Layer 2 protocols geared toward bringing scalability to the ever-congested Ethereum community have been stealing the crypto present ever because the DeFi summer time final 12 months. One platform that particularly stood out was Polygon, which has change into a go-to for a lot of to for a lot of DeFi proponents in search of low charges and excessive pace on their transactions.
Polygon leaping forward
Owing to this, Polygon has more and more been including extra DeFi functions to its community every single day. A lot so, that it has now revealed that over 7000 decentralized functions (dApp) have been now operational of its community, which is greater than double the quantity simply three months prior, in keeping with information from Alchemy.
In a blog post, it was additional highlighted that the variety of groups constructing their tasks on Polygon has doubled each two months from the mid-last 12 months. By the tip of December, this quantity had stood at 6,000, up 43% from the earlier month. The large inflow has additionally led to the community’s utilization additionally leaping up 74% throughout the identical interval.
Whereas this can be a far cry from the variety of functions constructed on Ethereum, which had crossed 13,000 dApps again in Might 2020, the tempo of Polygon’s progress in adoption is indicative of its rising reputation.
Furthermore, $4.4 billion have been locked in DeFi protocols on the chain. Over the previous 12 months, it was built-in by prime DeFi networks like Uniswap, Aave, and Curve, together with manufacturers similar to manufacturers firm Dolce & Gabbana and Adidas. Polygon publish famous that out of those, 55% of the tasks have built-in completely on Polygon, in comparison with 45% which have additionally deployed to Ethereum.
1 billion+ transactions!
As for person adoption, Polygon recorded a billion transactions final 12 months with over 2.67 million month-to-month energetic customers producing 3 million transactions per day, which it claims is greater than double the amount of Ethereum.
Nonetheless, the community is hardly unstoppable as elevated utilization has introduced its shortcomings to the floor. And so they look eerily acquainted to these of Ethereum. Earlier this month, a blockchain-based agriculture sport known as Sunflower Farmers managed to trigger excessive congestion on Polygon, publish which many customers complained of failed transactions and degraded efficiency throughout the blockchain.
This might severely defeat the aim of Polygon’s existence, contemplating its attract lies in its excessive thoroughput. Dan Elitzer, a co-founder of Nascent, a crypto funding agency, had additionally famous the identical on Twitter on the time.