Introduction

Polygon is a layer 2 scaling solution for Ethereum, allowing for low transactions fess and faster transactions than on the Ethereum blockchain. It was created to solve some of the issues Ethereum faced with higher transaction fees and scalability due to Ethereum's lower throughput.

Let’s take a look at how the blockchain is performing in terms of daily transactions and unique addresses.

Methodology

A unique wallet address is an address that has initiated a transaction on the polygon blockchain. To find these wallets, i counted the number of distinct from addresses that had completed a transaction daily.

Number of daily transactions is represtend by a count of the number of transactions done daily on the Polygon blockchain.

The above data is taken over a limited number of days, with July 13th not being finished yet accounting for the lower number of transactions and unique wallets, however, even accounting for the hours left in the day the dip is quite large in comparison to the 12th of July.

We see an ATH high of unique wallets on the 11th of July of 241.543k for unique wallets indicating an uptrend in the number of unique wallets using Polygon in recent days, however, we see a dip very shortly after to 226.856k.

For daily transactions, we see an ATH of 2.82 million on the 5th of July, with the number of daily transactions declining after this date. There is a clear downward trend following the 8th of July in transactions.

Overall due to the dip saw on the 13th of July in both the unique wallets and the daily transactions on polygon i believe that they will both see a reduction in activity.

I think this has likely been compounded by BTC dipping below 19k on the 13th of July, with investor activity on blockchains often falling during market dips.