Polygon Rallies 7% as DApps Hosted on the Side Chain Surges to 37,000 August 11, 2022 August 11, 2022 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsAugust 11, 2022 by Kelly Cromley

Polygon Rallies 7% as DApps Hosted on the Side Chain Surges to 37,000

Compared to the beginning of 2022, the number of DApps hosted on Ethereum scaling platform Polygon has increased by over 400%, reaching over 37,000. In a blog post published on August 10th, the Polygon team revealed these numbers, which were obtained from the Web3 development platform Alchemy with which they are affiliated. These numbers reflect the total number of apps deployed to both the testnet and mainnet.

In addition, it said that as of the end of July, there were 11,800 monthly active teams, a metric of developer engagement on a blockchain, a huge 47.5% increase from March. Data from a survey of dApp development teams was also emphasized, showing that “74% of teams integrated completely on Polygon, while 26% hosted on both Polygon and Ethereum.”

Polygon’s EVM-compatible Proof-of-stake (PoS) blockchain is home to decentralized applications (dApps) from several well-known cryptocurrency initiatives and businesses, including as NFT marketplace OpenSea, Metaverse platforms Decentraland and The Sandbox, DeFi lending platform Aave, and NFT venture fund/gaming company Animoca Brands.

According to the blog post, about 1.6 billion transactions have been conducted on the Polygon network to far, with over “142 million distinct user addresses and $5 billion in assets safeguarded” via dApp use. Ryan Wyatt, the chief executive officer of Polygon, came to Twitter to express his satisfaction with the company’s expansion: “We’re having a great year at Polygon.”

The Polygon team said earlier in 2022 that the Web3 platform’s architecture makes it “much simpler for Polygon developers” to construct dApps, and that this is a major factor in the exponential growth of dApp development on the network thanks to the Polygon team’s cooperation with Alchemy.

According to the announcement, “Polygon’s relationship with Alchemy in June 2021 proven to be an adoption driver,” increasing the number of dApps on the network from 3,000 in October to 7,000 in January and then to over 19,000 in April.

In a blog post, Alchemy was praised for its platform tools, Web3 and dApp infrastructure (such as APIs), and its collaboration with Polygon to “resolve and reduce network-level concerns as they arise.”

Polygon’s native asset MATIC is up a whopping 66.3% in the last month, trading at $0.9440 on CoinGecko as of the time of writing as the cryptocurrency markets show signals of a possibly optimistic resurgence. Currently, MATIC is valued at $7.04 billion, making it the sixteenth biggest cryptocurrency by market cap.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.