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Polygon Records 6x Growth as Number of Dapps Building on Its Network Soars to 19,000

Wed, 04/27/2022 - 12:56
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Tomiwabold Olajide
Polygon PoS currently has well over 8,000 monthly active teams
Polygon Records 6x Growth as Number of Dapps Building on Its Network Soars to 19,000
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Polygon reports sixfold growth in six months as it celebrates an astounding increase in the number of dApps building on its network.

Polygon announced in a blog post that it has hit a new adoption milestone with more than 19,000 decentralized applications (dApps) running on its network, a 500% increase from 3,000 dApps in October, per Alchemy data.

Polygon PoS currently has well over 8,000 monthly active teams, up from over 6,000 in January and just a few thousand in October, according to the Layer 2 scaling platform. Sixty-five percent of the teams were built entirely on Polygon, whereas just 35% were built on Ethereum.

The Layer 2 scaling platform claims that its PoS has processed over 3.4 billion total transactions, with over 135 million unique user addresses and over $5 billion in assets safeguarded.

Polygon announced its partnership with Alchemy in June 2021, claiming that it has proven to be an adoption catalyst, with 3,000 dApps running on the network in October, 7,000 in January and over 19,000 as of April.

It explains that since Alchemy's support of Polygon, the number of Polygon apps has increased by more than 95-fold because, in addition to its infrastructure and platform capabilities, Alchemy works hand-in-hand with Polygon to resolve and mitigate network-level incidents as they occur.

Polygon has also marked significant developments in recent months. As reported by U.Today, the Polygon team unveiled Supernets, a scalable blockchain infrastructure that aims to ignite mass adoption of Polygon and Web3. In late March, the Layer 2 scaling introduced Polygon ID, a decentralized and private identity. Polygon ID leverages the Iden3 protocol and Circom ZK toolkit and is private by default, offering on-chain verification.

Also, more than 650,000 MATIC have been burned since the launch of the EIP-1559 upgrade on the Polygon mainnet in January. As seen on the Polygonburn website, a total of 658345.05 MATIC have been burned so far.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.