Polygon’s Enduring User Base Highlighted in New Report Despite Crypto Downturn

Polygon Launches New POL Token To Power Web3 Ecosystem

A new report published by blockchain data analytics platform Nansen reveals that user activity on the Polygon network remained robust during the third quarter of 2023, despite ongoing weakness in broader crypto markets.

One of the key highlights from the report showed that daily transactions peaked at 2.8 million in Q3, while active addresses fluctuated between 275,000 to 466,000, which indicates stability in Polygon’s user base. 

At the same time, the average daily gas fees on Polygon transactions reached a quarterly high of $0.05, which is still significantly lower than Ethereum’s variability between $1.95 to $15 over the same period. 

In terms of projects, Chainlink (LINK) led on Polygon, recording 47.08 million transactions, followed by Galxe with 8.29 million transactions, and Planet IX with 7.52 million transactions. Other contributions were noted from Stargate, LayerZero, Tether, and USDC, showcasing a diverse and active ecosystem on the Polygon network.

This positive trend aligns with recent updates from Magic Eden, a notable NFT marketplace, which has introduced additional features to better support the Polygon network. These enhancements include an aggregation tool and royalty enforcement, aiming to improve the overall user experience.

Also Read: Polygon Village Launches $90M Fund To Boost  Ecosystem

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