Polygon (MATIC) Achieves 2.3 Million Daily Transactions in Q3, Report Highlights
According to Messari’s recent “State of Polygon Q3 2023” report, Ethereum scaling Polygon achieved a significant milestone, averaging 2.3 million daily successful transactions and 82,000 daily unsuccessful transactions in the previous quarter. Moreover, the average transaction fee experienced a notable decrease by 60% in Q3, dropping from $0.05 to $0.02.
Key Developments in the Polygon Ecosystem
Q3’23 brought several significant developments for the Polygon ecosystem, including the activation of advancements such as the Chain Development Kit and the POL token on the mainnet. Polygon 2.0 also continued to progress, with plans for further collaborations with other chains in Q4.
Transaction Distribution on Polygon PoS Network
The gaming industry dominated transactions on the Polygon PoS Network, accounting for 51% of total transactions. Following closely, DeFi constituted 34%, social transactions were at 10%, and NFT transactions made up 5% of the network’s total activities.
Active Addresses and Sector Contributions
In Q3 2023, the DeFi sector led in active addresses, contributing to 57% of the total, followed by NFTs at 10%, and social transactions at 9%. The Polygon network witnessed a 1.4% increase in daily active addresses during the quarter, reaching 364,000, with the DeFi sector being the major contributor. Additionally, the Polygon zkEVM experienced a remarkable 123% increase in daily transactions during Q3, averaging 44,000 transactions per day.
Total Value Locked (TVL) and Market Trends
The Total Value Locked (TVL) for Polygon PoS decreased by 16% in Q3, ending at $917 million. Despite the decrease, Polygon maintained its position as the fifth-largest blockchain based on TVL by the end of Q3. This decline in TVL was consistent with the broader market trend, which started declining after its peak in mid-2022.
Advancements in Q3
During Q3 2023, the Polygon ecosystem witnessed significant developments, including the introduction of the Chain Development Kit (CDK) by Polygon Labs. This open-source framework serves as a successor to Polygon Edge and Supernets, facilitating the initiation of ZK L2s and the transition of existing L1s to L2. Additionally, the POL token, an upgrade from MATIC, was successfully enabled on the mainnet. Meanwhile, the Polygon PoS chain remained active as the rollout of Polygon 2.0 advanced.
NFT sales volume also saw a substantial increase, rising by 131% quarterly and totaling $20 million. Looking ahead to Q4 and beyond, the comprehensive introduction of Polygon 2.0 is anticipated, promising major network advancements for the Polygon ecosystem.