Description of Work

In this dashboard, we want to review 4 of the previous grand prize dashboards that are available in the discover page. The 4 dashboards we review include:

• Polygon vs Harmony
• New Addresses
• Price + Circulating Supply
• Active Addresses

New dashboards and new grand prizes are not displayed on the discover page and we only have these 4 grand prizes available.

1 → Polygon vs. Harmony vs. Ethereum

In this section, the Number of Transactions and Fees of Polygon, Harmony and Ethereum blockchains are compared with each other. In this dashboard, Polygon and Harmony are compared, and we also compare Ethereum with these two

Method

The transactions data for the Polygon blockchain were collected from the transactions table in its schema, the transactions data for the Harmony blockchains were collected from the community curated transactions table of the mdao_harmony schema and the transactions data for the Ethereum blockchains were collected from the community curated transactions table of the ethereum.core schema. The beginning of September 2021 was selected as the entry time frame to cover both the end of the last bull run and the current bear trend of the crypto market. The data for transaction fees existed in the polygon schema and were used directly. For the calculation of the transaction fees of Harmony blockchain, the gas_price column of the transactions table was multiplied by the gas_used divided by tx_count of the blocks table. That is because the Harmony schema stores gas data cumulatively for all of the transactions registered on a block.

1.1 → Daily Average Number of Transactions per Hour

1️⃣ → First Dashboard

What Is Polygon (MATIC)?

Polygon is a cryptocurrency, with the symbol MATIC, and also a technology platform that enables blockchain networks to connect and scale. Polygon (Ethereum's internet of blockchains) launched under the name Matic Network in 2017. The Polygon platform operates using the Ethereum blockchain and connects Ethereum-based projects. Using the Polygon platform can increase the flexibility, scalability, and sovereignty of a blockchain project while still affording the security, interoperability, and structural benefits of the Ethereum blockchain. MATIC is an ERC-20 token, meaning that it's compatible with other Ethereum-based digital currencies. MATIC is used to govern and secure the Polygon network and to pay network transaction fees.

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Observations

• The following chart demonstrates the daily average number of transactions per hour for Polygon, Harmony and Ethereum blockchains. It is shown that the Polygon network handled much more transactions compared to Harmony and Ethereum in the late 2021 bull market. Since December 2021, the growth of the Harmony network surpassed Polygon's and it saw a higher number of transactions. Although the average number of transactions per hour if the Polygon network continued to decline, the same situation occurred to Harmony as well and both networks had similar transaction numbers since the beginning of 2022. The drastic change happened in April 2022 when the average number of hourly transactions in the Harmony network massively decreased while the Polygon stayed almost the same

The average number of daily transactions for Ethereum shows a stable and clear trend from the beginning until now, and on average, 50K transactions are made in Ethereum daily.

1.2 → Average Number of Transactions in Each Hour

Observations

The analysis of the average number of transactions in each hour of a day has shown two different peak hours for each blockchain. The number of transactions peaked between 13-17 for Polygon and it peaked between 17 through 12 AM except for 23.

The average number of transactions in all hours of the day for Ethereum has a constant trend and no peak is observed from the hour, which indicates the stability of this network.

1.3 → Daily Average of Transaction Fees

Observations

• The average daily fee in the Harmony network from the beginning to July 6, 2022 shows a steady trend on a daily basis, but on July 6, 2022, a significant growth of the fee is observed in the Harmony network, and after that, the fee compared to before July 6, 2022 has gone a bit higher and has been fixed again
• The average daily fee on the Polygon network shows several different peaks that have increased dramatically, including Jan 5, 2022, Jan 21, 2022, May 11, 2022 and Jun 13, 2022. In the rest of the days, fees in Harmony (In One) More than Polygon (In Matic).
• The average daily fee in the Ethereum (ETH) network is higher than the other two networks

1.4 → Average Transaction Fees in Each Hour

Observations

The average transaction fees in each hour for Polygon and Hormony networks have indicated that Polygon's peak transaction fees are in accordance with its peak hourly transaction numbers. On the other hand, Although Harmony's fees do not show a pattern, they peaked on the hours with the lowest number of transactions between 10 and 13. Overall, it can be seen that the transaction fees of Harmony have been higher compared to Polygon.

Conclusion of the Dashboard 1 - Polygon vs. Harmony vs. Ethereum

In conclusion, it has been shown that the Polygon network has had a higher network throughput in terms of transaction numbers. Although Polygon's average transaction fees were higher in late 2021 when the crypto market was at its peak, it has had lower transaction fees compared to the Harmony blockchain since the beginning of 2022. Also, the average daily transaction of Ethereum has a stable trend, and since the beginning of June 2022, the average daily fee has decreased compared to the other two networks, but before that, the fee is higher than the other two networks.

2️⃣ - Second Dashboard

2 → New Addresses

In this bounty, we will look for New Addresses on Polygon and compare them to a variety of factors. The term "new address" refers to addresses that had their first transaction on that date. For this, we will check the following items:

• Over time, obtain the daily new addresses on Polygon.
• Calculate the number of daily new addresses by year.
• Compare the average number of new addresses per day by year.

2.1 → Daily New Addresses on Polygon Over time

Observations

The chart above shows the new addresses added to Polygon from 2020 to now. In the first year of 2020, the number of new addresses is less than 100 per day. The number of new addresses has dramatically increased since Mid-2021, and we will do a deep dive on the following topics in 2021 and 2022.

2.2 → Polygon New Address in ==2021== and ==2022

Observations

The graphic illustrates the daily new addresses in 2021: we can see that the volume began to rise in Mid-Year and then remained consistent at around 40k throughout the year, totaling approximately 7 million new addresses.

The graph displays the daily new addresses in 2022: we can see that the volume is extremely high during a Six-Month period, ranging from 40k to 100k per day, with a surprisingly high total address count of 8 million.

2.3 → Average New Addresses per day Compared by Year

The next metric we'll look at is the average number of new addresses per day compared to each year to see how Polygon's new addresses have changed over time.

Observations

The charts compares the number of average new addresses per day across three years. This demonstrates that Polygon has drawn more investors each year, increasing from roughly 300 new addresses per day in 2020 to a shockingly high of more than 36k per day in 2022.

Conclusion of the Dashboard 2 - New Addresses

• The number of new addresses is less than 100 per day in the first year of 2020.
• In 2021, the volume increased in the middle of the year and remained stable at roughly 40k throughout the year, accumulating approximately 7 million new addresses.
• In 2022, the volume is exceptionally high,  with a surprisingly high total address count of 8 million.
• Polygon has attracted more investors with each passing year, rising from around 300 new addresses per day in 2020 to an astonishing 36k per day in 2022.

3️⃣ - Third Dashboard

3 → Price + Circulating Supply

Method

In this bounty, we use the Flipside On-chain data and especially ethereum.erc20_balances table to find the MATIC Circulating Supply. In this dashboard we discuss the following chart:

• Price Vs Circulating Supply
• Price Vs Market Cap
• Circulating Supply Vs Holders
• Price Vs Holders

In some cases, a significant amount of the tokens are maintained by projects and foundations that should not be taken into account for calculating the circulating supply, so we filter these addresses using the Coingecko to reach the actual circulating supply value. You can see these addresses below:

• 0x50d669f43b484166680ecc3670e4766cdb0945ce
• 0xcbfe11b78c2e6cb25c6eda2c6ff46cd4755c8fca
• 0xb316fa9fa91700d7084d377bfdc81eb9f232f5ff
• 0xccb04768f3abcf1af1e749085ef67d8ec7c5fdd2

3.1 → Price vs. Circulating Supply

Observations

According to the chart, there is no Meaningful relationship between Circulating Supply and MATIC price. Still, investors should always check the value of Circulating Supply to evaluate a cryptocurrency. You can see the price chart and market cap below in the following. The Market Cap is obtained by multiplying the Circulating Supply by the price, and as can be seen from the chart, these two are closely related.

3.2 → Price vs. Market Cap

3.3 → Circulating Supply vs. Holders vs. Matic Price

Observations

As you can see, the number of holders has grown significantly over time. From May 7 to July 14, 2021, the number of holders was almost constant and then experienced significant growth (high slope of the chart). It is noteworthy that over time because the slope of the Circulating Supply diagram is lower than the holder diagram, the tokens are better distributed among users and can be more decentralized. Finally, we discuss the price chart compared to the number of holders.

Observations

To compare these two charts, we can say that the number of holders is almost constant from May 7 to May 19, 2021, although the price has grown by about 180%, from about 0.76 to 2.14. Also, the number of users has remained constant from the same date until July 20, 2021, although the price has dropped sharply. But from July 20 to December 27, 2021, which is the historical ceiling of MATIC Price, we are witnessing a significant increase in the number of MATIC Holders. In general, it can be said that price is one of the factors affecting the number of holders, but it is not the only factor.

4️⃣ - Fourth dashboard

4 → Active Addresses

Method

In this bounty we are gonna evaluate the Number of active Addresses on Polygon network. To do that, we will define active wallet as a wallet that have been done a transaction over the past 3 months or have received at least one token during that period. On the other hand, we will plot the evolution of active addresses in a daily basis. Finally, we will compare the performance with the MATIC price to see the impact.

Observations

In order to get the current number of active wallets, we first have to consider those users who have done some movement during the Past 3 months. On the one hand, a total of 5.26M of addresses did some transactions. Excluding this users from those who received at least a token once during this time, a total of 0.986M approximately wallets received something. Then, a total of more than 6.25M of MATIC addresses have been active during the Past 3 months.

4.1 → Total active wallet

4.2 → Daily Polygon active wallets

Observations

In a daily basis, we can see how both, number of addresses doing transactions and number of addresses receiving tokens increased during the 2021 year. However, the increase has been stopped sine the final of the year and now seems to be decreasing a little bit.

4.3 → Active wallets and MATIC price

Observations

If we compare the evolution of these metrics with MATIC price performance, we can see that the trends are quite similar. In fact, analyzing the two metrics agains the price of the token, we can see how there is a positive correlation between them. Then, we can conclude that the number of active addresses on Polygon has an impact on the price performance.

Conclusion of the Dashboard 4 - Active Addresses

In this bounty we have analyzed the active addresses on Polygon, defining them as those wallets that did some transactions during the previous 3 months or receive at least one time during that period. A total of more than 6.25M of Polygon addresses are currently active wallets. This number increased during 2021, but have been stable during the past months. It can be found as well that there is a correlation between this metric and the price performance of MATIC.