Introduction

Polygon (MATIC) is a project that seeks to correct the problems of Ethereum's transaction processing capacity per second. It wants to offer a solution that allows communication between different blockchain. All with the aim of improving the capabilities in Ethereum to support different decentralized solutions and solutions for decentralized finance, also known as DeFi.

The Polygon (MATIC) project proposes the following:

• An improvement in security by moving to Proof-of-Stake (PoS) consensus.
• Improving the user experience through a much more intuitive interface. It also seeks to offer native mobile apps and a software development kit that supports WalletConnect.
• Blockchain that can support different types of protocols and consensuses.
• Solve the scalability problem, adding greater capacity to process transactions per second, lowering transaction fees and ensuring security
• Implement interoperability between sidechains, allowing the exchange of data and assets between different blockchains.

One of the main type of platforms used to use Polygon is the bridging platforms, that are being used to pass tokens from L1 platforms to L2. In this case, the most common one are Hop or Plasma protocol that brings the possibility to bridge from Ethereum mainnet to Polygon network.

Results

These first charts are about the top 15 most used contracts after bridging from Ethereum to Polygon. The first one shows the global ranking in numbers and the second one by weeks.

If we take a look at the first one, we can see that the major of the bridge destinations are about Hop Protocol platform. It seems that the major of the users who are bridging from Ethereum to Polygon are doing that to use Hop Protocol. In fact, the top 5 most used contracts are from Hop Protocol using MATIC, ETH, USDC and USDT.

Looking at the weekly charts, we can see how the Hop Protocol bridge destinations dominated the situation from the beginning until the end. THe amount of transactions increased on the second week of june and during the past week as well.

If we focus on the concrete platforms users are using after they bridge from Ethereum to Polygon, we can see how as expected from the previous chart, a huge part of them are using Hop Protocol platform. In fact, it represents more than 85% of the total top 15 platforms’ transactions.

There are other important platforms but with a lower percentage distribution of transactions. For example, Aave, Balancer and Cyberkongs are the three following platforms in the rank with a percentage higher than 1% of the total top 15 platforms ‘transactions.

Finally, regarding the type of sectors users are using after the bridge from Ethereum to Polygon, we can see that in the major of the cases, they are using Layer 2.

While Layer 2 sector represents more than 80% of the total transactions, DEX and DeFi are the next sectors in terms of transactions representing 5 and 4.2% of the transactions respectively.

Token, Dapp and NFT sectors have also a representation between 1.2 and 3.5%.

Conclusions and key insights

In this dashboard we have explored the user behavior after they bridge from Etherem network to Polygon network. It has been explored the top contracts used, as well as the top platforms and sectors.

The main insights extracted from tha analysis have been the following:

• The top 5 most used contracts are from Hop Protocol.
• The major of the bridge destinations are about Hop Protocol platform.
• Aave, Balancer and Cyberkongs are the three following platforms in the rank with a percentage higher than 1% of the total top 15 platforms ‘transactions.
• The Hop Protocol bridge destinations dominated the situation from the beginning until the end of the evaluated period.
• Regarding sectos, users are using Layer 2. DEX and DeFi are the next sectors in terms of transactions representing 5 and 4.2% of the transactions respectively.