Blockchain data provider Messari has detected bullish signals about an Ethereum-based altcoin in a new research report.
Messari report says new users are rallying around this altcoin project
According to Messari’s Q3 research report, the number of active addresses for Ethereum-based scaling solution Polygon has increased by 180%. Active addresses reached ATH level of 6 million, while total transactions in the third quarter exceeded 2 billion.
Messari metrics for Polygon are shown in the table below. The data reveals that active validators have grown by over 100% since 2021. It also shows that the total supply staked has increased from 29.8% in 2021 to 38.4%.
Polygon invested $1 billion in ZK scaling technology during its successful PoS expansion moves. Additional Blockchains include Supernets, Avail, Zero, Miden, zkEVM, Nightfall, and Edge. Each chain is optimized for different scaling or privacy solutions.
Meanwhile, the Polygon “PoS Ethereum side chain” was responsible for most of Polygon’s network activity. cryptocoin.comAs you follow from , there are high-level partnerships dating back to last year behind its success. Polygon announced core partnerships with companies like Disney, Reddit, and Starbucks. It thus attracted new users to its network who wanted to interact with branded NFTs.
Messari also emphasized that Polygon’s market value has increased by 43%, even though the total value of the market remains at $1 trillion. However, 14% of the total supply flowed from vesting contracts to the PoS or Polygon treasury. The remaining 270 million MATIC were staked into the Polygon treasury in October. This means that the entire supply is currently in circulation.
Polygon ecosystem
The top 10 DeFi projects focused on the Polygon ecosystem account for 70% of the network’s TVL. A 43% drop in TVL was due to competition from Optimism and Arbitrum’s new liquidity mining campaigns. Game transactions were up 100% in September as they broke 15 million. New games launched on the network including Arc8, Benji Bananas, Planet IX and Sunflower Land are responsible for the increased activity.
According to Messari, the Polygon NFT ecosystem had the strongest Q3 performance. A horse racing game Zed Run and Reddit’s Collectible Avatars laid the foundation for growth. In August, the number of NFT users in Polygon exceeded 5 million and the number of transfers exceeded 50 million.
However, not all aspects of the report yielded upside data. Polygon’s revenue fell 26% to $4.2 million, as transaction fees dropped 51%. The report includes the following statements in this regard:
Despite the ongoing bear market, Polygon continues to evolve at a rapid pace… By allowing independent teams to experiment with different scaling approaches, Polygon encourages intense collaboration and knowledge sharing.
Polygon’s success will depend on these
Each of Polygon’s core solutions was reviewed in detail during the report. The release of additional scaling solutions on both testnet and mainnet are the reasons Messari is bullish on Polygon for the first quarter of 2023. The report says the future of the network will be about Zero-Knowledge (ZK) rollups:
Polygon is betting that the future of Ethereum is ZK scaling, so Polygon’s success will largely depend on its ability to deliver new ZK solutions quickly and effectively.
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