While the cryptocurrency market is still in its winter, some other areas of the industry are seeing steady growth, a prime example of these areas being the operations team at Polygon Network.
As of March this year, its total monthly active teams were around 8,000. However, recent data shows that the current monthly active teams for the network in the past month are around 11,800.
Meanwhile, Polygon, the DApp (Decentralized Application) on Ethereum scaling platform, has also achieved a new high. Based on recent figures, the total number of decentralized applications on the blockchain now stands at 37,000. This figure is projected to increase by 400% from the beginning of this year.
The Blockchain team revealed this in a blog post on Wednesday. Sources said the information originated from Alchemy, a collaborative Web3 development company. The data provides the total number of applications launched by the blockchain on the mainnet and testnet.
we’ve been having a lot of years @0xPolygon
~500 DApps in November, now 37,000+ with 11.8k active teams.
“Many projects are increasingly choosing to build on polygons only. Alchemy data shows that 74% of teams integrate exclusively on polygons” https://t.co/ERiLHJiVdh pic.twitter.com/UzKZPlazWD
— Ryan Wyatt (@Fwiz) 11 August 2022
According to the information, the number of active teams on the blockchain has increased to 11,800. This figure shows an increase of 47.5% over the past four weeks since the end of July.
Report on Polygon DApps
The project team’s report cited stumbling blocks regarding decentralized applications. The integrated team was 74% on the Polygon blockchain alone. On the other hand, the number of people deployed on Blockchain and Ethereum was 26%.
Furthermore, the Proof-of-Stake blockchain is famous for hosting decentralized applications from several notable projects.
These projects include Decentraland, the sandbox of the Metaverse platform, and OpenC, the NFT marketplace. Others include NFT venture gaming/fund company Animoca Brands and DeFi lending platform Away.
Reports indicate that the blockchain accomplishes its custodial functions through its EVMs (Ethereum Virtual Machines).
In addition, more than 142 million addresses are linked to the decentralized applications used on the Polygon blockchain. These are more pieces of information taken from a blog post.
According to the post, these unique user addresses hold up to $5 billion in assets secured on the network. Additionally, about 1.6 billion transactions have already been done on the blockchain.
Polygon CEO Ryan Wyatt has expressed how excited he is about the growth. He revealed this in a Twitter post, noting that the team is experiencing a good year at the company.
The Polygon team announced the primary reason for developing decentralized applications earlier this year. He acknowledged that his partnership with Alchemy, a Web3 development platform, facilitated the development of the dApp.
He added that the partnership makes it easier for Polygon developers to build decentralized applications.
Featured image from Forbes, Chart from TradingView.com