Polygon Daily Transactions

    Polygon is Layer 2 or sidechain scaling solution that run alongside the Ethereum blockchain. In this dashboard, we are looking into several metrics to measure the performance of Polygon chain from July 1, 2022. The metrics we are inspecting are the daily transactions, unique addresses, highest transactions amount in MATIC, as well as the transactions happening on Quickswap, the biggest DEX on Polygon.

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    Methodology

    1. To get the daily transactions of Polygon chain, we look at the Transactions dataset on Polygon. Then we count the tx_hash of successful transactions in a given day from July 1, 2022.
    2. To get the unique addresses making transactions on Polygon chain, we also look at the Transactions dataset on Polygon. We count the distinct from_address of successful transactions a given day from July 1, 2022.
    3. To get the highest MATIC transactions on Polygon, we find the transactions with non-zero MATIC values from July 1, 2022.
    4. To get the transaction count and unique addresses of Quickswap, we do the methods 1 and 2 and filter it with Quickswap Router address 0xa5E0829CaCEd8fFDD4De3c43696c57F7D7A678ff
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    From the bar charts above, we can see that there is not much volatility in the transaction count and unique addresses in Polygon chain. The daily transactions is around 2-2.5 million, and the daily unique addresses are between 180-250k who are using Polygon.

    This may show that Polygon chain is reaching a plateau and stabilising, as the people who are used to using Polygon keeps using them on a daily basis and for multiple transactions. There is also no significant indication that they stop doing so.

    Other important metrics to look at when measuring Polygon chain is how much money are people actually spending or transferring in the chain. We can see on the table above that there are several transactions exceeding 10 million MATIC (~USD 5 million), that may indicate the trust people have on the chain reliability.

    The next one to look at is Quickswap, the most popular DEX on Polygon. We can see that there is consistently between 20-25k transactions on Quickswap each day, which is around 0.01% of all transactions on Polygon. There are between 6000-8000 unique addresses using Quickswap, which is around 0.03-0.05% of all unique addresses on Polygon.

    This further indicates that Polygon’s transaction doesn’t grow much anymore, but tend to stabilise and have good retention in terms of its users.