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Surging Ethereum (ETH) Scaling Solution Sees Rise in Network and Developer Activity Despite Crypto Bear Market – The Daily Hodl


Polygon (MATIC) is witnessing surging network and developer activity in the second quarter of 2022 despite the ongoing crypto bear market.

Polygon is a scaling solution that aims to enable the widescale adoption of decentralized apps on the Ethereum (ETH) blockchain.

The Polygon chain is now home to 5.34 million unique addresses, a 12% increase from the first quarter of the year, according to the project’s Twitter account. Second quarter transactions also increased by 4%, and the average cost of transactions fell by fell 49% to $0.018.

Additionally, the nonfungible token (NFT) marketplace OpenSea witnessed 1.2 million new non-fungible tokens (NFTs) come online on Polygon in Q2.

Developer activity is also skyrocketing: The network added an average of 1,000 new contract creators a day in Q2. That brings the project’s total to 90,514, “more than triple the pace of growth” of Q1, according to Polygon. Additionally, an average of 2,700 new contracts went live on the project’s chain each day.

Polygon was also recently chosen by the Walt Disney Company to participate in its new 2022 Disney Accelerator program.

The accelerator offers chosen companies “access to the range of creative expertise and resources of The Walt Disney Company to help them develop new entertainment experiences and products,” according to the program’s website.

Polygon’s native token, MATIC, is trading at $0.95 at time of writing. The 12th-ranked crypto asset by market cap is up nearly 10% in the past 24 hours.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Everyonephoto Studio/nsimsek0





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