Introduction

Polygon is a relatively popular Layer-2 chain.

This dashboard analyses the number of transactions and unique addresses on Polygon (in a 1 week time period between 1 July 2022 and 8 July 2022) to provide a high-level overview of activities/usage on Polygon.

Methodology

The number of transactions and the number of unique addresses are sourced from the polygon.core.fact_transactions schema. At the moment, this schema has limited data (earliest available data is from 6 June 2022).

Number of transactions and unique addresses

Findings:

• From 1 to 8 July 2022, the total number of successful transactions was c. 19.5 million. Approximately 1.67 million unique addresses signed these transactions, averaging 11.7 transactions per address.
• The daily number of transactions is relatively flat, fluctuating around c. 2.5 million. The daily number of unique addresses is relatively flat as well, fluctuating around c. 200K.
• Looking at known projects (i.e. where the to_address is labelled), the top 5 projects in terms of number of transactions were: 1) Hop Protocol, 2) Opensea, 3) Quickswap, 4) Aavegotchi, and 5) CandyDex

Is Polygon growing?

8 days worth of data does not provide sufficient data points to ascertain whether Polygon usage is growing. Incorporating more data (the earliest available data on Flipside schema is from 6 June 2022), we observe that:

• The daily number of transactions reached a peak of c.3.25 million on 13 June 2022 and has been on a downward trend and plateauing since then;
• The daily number of unique addresses spiked on 27 June 2022, and has been flat since then;
• The daily average number of transactions per address reached a peak of 15.2 on 18 June 2022 and has been on a downward trend and plateauing since then.

Conclusion

There is indication, looking at the number of transactions and the number of active addresses, that activities/usage on Polygon has reached a plateau and may be declining. It’s interesting to note that the top project in terms of the number of transactions between 1 to 8 July 2022 was Hop Protocol, an indication that users were bridging away from Polygon to other chains.