Polygon shows ‘consistent growth’ in Q3, Nansen reports

According to Nansen’s data, Polygon has experienced “consistent growth” last quarter.

One of the key highlights in the report, published by a blockchain data platform Nansen, showed that daily transactions for Q3 2023 peaked at 2.8 million transactions.

An enduring user base

As per the data, daily active addresses on the Polygon network (MATIC) showed stability during the third quarter of 2023, fluctuating within the range of 275,000 to 466,000.

Our @0xPolygonLabs Quarterly Report is now out!

Polygon has shown consistent growth last quarter with diverse collaborations and is set to amplify its impact with future developments like Polygon 2.0

Here’s the summary which includes onchain insights and a link to the report… pic.twitter.com/nUyTz1La1t

— Nansen 🧭 (@nansen_ai) November 13, 2023

At the same time, the average daily gas fee for transactions on Polygon reached its highest point at $0.05 during the quarter, with fees generally fluctuating between $0.01 and $0.05. For context, Ethereum (ETH) experienced more significant variations in fees, ranging between $1.95 and $15 during the same period.

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When it came to projects, Chainlink (LINK) took the lead on Polygon, recording 47.08 million transactions, followed by Galxe with 8.29 million transactions and Planet IX with 7.52 million transactions. Noteworthy contributions were also observed from Stargate, LayerZero, Tether, and USDC.

Enhancing integration

This release comes three days after the announcement that Magic Eden has unveiled additional features aimed at bolstering its support for the Polygon network.

The NFT marketplace is also adding an aggregation tool and royalty enforcement that are expected to optimize the user experience.

Read more: NEAR and Polygon partner to innovate on zero-knowledge proofs

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