Overview

Understanding the process of user adoption and identifying platforms through which users are onboarded are crucial for the growth of blockchain projects.

Polygon, formerly known as the Matic Network, is a scaling solution that aims at providing an Ethereum alternative with a fast and low fee transactions. For Polygon as an alternative of Ethereum user adoption is an important indicator of its success.

This dashboard provides a detailed overview of the action of users immediately after Polygon adoption; ie. the first transaction after bridging from Ethereum.

Method and Data

The aim of the analysis is to find where do people go when they bridge to Polygon from Ethereum and what are the 10 most popular first destinations for Polygon addresses that have just bridged from Ethereum.

To answer the above question, first the first transactions of addresses as bridging to Polygon has been identified. Then, destinations of the second transaction have been found through the transaction data.

Using Flipsides labeling, destinations have been grouped as specific platforms and sectors (e.g. defi, dex etc.). The focus of this analysis is on 2022.

Results

Graphs below show the 10 most popular first destination for polygon addresses that have just bridged from Ethereum in terms of sector, protocol, and tokens respectively.

We can see that dexes and layer 2 sectors are the most popular amongst new polygon users. In terms of specific protocols, the analysis shows that hop protocol is the most popular destination of new polygon users.

In terms of tokens that has been sent most frequently by new adopters USDC and USDt are the most popular.

Breaking down the data into sectors, we can see that among DEXes, Candydex, quickswap and sushiswap are most popular. Moreover, Sushiswap, as a defi platform, Maker and AAVE are the most popular platforms.

Conclusion

This dashboard provides an overview of the first action/experience of Polygon users after onboarding.

The data shows that:

• DEXes and Defi as blockchain sectors are the most popular among new users with about 60% of destinations.

• Hop protocol, Candydex, quickswap and sushiswap are the most popular platforms among new adopters.

• USDC, USDt, wETH and wMatic are the most popular token among new polygon users.

  Focusing on each sector we can see that:

• Candydex attracts about half of the times that new users want to use dexes.

• SushiSwap, Maker, and AAVE as defi platforms are used most frequently by new Polygon users.