Polygon Fees
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Visualize transaction fees on Polygon since July 1, 2022.
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Compare these to fees on Ethereum over the same time period - are they correlated? Do they diverge significantly at any points? Provide analysis as to why you think this might be.
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Introduction and Methodology
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Polygon is a second layer of the Ethereum network created in order to make easier the blockchain network, allowing speedy transactions and work as a low-cost ecosystem. Matic is the cryptocurrency of Polygon, which enables governance, pays fees and can be staked.
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We’ll going to look at how the transaction fees are doing since July 1, 2022 and compare it with how Ethereum is doing in the same period.
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Using Flipside Data Bank Tables:
- Polygon.core.fact_transactions : To get data about Polygon transactions and Matic fees.
- Polygon.core.ez_matic_transfers: To get data about the price of Matic per hour.
- Ethereum.core.ez_dex_swaps: To get data and calculate the average Matic Price in USD.
- Ethereum.core.fact_hourly_token_prices: To get data about the price of ETH per hour.
- Ethereum.core.fact_transactions: To get data about Ethereum transactions and ETH fees.
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The next blocks where excluded in Ethereum transaction table, due to faulty transactions that made their fees impossible to sum :
1-
0x1d223338097dec1ec637ee7ad5294bce448197868e4470664dd612f1488529b2
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0xcd9efacc45dc0eb85a7b3c889a46a4b8391ed3ce3c118de262146b8de7dc67cb
3-
0xdd336e8e5a354b5198d7b1e6a4099096a48c0309e9659d60b4b249b583a2f6ce
- We can see some correlation between ETH and Matic, although ETH has a strongest volume both have valley in July 2,3,7,9
- The valley in Ethereum on Jul 7 doesn’t seem by failed transactions, aside from that both have similar activity at the start of the month.
- In this graphic we can see the strongest correlation between Polygon and Ethereum, both prices are in the uptrend.