Polygon Dashboard

A broad view into Polygon ecosystem

Introduction

Polygon is an Ethereum-based layer-2 scaling platform, which came to prominence when it became arguably the most effective way of scaling the Ethereum blockchain, at least in the short time. It helps ethereum handle more transactions by processing them on various new ‘side chains’. This frees up some space on the Ethereum blockchain and is similar to how multi chain projects like Polkadot and Cosmos are structured.

Polygon NFTs

NFTs stands for Non-fungible tokens, where in Non-fungible can be defined as something that cannot be exchanged for another item because its unique.

For example, one piece of Art is not equal to another as both will have unique properties.

Basically, NFTs are tokens that lives or survives on a blockchain and represent ownership of unique items. These NFT tokens in general will contain bit of information specific to it, such as unique token name, symbol etc.. and will be owned by the creator or artist of that token.

These NFT tokens will be sold by performing sell & buy transactions on the particular blockchain. Let us explore the daily trend of total sales volume of NFTs on Polygon chain over time and identify the list of Top 10 most popular NFT projects on Polygon chain by its Sales volume since June 2022.

Sushi Liquidity Pools on Polygon

TVL which means the Total Value Locked, is one of the most popular metrics used for measuring the efficiency or performance of DeFi applications and this parameter represents the total amount of crypto tokens (in USD) locked over the DeFi smart contracts.

The below chart shows the top 10 sushi liquidity pools on polygon network by their TVL. Here Total value locked (TVL) is calculated by the sum of amount (USD) of tokens deposited to the pools minus the withdrawals.

All of the transactions on Polygon are bundled together, checked for validity and then written to the ethereum main chain, which also provides Polygon with robust security & blockchain integrity. The users will be given access to the tokens on Polygon and they can use them to interact with any dApps that are built on the network.

How does Polygon works?

In order to connect Ethereum compatible blockchains, Polygon provides a layer-2 layer, a sidechain, and a framework for building and maintaining sidechains. The principal feature of Polygon is that it uses Commit chains to consolidate batches of transactions and confirm them before they are added to the main chain, which is contrary to traditional blockchain technologies.