What is Polygon?

Polygon is a stack of protocols designed to fix Ethereum’s scalability issues. The Polygon network addresses the network’s challenges by handling transactions on a separate Ethereum-compatible blockchain.

Polygon then returns transactions to the main Ethereum blockchain post-processing. This approach lowers the network load on Ethereum. In doing so, Polygon can speed up transactions and lower transaction costs to less than a cent.

In other words, Polygon, formerly known as Matic network, provides an easy framework for new and existing blockchain projects to build on Ethereum without scalability issues.

Using Polygon, users can interact with any decentralized application (DApp) without ever having to worry about network congestion.

What is Gas Fee?

As the Polygon network is a decentralised blockchain with no singular entity or authority overseeing its operation, a mechanism is put in place to avoid the network from being congested or spammed with transactions. This mechanism charges senders of transactions with a small fee called gas fee which is then used to reward validators who validate transactions on the network.

This fee is in the form of MATIC which is also used on the Polygon network to facilitate value transfers, payouts to validators and smart contract executions.

How gas fee works is similar to how gas/fuel works for our vehicles. In order to get from Point A to Point B, the vehicle needs to be filled up with a sufficient amount of gas.

Similarly, for a transaction on the Polygon network to be successful, the sender must provide a sufficient amount of gas to pay for gas fees.

How To Provide Gas Fee For A Transaction?

The gas fee is deducted from the remaining MATIC balance of your address and not from the amount of MATIC or tokens that you are sending. It is also deducted automatically/concurrently with your transaction in a single event so you do not have to worry about "forgetting" to pay gas fees.

As an example, say you have a balance of 10 MATIC in your address and are looking to send 1 MATIC to a friend of yours. The gas fee for this transaction is (as an example) 0.5 MATIC. From such, your friend will receive 1 MATIC while the gas fee of 0.5 MATIC is deducted from your balance. Both the 1 MATIC and 0.5 MATIC will be deducted in one single transaction hash simultaneously. Once this transaction is successful, your address should have a balance of 8.5 MATIC left.

Q. Find the wallet that collects Opensea fees. Make a dashboard showing how much Opensea has earned through Polygon transactions. 

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in this dashboard, we use the flipside_prod_db.polygon.udm_events , polygon.events_emitted, ethereum.udm_events , ethereum.core.fact_hourly_token_prices

tables and Opensea fee contract: 0x5b3256965e7c3cf26e11fcaf296dfc8807c01073

In the chart, we see the amount of fees received by OpenSea until July 2022. The upward trend of OpenSea income from Polygon network was from August 2021 to March 2022. The highest fee received on January 1 was $79k. The trend of income reduction has started since March 2022, the main reason of which can be the bear market.

This chart shows the details, number of buyers, number of sellers and fees paid to OpenSea through the Polygon network on a monthly basis. As of September 2021, there have been 241k buyers and 112k sellers, with $45k fee paid to OpenSea via Polygon.

On January 2022:

151.2k Buyers, 109.33k Sellers, total fee paid to OpenSea: $79.2k

On July 2022:

25.8k Buyers, 24k Sellers, total fee paid to OpenSea: $5.5k