declining 39.37% last week, revenues increased 26.61% to $38.7k a day.
Revenue increases were aided by both an increase in gas used as well as a 28.56% increase in average gas price.
Objectively, Polygon is handling the growth in users and transactions well from a cost perspective. Last week the average transaction cost remained well below a cent, at an average price of $0.0059.
We are seeing a new crop of use cases flourishing on Polygon.
First is the NFT space. Expanding on last week’s analysis, OpenSea data continues to show explosive growth for Polygon.
Compared to August, September already has +123.8% NFTs sold and 73.95% active traders.
Second, gaming is taking off in a big way. This week Arc8 launched on Polygon, reaching over 50k active users in the dataset. And they are just getting started, becoming the third most popular dapp across all chains according to DappRadar.
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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