PolygonInsights For Q2 2022: Bungee, Aavegotchi, The Sandbox

Welcome to PolygnInsighs Quarterly. Today we explore the biggest changes across DeFi, gaming, NFTs, and developers on the PoS chain in the April-June period. Let’s begin!

DeFi

Bungee, a bridge aggregator, burst into the Top 10 of DeFi protocols after growing its base by over 1,000% and transaction volume by 972%. With 90k users, Bungee was the fifth-biggest DeFi dApp on Polygon last quarter ranked by users. Meshswap and 0x have also entered the rankings. 

Meshswap, a decentralized exchange originally built on the Klaytn chain, deployed on Polygon in April. The protocol added 91k users and processed 1.6Mm transactions in the quarter. Meshswap is one of the beneficiaries of Polygon’s latest liquidity mining (LM) campaign. LM2.0 was launched in March as a six-month $15 million program focused on rapidly growing Polygon protocols.

QuickSwap maintained its dominance with 382k users, or more than the next three protocols (KyberSwap, 1Inch, Meshswap) combined, processing 4.52Mm transactions. Uniswap v3 saw a 15% gain in users to 87k, while its transaction volume rose 26% to 1.11Mm.

Read more: DeFiForAll: The State of Lending on Polygon

Gaming 

Aavegotchi, an open-source community-owned NFT protocol, was the biggest gainer after adding 102k users to the Gotchiverse, an 805% increase from last quarter. The team in May pushed through the much-anticipated Gotchi Land release which gave players teleportation powers and allowed them to customize their own plots.

PlanetIX, an NFT-based strategy game, was a new entry in the Top 10 after growing its user base 8% to 58k along with The Sandbox which grew 73% to 36k. Arc8 continued to top the ranking with 244k users, an 89% increase, and 6.20Mm transactions.

NFTs

NFT projects continued to be a bright spot amid the broader market doldrums. OpenSea saw 1.2Mm new NFT wallets came online on Polygon in the quarter, increasing the total of unique active wallets by 47% to 1.51Mm. 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.

Developer Stats

Developer activity saw huge growth throughout Q2. 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.

In total, Polygon PoS is home to 5.34Mm unique addresses, a 12% increase from Q1. Total transactions saw a slight bump to 284Mm (+4%) and network revenues came in at $5.56Mm. Average cost per transaction fell 49% to $0.018.


Check out PolygonInsights for weekly updates on the network and tune into the Polygon Blog for the latest from our ecosystem.

Let’s bring the world to Ethereum!

Website | Twitter | Ecosystem Twitter| Developer Twitter | Studios Twitter | Telegram | Reddit | Discord| Instagram | Facebook | LinkedIn 

More from the Polygon Blog
Data Availability is Not Data Storage

Recall this grade school experience: you raise your hand and ask, “Can I go to the bathroom?” To which your teacher responds with “I don’t know. Can you?” Might seem far fetched, but this is a perfect entry point to understanding the difference between data availability and data storage. Let's bring this analogy close to […]

Read More
The Future is Now for Ethereum Scaling: Introducing Polygon zkEVM

We all know that Ethereum needs to scale, and we at Polygon believe that zero-knowledge (ZK) tech is the most promising pathway to get there. But that path has often seemed as if it would be long and winding. The conventional wisdom has been that the crypto space would need many years to develop Layer […]

Read More
Polygon Reaches First Sustainability Milestone by Achieving Network Carbon Neutrality

Polygon has made a major first step toward becoming carbon negative with the retirement of $400,000 in carbon credits representing 104,794 tonnes of greenhouse gasses, or the entirety of the network’s CO2 debt since inception.  The milestone comes after Polygon in mid-April released its Green Manifesto, part of its broader vision for sustainable development. The […]

Read More
Polygon Avail Launches on Testnet to Turn Monolithic Chains Modular

If we want the entire world to join Web3, blockchains will need to handle more transactions. Monolithic blockchains can’t scale because they’re asked to perform too many tasks (execution, settlement, and data availability) at once. But if chains were able to focus on just one part of the stack at a time, the entire ecosystem […]

Read More
Plonky2 is Now Open-Source

Earlier this year, Polygon announced Plonky2, a zero-knowledge proving system that represents a major breakthrough for ZK tech. Plonky2 offers two main benefits: incredibly fast proofs and extremely efficient recursive proofs. It’s a huge leap forward for the ZK space, and we’ve been blown away by the response from the developer community: people want to […]

Read More
The Complete Beginner’s Guide to NFTs on Polygon

Ever wanted to learn how to buy NFTs, or are you looking for a new platform to do it? Then you might want to consider Polygon.  Learning about NFTs can be a big jungle, but on Polygon, we make it simple to get started through our beginner-friendly ecosystem. Buy NFTs with low gas fees and […]

Read More
Polygon is Now Home to Over 37,000 DApps

More than 37,000 decentralized apps (dApps) have been built on Polygon, according to latest data from Alchemy, the world's leading Web3 development platform. That’s almost double the number in March and a fourfold increase since the start of the year. The number of monthly active teams, the most direct measure of developer activity on the […]

Read More
crossmenuchevron-down-circle