Description of work

In this work, we want to analyze daily transactions and unique addresses on Polygon, beginning, July 1, 2022, from different perspectives including:

Counting and plotting the number of daily transactions on Polygon.
Counting and placing the number of daily unique addresses on Polygon.

First, let's give a brief explanation about Polygon.

Polygon is a Layer-2 scaling solution created to help bring mass adoption to the Ethereum platform. It caters to the diverse needs of developers by providing tools to create scalable decentralized applications (dApps) that prioritize performance, user experience (UX), and security. Polygon achieves this in large part due to the underlying technical architecture of its Proof-of-Stake (PoS) Commit Chain and its More Viable Plasma (MoreVP) L2 scaling solution. Polygon’s PoS blockchain serves as a Commit Chain to the Ethereum mainchain, attracting over 80 Ethereum dApps to its platform that transact without instances of the network congestion common to Ethereum and other Proof-of-Work (PoW) blockchains.

Polygon functions primarily through Commit chains, which are transaction networks that operate adjacent to a main blockchain — in this case Ethereum. The Commit chains bundle together batches of transactions and confirm them en masse before returning data to the main chain. Theoretically, Polygon will eventually have thousands of chains scaling together to increase throughput, with the potential to one day generate millions of transactions per second (TPS) when attached to a mainchain like Ethereum. Polygon currently only makes use of Commit Chain connectivity to improve transaction times, but will eventually make use of other Layer-2 scaling mechanisms such as Optimistic Rollups.

Although entirely focused on Ethereum at present, Polygon plans to develop its scalability-focused product offering to support other blockchains and to provide cross-chain interoperability between different protocols.

Source: gemini.com

Methodology

We use the [polygon.core.fact_transactions] table to calculate the number of unique addresses and the number of transactions on the Polygon network.

Also, to check the possible effect of polygon native token (MATIC) price on the number of transactions and number of wallets in the network, we calculate the daily average price of MATIC from the [polygon.core.fact_transactions] table.

1 - Counting and plotting the number of daily transactions on Polygon.

According to the results:

Since July 1, 2022, 31.9 million transactions have been made on Polygon.

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The price of Matic has grown by 62% since July 1.

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The number of daily transactions on Polygon has consistently been above 2.1 million daily transactions. Its lowest number was on July 10, 2022, equal to 2.16 million transactions, and its highest number was recorded on July 5, 2022, equivalent to 2.82 million transactions per day.

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In the last 12 days, except for July 2, 9, and 10, 2022, daily transactions have always been between 2.4 million transactions and 2.8 million transactions per day, and it can be said that the number of transactions per day, has been almost constant despite the 62% growth of the MATIC price and did not fluctuate much.

2 - Counting and plotting the number of daily unique addresses on Polygon.