Despite being in a period of macro stagnation, most of the top protocols in the crypto space are being built. Networks such as Cardano, Ethereum, and Monero have been more development-focused, but Polygon has been an excellent host.
Earlier this week, the platform revealed a partnership with South Korea-based video game development and online publishing giant Neowiz Corporation. Together, they are now ready to launch a brand new Web 3 gaming platform.
Read more: Polygon Launches Web3 Gaming Platform
Polygon’s DeFi Extension
Polygon has clearly demonstrated resilience in the face of adversity. Polygon Studios CEO Ryan Wyatt recently announced on Twitter that the team is having “a lot of his year.”
According to Alchemy’s latest data, over 37,000 dApps are built on the platform. Notably, this is almost double his March figure, and he’s quadrupled since the beginning of the year.
Polygon has also shown considerable improvement in terms of developer activity. The platform’s latest blog post highlights:
“The number of monthly active teams, which is the most direct measure of developer activity on the Polygon PoS chain, went from just over 8,000 in March to over 11,800 at the end of July.”
While 74% of teams have integrated only on Polygon, only 26% have deployed integrations on both Polygon and Ethereum. Emphasizing the same, executives revealed that “increasingly” many projects are choosing to build exclusively on Polygon.
Additionally, Polygon’s post revealed,
“With over 142 million unique user addresses and $5 billion in assets protected, Polygon PoS has processed over 1.6 billion transactions to date.”
Two grains of salt and one grain of sugar
Well, the aforementioned numbers clearly show the growth of Polygon’s DeFi expansion and network over the past few months. However, it also has a gray lining.
The cumulative number of unique transactions to Matic’s PoS may have crossed the 1.6 billion threshold on the cumulative front. However, compared to the levels from December through his February, the current levels have shrunk considerably. From an average of roughly 6k registered at that time, the number of transactions has already dropped to the 1k-2k range.
At the same time, the number of unique depositors per day on the PolygonERC bridge is also decreasing. Since the end of July’s local peak of 531, the bridge’s daily depositors remained at 63 at the time of writing. The landscape looks even darker when zoomed out.
Still, it’s interesting that all the polygon bridges were able to notch up the locked aggregates. Data from Dune Analytics show a 2% increase in the last seven days. On top of that, his TVL on Polygon is still the best among his other Ethereum bridges, showing that the majority of his DeFi users currently use his Polygon over other platforms. It is interesting to be
The big picture seems very constructive. However, the same should be taken with a pinch of salt, since the lining is gray.