Since decentralized finance (DeFi) and its boom, the space has witnessed several sprouting of Decentralized applications (Dapp). DApps are applications that can operate independently through the use of smart contracts embedded in the particular Blockchain system or ledger. These smart contracts are stored programs on the blockchain. They execute commands when predetermined conditions are met.
The Polygon network is proud to announce via a data release from Alchemy that it has successfully housed and run over 37 thousand decentralized applications. The scaling solution doubled the number of DApps on its network in March and quadrupled in number since the year 2022 began.
In terms of active team ranking per month and metrics for developer activities on the Polygon, the Proof-of-stake chain rose from 8,000 in March to 11,800 as of the end of July. The Polygon network was designed for speed and cheap transactions in terms of cost, and numerous projects are decided on and built on the Polygon Chain.
According to the data released by Alchemy data, it shows that about 74% of teams worked closely with Polygon. Another 26% also used both Polygon and the Ethereum chain.
Alchemy also adopted Polygon to its network and this caused a resultant effect of a rapid surge in spreading the word about DeFi, Non-Fungible tokens (NFT). The network has over 142 million different user addresses, and locked in its reserve is $5 billion worth of assets. Since the inception of the Polygon network’s Proof-of-stake, it has executed over 1.6 billion transactions for its users.
The Polygon network and its POS have been a major contributor to establishing and growing various essential web3 projects and platforms. This includes but is not limited to
A few others have chosen this Blockchain as their web3 project’s default gateway. Like
•Dolce and Gabbana
POLYGON isn’t just subject to its POS chain but happens to be a fraction of the full block. Polygon still has other working cogs which has facilitated the network’s growth, and they include:
•Polygon Avail data layer
The Polygon Supernet aids fast tracking to help build Applications tied to specific chains.
The Polygon network continues to make headlines in the news and doesn’t seem to be tiring out. Earlier in the week, a report had it that the Polygon network was gearing to launch a Web3 gaming platform.
Its native token continues to trade at $0.9285 as of the time of writing. Having $0.8742 / $0.9388 as lowest and highest price respectively per 24hrs