Polygon’s Enduring User Base Highlighted in New Report Despite Crypto Downturn

A new report published by blockchain data analytics platform Nansen reveals that user activity on the Polygon network remained robust during the third quarter of 2023, despite ongoing weakness in broader crypto markets.

One of the key highlights from the report showed that daily transactions peaked at 2.8 million in Q3, while active addresses fluctuated between 275,000 to 466,000, which indicates stability in Polygon’s user base. 

Our @0xPolygonLabs Quarterly Report is now out!Polygon has shown consistent growth last quarter with diverse collaborations and is set to amplify its impact with future developments like Polygon 2.0Here’s the summary which includes onchain insights and a link to the report…

— Nansen 🧭 (@nansen_ai) November 13, 2023

At the same time, the average daily gas fees on Polygon transactions reached a quarterly high of $0.05, which is still significantly lower than Ethereum’s variability between $1.95 to $15 over the same period. 

In terms of projects, Chainlink (LINK) led on Polygon, recording 47.08 million transactions, followed by Galxe with 8.29 million transactions, and Planet IX with 7.52 million transactions. Other contributions were noted from Stargate, LayerZero, Tether, and USDC, showcasing a diverse and active ecosystem on the Polygon network.

This positive trend aligns with recent updates from Magic Eden, a notable NFT marketplace, which has introduced additional features to better support the Polygon network. These enhancements include an aggregation tool and royalty enforcement, aiming to improve the overall user experience. This announcement came just three days after the report’s release, emphasizing a commitment to ongoing improvements and integration within the growing Polygon ecosystem

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2023-11-13 23:32