Polygon Network Records $284M in Transactions in Q2

Polygon, a popular Ethereum layer-2 solution, has just shared its report for the second quarter (Q2) of 2022, revealing that the network attained a transaction peak of $284 million from April to June.

Polygon Hits $284M in Transactions in Q2

The amount of traded volume for Q2 represented a mild 4% increase from its value in the first quarter (Q1). The network further recorded $5.56 million in revenue, and a 12% increase in wallet addresses on the network, bringing its total addresses in Q2 to 5.34 million. 

Polygon’s growth is likely attributed to the growth of the various projects built on its blockchain. Among the projects under its decentralized finance (DeFi) section, bridge aggregator Bungee seems to stand out, as a result of its growth in user base by over 1,000%, bringing it to 90,000 users. The aggregator project also recorded a transaction volume increase of 972%, which took the project to the position of the fifth largest DeFi project on the network.

Another Polygon-based DeFi project that saw impressive growth in Q2 is Meshswap Protocol, an automatic market maker (AMM), which moved from the Klaytn chain to Polygon in April. The protocol recorded 1.6 million transactions with 91,000 new users since its deployment to Polygon.

Some blockchain games built on Polygon recorded increases as well. Aavegotchi, a non-fungible token (NFT) gaming project, took the most share, garnering 102,000 users to its metaverse dubbed Gotchiverse. Another blockchain game, Planet IX, joined the leading 10 games on the network after seeing a mild 8% growth in users, bringing it to 58,000 total users.

Polygon Records 122M NFT Trading Volume

While Q2 experienced a severe downtrend with the global NFT market seeing little growth, Polygon network was still able to attain some increments.

The sidechain noted that the NFT marketplace OpenSea recorded a total of 1.2 million new NFT wallets created on Polygon, bringing its total NFT wallets to 1.51 million. The network further recorded a 122.45 million increase in NFT transaction volume in Q2.

Polygon Rolls Out Zero Knowledge EVM Equivalent

While Polygon’s Q2 report saw the network reducing its average cost per transaction by 49%, making it  $0.018, the developers behind the blockchain introduced a Zero-Knowledge Ethereum Virtual Machine (zkEVM), according to last week’s report.

The development is targeted at upholding the blockchain trilemma by scaling the network and reducing transaction fees while sustaining its decentralization and network security.