Polygon Reaches A New Record Of 7000 Decentralized Apps

January 29, 2022 1:22 pm

Polygon has made quite a reputation for itself as it is currently known as one of the fastest growing blockchains in the past couple of years and is also considered as one of the top ten decentralized finance protocols in the world.

Currently, the blockchain network has about $4.4 billion dollars worth of capital locked within the network and has also been making headway in the emerging NFT industry as well.

More impressively, Polygon has recently reached a new record of having been able to have over 7000 decentralized apps built on the network since inception which is a number far greater than many competing chains.

Polygon (MATIC) runs on the Ethereum blockchain and part of its success could also be attributed to the continued rise of Ethereum and its domination in the dAPP space as well.

With that being said, things are looking bright for Polygon as it is considered an attractive choice due to its lower fees when compared to Ethereum’s high fees.

Yahoo reports:

As the DeFi and NFT boom began, Polygon seemed like an ideal choice given its faster processing speed and lower fees.

Thus by October, the network managed to host about 3000 decentralized applications which only continued rising further.

This was possible thanks to the growing number of developers’ teams on the network.

According to Polygon, the data from Alchemy indicated that teams on the Polygon network pretty much doubled every month and stood at about 6000 by the end of December.

Although the chart shows that as of January the figure is closer below 4000.

Regardless, Polygon’s adoption has seen no bounds as in the last few months, it has created headlines in the crypto space.

Polygon’s record is very impressive within the new NFT space as well as the chain was one of only 2 chains on OpenSea that were able to sell over $7 billion dollars worth of NFTs in just a short time frame of 6 months.

With the expected continued growth of the NFT marketplace, Polygon’s current market success will allow it to take advantage of any future growth of the industry which creates a very bullish outlook for the value of Polygon in the upcoming years.

Many developers now are also choosing Polygon as the chain of choice based on the data which shows that 55% of the dAPP projects were done exclusively on Polygon compared to 45% on Ethereum.

This data shows a high preference for the blockchain and showcases the developer community growing in the future.

Polygon shares more info on their growth on their website:

Polygon PoS adoption has soared exponentially, with a billion transactions recorded last year. The network’s more than 130 million unique addresses and over 2.67 million monthly active users now generate some 3 million transactions per day, more than double the volume of Ethereum.

If you’re an Ethereum Developer, you’re already a Polygon developer! To leverage Polygon’s fast and secure transactions for your dApp, keep up with the latest ecosystem developments on our blog.

Let’s bring the world to Ethereum!

At the time of this report, there has been no major affect on the price of Polygon’s coin, MATIC, as consolidation has persisted since the start of the year in correlation to the slump of the overall crypto market.

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