Introduction

Polygon, formerly known as the Matic Network, is a scaling solution that aims to provide multiple tools to improve the speed and reduce the cost and complexities of transactions on blockchain networks.

In this dashboard, we are going to check the activity of users in the Polygon network. We will look at the number of daily transactions as well as the number of unique users. Finally we’ll examine these activities and reach a conclusion about growth of Polygon network.

Approach

the polygon.core.fact_transactions is mainly used to find transaction on polygon network.

Please make note that this table is still new and not fully backfilled. As required by the question, July data is used.

In order to get all successful transactions since July, following piece of code is used:

  WHERE BLOCK_TIMESTAMP >= '2022-07-01' and STATUS = 'SUCCESS'

To gain a better understanding of the state of the Polygon network, we are going to compare the number of daily transactions and the number of unique users with the Ethereum chain during the same period.

Please note that each unique address is assumed as a unique user.

Daily Transaction Count

The charts below show the number of daily transaction count on Polygon and Ethereum blockchains. In our study, we exclude the last day, because it’s not still finished and many more transactions may still come.

• Polygon's daily transaction count chart shows that the number of transactions fluctuates a lot, with a low of 2M and a high of 2.6M, a 30% fluctuation.
• Ethereum's chart shows a very stable daily transaction count.
• Both charts show that in the recent days, both blockchains has reached a plateau.
• So it is not only Polygon that has reached a plateau, but also Ethereum, which is a very famous chain, has reached a plateau.

Daily Unique User Count

The following charts show the number of daily users count on Polygon and Ethereum. These charts tell the same story as the charts from the previous section.

Cumulative Charts

The graphs below show the cumulative number of daily transactions and users using the Polygon chain each day. Looking at the graphs below, we can see that both the number of transactions and the number of users follow a linear graph. A line graph means a uniform rate of growth which confirms the result of last sections.

Total Transaction Count and Users

Before digging deeper and looking at the plots, let’s look at the total number of transactions and unique users on Polygon network, then compare it with the results from Ethereum chain. Since July, on Polygon a total of around 1.1 million unique users have done almost 27.5 million transactions.

On Ethereum 2.6 million users (almost 2.5x more than Polygon) have done less than half transaction count.

Conclusion

By looking at the charts above, it can be concluded that:

• Currently, Polygon network is not growing, but its not shrinking as well. actually since July it has plateaued.
• A very famous blockchain, Ethereum, also faces the same issue. Ethereum is not growing either.
• Polygon daily transaction count fluctuates a lot more (about 30%) than Ethereum.
• Since Polygon had almost 1.1M unique users while Ethereum had 2.6M users.
• At the same time Ethereum did less than half transaction tha Polygon, probably due to very higher cost of transaction.