Decentralized Apps on Polygon Hit 37,000 as it Boasts 400% Increase

Jamal Molla
Written By Jamal Molla
Jamal is an English teacher and freelance writer with a passion for NFTs, metaverse, crypto and technology.

Decentralized apps on Polygon hit 37,000 this year as the number of monthly active blockchain teams increased from 8,000 to 11,800 between March and July. The Ethereum-based platform recorded the increase in 2022 alone.

In a blog post on August 10, the Polygon team posted the figures it sourced from Alchemy, a Web3 development platform which doubles as its partner. Polygon noted that the high figure recorded was from the Mainnet and testnet platforms.

Polygon also noted that developers’ activity on blockchain as revealed by the number of monthly active teams, increased by a whopping 47.5% and peaked at 11,800 in July.

The team also gave a breakdown of decentralized (dApp) projects. It noted that “74% of teams integrated exclusively on Polygon, while 26% deployed on both Polygon and Ethereum.”

Through its EVM compatible Proof-of-stake (PoS) blockchain, Polygon hosts an array of decentralized applications from major brands and projects in the Cryptocurrency space such as the Metaverse platforms, The Sandbox and Decentraland, OpenSea, an NFT marketplace, and decentralized finance (DeFi) lending platforms such as Aave, and Animoca Brands, an NFT venture fund/gaming firm.

In the blog post, it revealed further that the platform has recorded increased dApp usage on the platform with over “142 million unique user addresses and $5 billion in assets secured” through the 1.6 billion transactions conducted on the platform to date.

In a tweet, Ryan Wyatt, Polygon CEO, showed his excitement with the growth. He tweeted that “We’re having quite a year at Polygon.”

The Polygon team has earlier credited its partnership with the Web3 platform as the driving force behind the surging number of decentralized applications built on its network. It noted that Alchemy’s infrastructures ease the entire dApp-building process as it makes it “significantly easier for Polygon developers” to put their skills to use.

According to the blog post, “Polygon’s partnership with Alchemy in June 2021 proved to be an adoption catalyst, sending the number of decentralized apps running on the network to 3,000 in October, 7,000 in January, and over 19,000 as of April.”

Amidst the expected positive turn in the crypto market, MATIC, a Polygon’s native asset, has appreciated by 66.3% as it currently sells for $0.92, according to the Cryptocurrency exchange, CoinGecko.

MATIC sits comfortably in the sixteenth position on the crypto list with a current market cap of $6.9 billion.

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