A brand new report by Messari on the state of the Polygon community revealed a rise of latest addresses QoQ of 180%. Energetic addresses additionally hit an all-time excessive of 6 million, whereas whole transactions surpassed 2 billion throughout Q3.
Different vital metrics for Polygon are proven within the desk beneath. Messari’s information reveals that the lively validator set grew by over 100% since 2021, and the whole provide staked rose to 38,4% from 29,8% in 2021.
Polygon invested $1 billion and raised $450 million in ZK-scaling expertise as its strikes to broaden on its profitable PoS chain. Extra chains embrace Supernets, Avail, Zero, Miden, zkEVM, Dusk, and Edge. Every chain is optimized for various scaling or privateness options.
The Polygon PoS Ethereum sidechain continues to be accountable for almost all of Polygon’s community exercise. With core partnerships introduced with the likes of Disney, Reddit, and Starbucks, new customers had been introduced into the community to work together with the branded NFTs.
Messari additionally highlighted that whereas the worldwide market cap of the crypto business has been vary certain across the $1 trillion mark, Polygon’s market cap is up 43% QoQ.
Additional, 14% of the whole provide was moved from vesting contracts to staking or Polygon treasury. The remaining 270 million MATIC was earmarked for the Polygon treasury in October, that means your entire provide is now in circulation.
Polygon ecosystem
Specializing in the Polygon ecosystem, the highest 10 DeFi initiatives made up 70% of the community’s TVL. A fall in TVL by 43% was attributed to the competitors of Optimism and Arbitrum’s new liquidity mining campaigns.
Gaming transactions spiked 100% in September as gaming transactions broke 15 million. New video games launching on the community, together with Arc8, Benji Bananas, Planet IX, and Sunflower Land, are reportedly liable for the elevated exercise.
The Polygon NFT ecosystem had probably the most sturdy Q3 efficiency, in response to Messari. A horse racing recreation Zed Run and Reddit’s Collectible Avatars lay the muse for the expansion. The variety of NFT customers on Polygon broke 5 million in August, whereas the variety of transfers exceeded 50 million.
Nevertheless, not all points of the report revealed bullish information. Polygon’s income was down 26% to only $4.2 million for the quarter, as transaction charges fell 51%.
The report concluded by stating.
“Regardless of the continuing bear market, Polygon continues to construct at a heightened tempo… By permitting impartial groups to experiment with totally different scaling approaches, Polygon is fostering intense collaboration and data sharing.”
Every of Polygon’s core options was reviewed intimately in the course of the report. The launch of further scaling options on each testnet and mainnet are causes Messari is bullish on Polygon for Q1 of 2023. Nevertheless, the report additionally highlighted that Polygon is betting arduous on a ZK-scaling future for Ethereum.
“Polygon is betting the way forward for Ethereum is ZK-scaling, so Polygon’s success will largely rely on its capability to shortly and successfully ship its new ZK-solutions.”
