Try Quests to earn FLOWPolygon Mega Dashboard
Description of work
In this work, we want to create a dashboard using the previous works (Only Grand Prizes) that have been done on Polygon, which will give users a broad view of the Polygon ecosystem.
Methodology
- In this work, we have used the results of the following dashboards:
- We have put the results and solutions of the above tasks as a reference, and in some cases, if a new part has been added, it was based on the solutions of the above tasks, but the conclusions were based on our observations, and our observations and conclusions from different numbers and graphs may be different from the conclusions mentioned in these works.
1 - Introducing Polygon
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Polygon Crypto Network Basics
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](https://www.gemini.com/cryptopedia/Cross-Chain Communication) between different protocols.
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Matic Token and Matic Wallet
The Matic token (MATIC) is Polygon’s native token, and has several distinct uses, one of them being to power the protocol via a gas-based mechanism used to pay network fees accrued from the computational power the network exerts to transfer data. This mechanism also allows software developers and ecosystem contributors to build dApps on Polygon by paying MATIC tokens to use the platform and its development framework.
MATIC can be stored in the Matic Wallet, instantly giving holders the option to stake their tokens and manage their own investments directly. Matic Wallet is designed using Polygon’s MoreVP technology as an easy-to-use solution for MATIC token holders to securely and simply manage their crypto finances. The wallet is built to be lightning-fast and integrate with WalletConnect to ensure the safekeeping of a user’s private keys, and to provide access to other Polygon features. The wallet also allows users to connect with various dApps, stake their MATIC tokens, and hold other ERC-20 tokens.
In the future, Polygon hopes to expand beyond Ethereum and be used for other blockchains that are creating their own decentralized finance (DeFi) ecosystems. To enable the mass adoption of DeFi, new blockchain infrastructure must be built in a decentralized, immutable, and trustless manner with high scalability and the ability to deliver cheap, fast transactions — a challenge that Polygon hopes to address.
Source: gemini.com/cryptopedia
To get more information about Polygon, you can visit:
Observations
- At the time of writing this text, the Matic token price is $0.95.
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The highest price of this token (ATH) is on 2021-12-27, which is equal to $2.82.
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The current price is about 67% lower than the price ceiling.
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The lowest price of this token is on 2020-11-06, which is equal to $0.014.
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- The current Circulation supply equals 7.29B Matic.
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Total Supply: 10,000,000,000 Matic. (research.binance.com)
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Initial Circulation supply: 3,250,085,551. (~32.5% of Total Supply)
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- The current Market Cap equals $6.89B.
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There is a very high correlation between the price of Matic and its Market Cap.
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The highest market cap value is $19.014B (2021-12-27). Also, on this date, the highest price for Matic was recorded.
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The lowest market cap value is $4.455M, which occurred on 2020-10-20 which occurred on 2020-10-20, and the price of Matic at that time was $0.015.
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- The total number of Matic holders (having more than 10 Matic) is currently 323K wallets.
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The total number of holders has always been in an upward trend.
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Usually, the drop in price does not have a significant effect on the number of holders. In some cases, after a sharp price drop, the number of holders has temporarily decreased and then started to increase. (Look at the dates from June 1 to 13, 2022, and dates from Dec 8 to 16, 2021)
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The highest number of Matic holders is 322816, which occurred on 2022-07-31, and the price of Matic at that time was $0.96.
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The lowest number of Matic holders is 2688, which occurred on 2020-05-05, and the price of Matic at that time was $0.016.
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- The amount of staked Matic equals 2.86B Matic.
- Like the number of holders, after sharp price drops, the amount of stacked Matics decreases slightly and then increases.
- The highest amount of staked Matic is 2.983B Matic, which occurred on 2022-05-22, and the price of Matic at that time was $0.66.
- The lowest amount of staked Matic is 34501Matic, which occurred on 2020-06-26 and 2020-06-27, and the price of Matic at that times was $0.0.21 and $0.020, respectively**.**
Observations
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So far, about 15 million addresses have done transactions on the Polygon network.
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0.7% of these transactions (111284) were done in 2020.
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47.3% of these transactions (7096068) were done in 2021.
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51.9% of these transactions (7783659) have been done from the beginning of 2022 until the time of writing this text (July 31).
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The highest number of transactions related to new addresses is equal to 179131, 145252, and 125896, which happened on 2022-06-27, 2021-11-08, and 2022-01-03, respectively
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The lowest number of transactions related to new addresses is equal to 1, which happened on 2020-06-12, 2020-07-07, 2020-07-17, 2020-07-18, and 2020-07-21.
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There is a relative correlation between the price of Matic and the number of daily new address transactions. As the Matic price increases, the number of daily new address transactions increases and vice versa.
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The average number of daily new addresses (the first transaction associated with an address) on Polygon on 2020, 2021, and 2022 is about 305, 19441, and 36715, respectively.
Observations
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The total number of active addresses on Polygon is 6.09M addresses.
- 5.01M (83.8%) of these active addresses have made transactions.
- 0.986M (16.2) of these active addresses have received tokens.
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The highest number of daily active addresses on Polygon equals 754781, 752000, and 748404 addresses, which happened on 2022-01-06, 2022-01-05, and 2022-01-04, respectively.
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The lowest number of daily active addresses on Polygon equals 2 addresses, which happened on 2020-06-27, 2020-06-24, and 2020-06-16
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There is a high correlation between the number of daily active addresses that have made transactions and the number of daily active addresses that have received tokens.
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There is also a high correlation between the number of active addresses and the price of the Matic token. Almost the peak activity of active addresses was recorded at the price peaks of Matic, also the decrease in the price of Matic token has caused the activity of active addresses to decrease.
Observation
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As you can see, Polygon has a better situation than other blockchains (Ethereum, Near, and Harmony) in terms of the number of transactions per hour (TPH)
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After Polygon, the best performances in terms of TPH are related to Ethereum, Harmony, and Near, respectively. It can be said that Near and Harmony are almost at the same level in terms of TPM.
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In early June and early July 2022, its TPH has experienced a sharp decline. Meaningful, it can be due to problems in the Polygon network.
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