Messari Q3 report on Polygon – bullish on growth of ecosystem

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A new report by Messari on the state of the Polygon network revealed an increase of new addresses QoQ of 180%. During the third quarter, active addresses reached an all-time high of 6 million, and total transactions surpassed 2 billion.

Other important metrics for Polygon are listed in the table below. According to Messari’s data, the active validator set has increased by more than 100% since 2021, and the total supply staked has increased to 38.4% from 29.8% in 2021.

(Source: Messari)

Polygon has invested $1 billion in ZK-scaling technology and raised $450 million in order to expand on its successful PoS chain.

Supernets, Avail, Zero, Miden, zkEVM, Nightfall, and Edge are among the other chains. Each chain has been optimized for a specific scaling or privacy solution.

The majority of Polygon’s network activity is still handled by the Polygon PoS Ethereum sidechain. With the announcement of core partnerships with Disney, Reddit, and Starbucks, new users were brought into the network to interact with the branded NFTs.

Messari also stated that, while the global market cap of the crypto industry has been hovering around $1 trillion, Polygon’s market cap is up 43% year on year.

In addition, 14% of total supply was transferred from vesting contracts to staking or Polygon treasury. In October, the remaining 270 million MATIC were designated for the Polygon treasury, implying that the entire supply is now in circulation.

In the Polygon ecosystem, the top ten DeFi projects accounted for 70% of the network’s TVL. The competition of Optimism and Arbitrum’s new liquidity mining campaigns caused a 43% drop in TVL.

Gaming transactions increased by 100% in September, surpassing 15 million. The increased activity is attributed to the launch of new games on the network, such as Arc8, Benji Bananas, Planet IX, and Sunflower Land.

According to Messari, the Polygon NFT ecosystem had the most robust Q3 performance. The foundation for growth is laid by the horse racing game Zed Run and Reddit’s Collectible Avatars.

In August, the number of NFT users on Polygon surpassed 5 million, while the number of transfers surpassed 50 million.


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