Introduction

Polygon is a layer-2 solution for Ethereum, offering extremely cheap and fast transactions. This dashboard will provide insight into the daily number of new addresses on the Polygon network. The price of the MATIC token will also be displayed to provide extra insight.

Methodology

We'll use the following definition of new address: an address that is either on the receiving or on initiating end of an transaction, for the first time. This means we'll look at both from and to address:

1. find the first transaction for all from_addresses: in the polygon.transactions table, use min(block_timestamp) and group by from_address to find the first transaction of a from_address
2. find the first transaction for all to_addresses: in the polygon.transactions table, use min(block_timestamp) and group by to_address to find the first transaction of a to_address
3. combine 1) and 2) using the union function
4. again use min(block_timestamp) to find the first transactions for every distinct address in the 3) table
5. calculate the number of users that made their first transaction on a given day.
6. calculate the average daily price of the MATIC token using the ethereum.token_prices_hourly table.
7. combine the two tables

Results

Using the graph above we can see that the total number of new users was the highest in October and November 2021, at around 150k. Since then, apart from some daily spikes, the daily number of new addresses has been in a downtrend.

The price of the MATIC token is also plotted to indicate a possible correlation between the two. We can see that in May 2021, the number of new addresses started to increase, and the price of MATIC quickly followed. In September 2021, the price of MATIC was going down. After a huge number of new addresses in the beginning of October, the price started to increase again. This pattern seems to hold most of the time and therefore could be a possible indicator for price increases for MATIC.