Amazing news! ETH scaling solution platform Polygon has announced details of a recent milestone achievement.
According to reports, more than 7,000 dapps have gone live on Polygon (MATIC) since its inception. This article covers important details about the Polygon ecosystem. And also what this milestone achievement means not just for Polygon but for the entire DeFi space.
DeFi, ETH, and Polygon
The decentralized finance (DeFi) and NFT space are experiencing increases in global awareness and adoption. Interestingly, both DeFi and the NFT space are currently one of the most sought-after aspects of the blockchain and crypto space. Also, with ETH’s serious scalability issues, dapps developers have had to look to other more scalable networks like Polygon. Polygon is well-known for its fast transaction speed, high throughput, and low transaction fees.
According to Alchemy, Polygon-based dapps rose by approximately 50% over the last four months. As of December 2021, the scaling solution platform had an estimated 7,000 dapps on its network.
As of October 2021, Polygon had an estimated 3,000 dapps on its network. However, by December 2021, this number has increased to over 7,000 dapps. Therefore, signifying a major growth spurt for the ETH-based scaling solution platform.
— Polygon | $MATIC 💜 (@0xPolygon) January 27, 2022
Polygon – The Go-to Web 3.0 Scaling Solution Platform
Apart from this truly amazing growth, teams on Polygon also increased tremendously. According to data from Alchemy, project teams on Polygon currently stand at 6,300. That is a 43% increment between November and December 2021. Also, at least 55% of these teams are based solely on Polygon. As compared to 45% that have also launched on the Ethereum chain. Interestingly Polygon network usage is also up by 74%.
Polygon currently boasts of being one of the top decentralized scaling solution platforms available today. It is also currently the go-to scaling solution for top Web 3 platforms. Some of these platforms include; Crypto lending platform Aave, Dolce & Gabbana, OpenSea, etc. Also, the fintech platform, Onomy Protocol recently announced that it was bridging to Polygon. Uniswap has also disclosed plans to launch its much-anticipated V3 protocol on Polygon. According to reports, this decision was made via community elections in December 2021.
At the time of writing, Polygon (MATIC) was trading at $1.72 with a market cap of $11,828,589,625 and a 24-hour trading volume of $965,814,495. The token price is also up by 9.2% in the last 24 hours. Also, MATIC has a circulating supply of 6.9 Billion tokens and a total supply of 10 Billion MATIC tokens.
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