Polygon Reaches An All Time High For Active Wallets |Data on wallets, transactions, fees, contracts
Polygon (Previously Matic), has been one of the major scaling solutions for Ethereum. It has positioned itself as one of the go to chains as an option for Ethereum. The low fees are a major advantage for a lot of users.
The development is ongoing, they have adapting a zero knowledge proof (ZKP) rollups and other things. Just recently Reddit has introduced NFTs for their platform that are based on Polygon.
Let’s take a look at the data on the Polygon network and see what has been happening in the last period.
The data presented here is mainly from polygonscan charts.
We will be looking at:
- Number of Addresses
- Active Addresses
- Daily Transactions
- Fees
- Contracts
The period that we are looking into is 2021 - 2022.
Number Of Addresses
One of the key metrics for crypto projects is the number of wallets.
First the overall number of wallets.
Most of its growth Polygon has experienced in 2021. Prior to May 2021, there was a small amount of wallets on Polygon. Then it started growing and reached 100M in just a few months. By the end of 2021 Polygon Had 120M wallets.
In 2022 this number kept growing and we are now at 183M wallets. Ethereum has 209M at the moment.
If we take a look at the new daily wallets we get this.
We can notice the spikes in daily created wallets since the summer of 2021 and the record reached in September 2021. A slow down since then and a few spikes again in the recent days.
At the peak there was more then 2M wallets created per day.
Active Addresses
What’s more interesting in times like this is how many wallets are transacting. Volatility should increase the numbers of active wallets. How many of those 120M addresses are actually active?
The polygonscan has some issues loading the data for active wallets, so I took this one from nansen.
This is an interesting chart. We can see that back in 2021 there was almost 1.6M active daily wallets, but just a week ago that number was reached with almost 1.7M daily active wallets. This is most likely due to the reddit NFTs.
Daily Transactions
The activity on the network is mostly represented by the number of daily transactions.
An explosive growth back in May 2021, and a downtrend since then.
In 2022 the number of transactions has been constant around 2M transactions per day.
Fees
Polygon is known for its very low fees, that has been the lowest in the industry to under one cent, lower then BSC. Here is the chart.
The above are the fees per transactions in $.
We can see the spike in December 2021 and January 2022. In the last period the average fees have been under one cent, and on occasion between one and two cents.
Contracts
Polygon as Ethereum is a smart contract platform so here is the chart for verified contracts per day.
The number of daily contracts has been steady around 200 per day.
The major takeaway here is the number of active wallets that has set a new ATH with 1.7M. But this has been only a spike and it has already dropped to around 1M. This is most likely because of the Reddit NFTs. The daily transactions have been constant around 2M, and the fees remain still low under one cent, and on occasions increasing to two cents.
All the best @dalz
Posted Using LeoFinance Beta
