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Polygon Reveals Massive Year for DeFi in 2023 and Beyond: Details

Wed, 12/21/2022 - 12:44
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Tomiwabold Olajide
Polygon recorded total of 234,000 contract creators, 637% YoY increase
Polygon Reveals Massive Year for DeFi in 2023 and Beyond: Details
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Layer 2 scaling platform Polygon touts significant achievements in the almost-completed year of 2022. As stated in a blog post, 778,000 smart contracts were deployed on the Polygon network, representing a 152% YoY increase. Also, Polygon recorded a total of 234,000 contract creators, a 637% YoY increase in this regard.

The number of total unique addresses increased to 200 million, representing 54% year-over-year growth. Likewise, 960 million successful transactions were processed by the network. In the year 2022 as well, 60,953 tons of carbon were eliminated from the Polygon network's annual CO2 footprint by the Ethereum Merge update.

Another high point in 2022 was the launch of its ultimate scaling solution, Polygon zkEVM, on the testnet. Polygon also forged partnerships with some of the world's biggest companies to build on its blockchain. That list includes Adobe, Disney, Meta, the NFL, NuBank, Reddit, Robinhood and Starbucks. While 2022 was Polygon's breakout year, as it successfully brought some of the largest Fortune 500 companies to Web3, the project envisages even greater things in 2023.

Polygon unveils 2023 trends

Polygon predicts that 2023 could emerge as the most important year in DeFi history. The Layer 2 scaling platform seeks to expand its foray into gaming in 2023, stating that some of this year's announcements from established game development studios might soon become a reality. Likewise, its Polygon ID project seeks to rethink digital identity in Web 3.

Polygon Integrates into The Graph Network, Setting Huge Milestone

As part of its expansion plans, Acentrik, an initiative by Mercedes-Benz, is building a decentralized data marketplace that enables enterprises to share and monetize data across domains.

Adding to this, it says that 2023 will be a year of building. Polygon envisages advancement in its ZK technology, with its zkEVM mainnet release scheduled for Q1, 2023. The Polygon Zero and Miden teams are developing their ZK solutions for a debut in 2023.

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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.