Polygon daily transactions and unique addresses
Polygon is a layer two scaling solution that runs alongside the main Ethereum blockchain. In this analysis, we’ll explore whether Polygon is still growing based on its number of daily transactions and unique addresses.
Polygon is a layer two scaling solution that runs alongside the main Ethereum blockchain. Compared to Ethereum, Polygon provides its users with faster transactions and lower fees.
In this analysis, we’ll explore whether Polygon is still growing in terms of its transaction and user activities.
\n
Methodology
In this report, we’ll utilise Polygon’s transaction data from 1 July 2022
onwards and compare it with the data from 17 – 30 June 2022
to analyse blockchain growth.
The data that we’ll be using are as follows:
Transactions
Unique addresses
The metrics that we’ll be using to examine the data are as follows:
Total daily number
Percentage differences
(current date vs previous date)—e.g., if we’re looking at the percentage difference of total transactions on 1 July 2022, the formula is as follows: (Transactions on 1 July - Transactions on 30 June) * 100 / Transactions on 30 June)Average percentage difference
—by looking at whether the average percentage difference is positive or negative, we can determine whether Polygon is growing or falling
Analysis and key findings
1. Total daily number
- Based on the total number of daily transactions and unique addresses from 1 July 2022 onwards, it suggests that there is a decent amount of activity on Polygon
- However, when compared to the data from 17 – 30 June 2022, it seems that the transaction and user activities have plateaued or decreased slightly (looking at the height of the bars in the graphs below)
3. Average percentage difference
Based on the statistics below, we can see that:
- The average percentage difference of daily transactions has decreased from 0.78% (17 – 30 June 2022) to -1.82% (from 1 July 2022 onwards)
- The average percentage difference of daily unique addresses has decreased from 2.23% (17 – 30 June 2022) to -1.50% (from 1 July 2022 onwards)
- Given that both average percentage differences have decreased, we can conclude that the transaction and user activities have dropped, and Polygon may actually be on the decline
Summary
- The goal of this analysis was to determine whether Polygon is still growing in terms of transaction and user activities
- Metrics used for this analysis were:
- Number of daily transactions
- Number of unique addresses
- Percentage differences of daily transactions
- Percentage differences of unique addresses
- Average percentage difference of daily transactions
- Average percentage difference of unique addresses
- Based on the graphs plotted and statistics, we conclude that the transaction and user activities have decreased, and Polygon may be on the decline
- One reason could be attributed to the overall macroeconomy whereby cryptocurrency transactions have slumped across the market—possibly causing a temporary decrease in Polygon’s transaction and user activities