Polygon Network Records Robust User Activity Amid Broader Crypto Market Weakness in Q3 2023 In a recent report by the blockchain data analytics platform Nansen,
the Polygon network showcased remarkable resilience and robust user activity during the third quarter of 2023, defying the broader weakness observed in the crypto markets. The report emphasizes Polygon’s sustained growth trajectory,
characterized by diverse collaborations, and anticipates further positive impact with the introduction of Polygon 2.0. During Q3 2023,
Polygon Network experienced a dynamic transactional landscape, with daily transactions peaking at 2.8 million and reaching a low of 1.9 million. This fluctuation suggests a resilient network
. Also, the user base demonstrated remarkable stability, with daily active addresses consistently ranging between 275,000 and 466,000, indicating Polygon’s success in retaining a robust and engaged user community. In terms of Polygon’s competitive edge in providing cost-effective transactions,
the peak average daily gas fee for Polygon transactions was $0.05, maintaining a range of $0.01 to $0.05 throughout the quarter. In contrast,
Ethereum’s fees displayed higher fluctuations, ranging between $1.95 and $15. With Polygon known to be a diverse and active ecosystem, Chainlink led with 47.08 million transactions, followed by Galxe with 8.29 million and Planet IX with 7.52 million transactions. Contributions from notable participants such as
Stargate, LayerZero, Tether, and USDC further enriched the network’s vibrancy.
