Daily Transactions and Unique Addresses
Overview
Polygon is a layer 2 solution for Ethereum aimed to minimize the transaction fee and maximize scalability while preserving decentralization and security.
To analyze the scalability of network the best metrics can be number of daily transactions and unique addresses transacting.
In this dashboard I plot above metrics since the begining of July and try to find if The Polygon is still growing, or has reached a plateau.
Methods
To find the mentioned metrics from the begining of July I used the new created table polygon.core.fact_transactions.
To decide whether the network is growing or not I used the same data of another chain, ETH and BSC, to see their trends and have a better estimation,
Both metrics have followed a same trend.
number of transactions have varied between 2.16M and 2.82M with 0.66M variation range that is 30% of minimum.
number of wallets have changed from 194K to 241K with 47K variation range that is 25% of minimum range.
These numbers will be used to compare with other chains.
Two metrics have an exact same trend in BSC but in Ethereum they aren’t completely matched even on some days they have moved in opposite direction.
In number of wallets ETH leads the way followed by Polygon and then with great difference BSC.
In number of transactions Polygon is almost two times higher than ETH and BSC is the last one again with great difference.
transacting in ETH is more expensive than Polygon and average number of transactions per wallets is less than polygon because of its low fee.
In ETH # of transactions varies between 1.1M and 1.2M, 0.1M range that is 9% of minimum
In BSC # of transactions varies between 50K and 3800, 46K range that is 11 times higher than minimum.
ETH is more stable network with less up and downs compared to Polygon. BSC shouldn’t be compared at all.
In the current bearish market that no new fund enters the total market, networks are volatile to shocks and it’s hard to maintain the pace. Polygon has tried to save the pace in number of wallets and number of transactions in July. if the bearish market continues it will continue to lose activity but with much less slope compared to other chains.
Here we see monthly # of transactions and addresses.
because of the current bearish market, # of transactions have reduced but the slope has decreased so it can be estimated that we reach a plateau.
In number of unique wallets there is no decrease and new wallets are joining the network
Conclusion
from the first of July, number of transactions have varied between 2.16M and 2.82M and number of wallets have changed from 194K to 241K.
number of transactions is higher than ETH but in number of wallets ETH leads the way.
By looking at the big picture, we see that in number of transactions, The Polygon have passed the decline and now is a little constant. In number of wallets there was no decreasing trend.