Polygon sees 400% jump in dApp hosted on the platform, total decentralized applications at 37,000

  • By the end of July, there were 11,800 active teams on the Polygon PoS network with 74 percent belonging exclusively to the blockchain.
  • Polygon’s PoS network serves as a hub for some of the Web3 projects such as Uniswap, Aave, and NFT marketplace Opensea.

Ethereum’s Layer-2 scalability platform Polygon has witnessed solid growth in terms of the total decentralized apps (DApps) hosted on the platform. Since the beginning of 2022, the total DApps hosted on the Polygon platform have shot up by 400 percent to more than 37,000.

This represents the cumulative number of applications launched on both, the testnet and the mainnet. Interestingly, the Web3 development platform was the first to report these numbers.

By the end of July, the number of monthly active teams, representing developer activity on the Polygon PoS chain, shot up to 11,800. It means that the active teams have jumped by nearly 50 percent from the March numbers of 8,000.

As per data from Alchemy, 74 percent of the teams integrated exclusively on the Polygon blockchain. However, the rest 26 percent of teams deployed on both – Polygon and Ethereum. Polygon noted that the DApp use on its blockchain network has shot up significantly. In its official blog post, the Ethereum Layer-2 scalability platform mentioned:

The adoption of Polygon on Alchemy led to a surge in the popularity of new decentralized finance (DeFi) applications and non-fungible tokens (NFTs) on the chain. With over 142 million unique user addresses and $5 billion in assets secured, Polygon PoS has processed more than 1.6 billion transactions till date.

Hosting a wide range of projects

The Proof-of-Stake Polygon blockchain is compatible with the Ethereum Virtual Machine (EVM) and hosts a range of dApps including some prominent projects from the crypto space. Polygon’s PoS network also serves as a hub for some of the Web3 projects such as Uniswap, Aave, and NFT marketplace Opensea. It also has links with Metaverse platforms like The Sandbox and Decentraland.

Polygon CEO Ryan Wyatt expressed his happiness over their performance this year. Wyatt tweetedWe’re having quite a year at @0xPolygon. ~500 dApps in November, now 37,000+ with 11.8k active teams. “Many projects are increasingly choosing to build solely on Polygon. Alchemy data shows that 74% of teams integrated exclusively on Polygon”. 

Polygon said that its thriving ecosystem is one of the reason why several top corporations like Meta, Adobe, Stripe, Telefonica, and Dolce Gabbana have selected Polygon as their default gateway to Web 3.

Polygon has also taken some key development decisions this year. Last month, Polygon unveiled zkEVM, the first EVM-equivalent Layer 2 ZK solution. This feature will allow Ethereum-based EVM compatible smart contracts to run easily on the Polygon blockchain network without any major changes to its code.

Although Polygon’s native crypto MATIC has been subject to selling pressure, it has quickly bounced back. Over the last month, the MATIC price has gained nearly 80 percent delivering nearly similar returns to Ethereum.

About Author

Bhushan is a FinTech enthusiast and holds a good flair for understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his free time, he reads thriller fictions novels and sometimes explores his culinary skills.

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