Crypto Beginner

Polygon now has over 37,000 dApps!

Polygon now has over 37,000 dApps

Ethereum scaling platform, Polygon has managed another big win. The number of dApps on Polygon now surpasses 37,000—a 400% increase since the beginning of the year. The figure represents the total number of applications launched on both the testnet and the mainnet.

The rise corresponds with a hike in the number of monthly active teams for the blockchain reaching 11,800 in July (up from 8,000 in March).

Polygon shared the figures, on 10 August 2022, on their official blog website. The numbers are in accordance with the latest data from Alchemy, the world’s leading Web 3.0 development platform.

The data also shows that many projects are choosing to build solely on Polygon. As many as 74% of teams integrated exclusively on Polygon, while 26% deployed on both Polygon and Ethereum. A single team can have multiple dApps on the chain.

Polygon has over 37,000 dApps

According to the blog post, Polygon’s adoption of Alchemy was what boosted the popularity of new Decentralized Finance (DeFi) applications and Non-Fungible Tokens (NFTs) on the blockchain.

Polygon has over 142 million unique user addresses and $5 billion in assets. It has processed more than 1.6 billion transactions.

Polygon’s EVM-compatible Proof-of-Stake (PoS) transaction verification mechanism serves as a hub for several key Web 3.0 projects, including Aave, Uniswap V3, and OpenSea, as well as the Lazy.com and Mark Cuban-founded Lazy.com. Furthermore, companies like Meta, Adobe, Stripe, Telefonica, and Dolce & Gabbana have chosen Polygon as their default gateway into Web 3.0 because of its thriving ecosystem.

FAQs

Will Matic reach $100?

Predicting Matic’s price reaching $100 is speculative. Price movements are influenced by various factors, including market demand, adoption, and overall cryptocurrency market conditions. Investors should conduct thorough research and consider multiple factors before making investment decisions.

How many projects are built on Polygon?

Polygon has attracted numerous projects due to its scalability and low transaction costs. As of now, there are over 2500 projects built on the Polygon network, spanning various sectors such as decentralized finance (DeFi), non-fungible tokens (NFTs), gaming, and more.

Does Polygon support DApps?

Yes, Polygon supports decentralized applications (DApps) by providing a scalable and Ethereum-compatible environment for developers. DApps built on Polygon benefit from faster transactions and lower fees compared to the Ethereum mainnet, making it an attractive platform for developers and users.

Is Polygon unlimited supply?

No, Polygon (MATIC) has a fixed maximum supply of 10 billion tokens. Unlike some cryptocurrencies with inflationary or unlimited supplies, Polygon’s tokenomics include a capped supply designed to maintain scarcity and potentially increase value over time.

Article Default Disclaimer

Share this:

IN THIS ARTICLE

Subscribe to our newsletter

Weekly crypto updates and insights delivered to your inbox.

Browse our Newsletter Archive for past editions.

SnowSnow

Thank you for subscribing!
Please verify your email to start receiving the latest issues from Switch in your Inbox.
Powered by

Weekly updates from the cryptosphere and the world of finance delivered to your inbox.

Build your crypto portfolio on the
CoinSwitch app today

Scan the QR code below or find us on Google Play
Store or Apple App Store.

Build your crypto portfolio on the
CoinSwitch app today

Scan the QR code below or find us on Google Play Store or Apple App Store.

Weekly updates from the cryptosphere and the world of finance delivered to your inbox.