Polygon News: Network Sees Consistent Transaction Value, dApps Break 19,000 and More
In September’s quarterly report, the network saw consistent transaction value and a slight increase in dApps. The overall trend is positive, but not enough to reach record highs this quarter. This could be due to consumers holding back on spending while they wait for more blockchain products.
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The “polygon developer activity” is a website that provides news and updates on the cryptocurrency industry. The site has seen consistent traffic and growth in recent years, as developers are drawn to crypto for its decentralized nature.
Here are some of the most recent and fascinating Polygon news stories:
Despite a lack of activity in Q1, Polygon maintains a stable transaction volume.
Nansen, a blockchain intelligence and analytics company, has published a research on the performance of several blockchain networks. Polygon’s qualities, such as cheap gas costs and high transaction processing speed, scalability, and low power consumption, were identified to be driving factors in the network’s adoption in 2021, according to the analytics platform. Last year, Polygon adoption increased nearly 1000 percent.
Even if transaction traffic on the Ethereum layer two scaling solution remained consistent in the first quarter of 2022, the amount of rising activity experienced over the previous year came to a standstill, according to the research.
Despite the fact that the increasing pattern did not continue into this year, Polygon nevertheless noticed surges in the gas cost paid throughout the first quarter, indicating brisk activity on the network, according to Nansen. The cause of these exorbitant costs, which began in early January, was an unintentional assault on the network by the blockchain-based game Sunflower Farmers.
Gas prices have risen by more than 1000 percent from their lowest point in December 2021. The average gas price on Polygon on January 5 was 763.63 Gwei, up from 72.33 Gwei on December 27 last year.
Polygon has a history of strong gas price performance, notwithstanding the events of early January. Polygon records as low as 0.5 percent in gas rates incurred on Ethereum while performing 300 percent more transactions, according to Nansen.
Polygon now has over 19,000 dApps.
Polygon and Alchemy, a renowned developer infrastructure provider, announced a partnership in June that would help Polygon grow its business in the decentralized world by improving the speed and cost of building decentralized applications.
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According to Polygon, the number of decentralized applications on the blockchain has increased to 19,000, which is more than six times what it was six months ago. According to statistics given by Alchemy, which helps developers on Polygon, Ethereum, and other chains overcome the challenges of backend infrastructure, the number of teams actively creating on Polygon was just a few thousand in October. It then increased to 6,000 in January, and today there are 8,000 active development teams on a monthly basis.
Furthermore, the majority of developers are preferring to create purely on Polygon, with 65 percent of teams using Polygon exclusively — mainnet and testnet – and the remaining 35 percent using Ethereum.
This surge in developer activity indicates that blockchain use is expanding, as is the popularity of DeFi solutions such as dApps and non-fungible currencies (NFTs). In 2021, more than 135 million unique user addresses completed 3.4 billion transactions on the Polygon PoS chain.
After BSC and Ethereum, the LABEL Foundation is building a dApp on Polygon.
Last Wednesday, LABEL, a blockchain-based, NFT-based copyright fee-sharing platform, announced a partnership with Polygon Studios, the Polygon network’s blockchain gaming and NFT-focused branch, to help it execute a multichain launch of its dApp. The LABEL Foundation has set its sights on Ethereum, Binance Smart Chain, and, most recently, Polygon.
The partnership will enable LABEL to benefit from Polygon’s strengths, particularly the potential to launch a low-cost NFT marketplace. Polygon’s high throughput and ability to collaborate with a variety of other initiatives within the Polygon umbrella benefit LABEL as well.
In a web of collaborations, LABEL just signed a deal with on-ramp and off-ramp platform MoonPay — a current Polygon Studios partner – to hold an NFT event in New York later this year. The existing partnership should allow LABEL to get a footing in additional Polygon projects and continue to collaborate in the future.
Valkyrie has launched a multi-token Proof of Stake Trust.
Valkyrie Investments, which already has three exchange-traded funds tracking Bitcoin, has announced the creation of a new post-BTC and ETH fund. This implies that the new Valkyrie Multi-Coin Trust (VMCT) will invest in tokens and chains developed after the debut of Bitcoin and Ethereum, as well as layer one and layer two coins.
Polygon (MATIC), Cosmos (ATOM), Avalanche (AVAX), Binance (BNB), Terra (LUNA), Gemini USD (GUSD), Zilliqa (ZIL), and Helium are among the multi-coin Trust’s holdings (HNT). The selected coins were believed to increase in the future, thanks to Gemini’s 30% lead allocation. Other tokens might be introduced, according to Valkyrie, dependent on a variety of criteria like as liquidity and staking chances.
Only authorized investors would be permitted to invest in the Trust, which would have a $100,000 minimum commitment. It would also levy a 2.5 percent management fee and provide a 6% annual return to investors.
This Trust, according to Chief Investment Officer Steven McClurg, will benefit investors looking for a product with Valkyrie’s “highest-conviction bets” in the sector. He informed Blockworks that the Valkyrie Multi-Coin Trust (VMCT) is a multi-asset solution that emerges when affluent investors (family offices and accredited investors) desire exposure to the crypto industry with several tokens rather than just one.
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The “ethereum max” is a cryptocurrency that has seen a lot of growth in the past few months. In this article, there are also mentions of dApps breaking 19,000 and more.