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The Number Of Decentralized Apps On Polygon Increased By 400%

Published Aug 11, 2022 09:15AM ET Updated Aug 11, 2022 10:01AM ET
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© Reuters. The Number Of Decentralized Apps On Polygon Increased By 400%
 
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The number of decentralized applications (DApps) on Ethereum-scaling-platform Polygon has topped 37,000, marking a 400% increase since the start of 2022. Polygon released the information in their blog post on August 10.

142 million unique user

According to the blog post, more than 142 million unique user addresses and $5 billion in assets have been secured using DApps on Polygon. The network has currently executed about 1.6 billion transactions. The figure represents the total number of applications that have ever been launched on both the testnet and mainnet.

The company also mentions that at the end of July, there were 11,800 monthly active teams, up a staggering 47.5% from March. These numbers show developers’ engagement on a blockchain. 74% of teams integrated exclusively on Polygon, while 26% deployed on both Polygon and Ethereum.

“We’re having quite a year at Polygon”, noted CEO Ryan Wyatt on Twitter (NYSE:TWTR), indicating that he was delighted with the expansion.

Partnership with Alchemy Was Crucial

The Polygon team pointed to a significant factor in the explosion of DApps on their network: collaboration with Alchemy. The team noted that the Web3 platform’s infrastructure makes developing DApps much easier for Polygon developers.

"Polygon's partnership with Alchemy in June 2021 proved to be an adoption catalyst, sending the number of dApps running on the network to 3,000 in October, 7,000 in January, and over 19,000 as of April," the company wrote in the blog post.

On the Flipside

By the time Ethereum 2.0 is finished in early 2022, the Proof of Stake consensus algorithm will have replaced the Proof of Work algorithm. This will presumably partially alleviate the high gas prices and network congestion. Over time, this can cause Polygon’s use and appeal to decline.

Why You Should Care

  • Dapps will continue to grow exponentially in the future. Decentralized applications are expected to bring severe advancements and the expansion of blockchain technology and be an essential part of creators’ digital economy.
  • Polygon’s native asset, MATIC, has surged a significant 66.3% in the past month to sit at $0.92 at the time of writing, according to CoinGecko. MATIC is now the sixteenth largest cryptocurrency asset with a market cap of $6.9 billion.
  • Polygon is having its moment. The project was selected as one of the 2022 participants for Disney’s accelerator program on Wednesday, triggering the project’s cryptocurrency MATIC to rise by more than 22%. Polygon recently closed deals with Coca-Cola (NYSE:KO) & Reddit. After the crash, many Terra Luna-based projects started migrating to Polygon ecosystem.

Polygon co-founder comments about opportunities during Bear market:

Bear Market Is An Opportunity For Blockchain Developers, Says Polygon Co-Founder

One of the biggest player in Metaverse industry migrated to Polygon:

The Sandbox To Migrate To The Polygon Network

Continue reading on DailyCoin

The Number Of Decentralized Apps On Polygon Increased By 400%
 

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