Polygon Fees
What Will You Read?
In this analysis, You will read about Fees on Polygon and Ethereum since July 1, 2022.
I Compared Ethereum and Polygon fees to each other over the time period.
Fees
Given the enormous network congestion on the popular Ethereum blockchain, so-called „layer 2 scaling solutions“ for Ethereum evolved. The Polygon blockchain is one of them. It docks onto the Ethereum blockchain (which here represents layer 1) and takes over some processing or transaction validation/confirmation work of the Ethereum blockchain.
Polygon is a layer-2 scaling solution for the Ethereum blockchain. Its goal is to help alleviate problems of congestion on the Ethereum blockchain, thereby reducing high gas fees (transaction fees) and long transaction times.
Analyzed By Hess - Reading Time Almost 12min
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Method
- The method was simple. I used Ethereum and polygon transactions table. Then joined to the price table and calculated all parameters belonging to FEES.
IMPORTANT Note: IT seems Ethereum data on 2022-07-02 is not available on the transaction table. So I eliminate this day from my analysis.
Daily, Cumulative and share of Fees Volume On Polygon Vs. Ethereum
- The below chart shows the total daily fees in USD on Polygon and Ethereum.
- On July 5th, Users paid 3.7M US dollars for fees on Ethereum.
- On the same day, Users paid 29.3K US dollars for Fees on Polygon.
Note: In That Day the total number of transactions on Polygon was above 100% higher than Ethereum transactions.
- Share of Fees volume on Ethereum is about 99.1% of the total and 0.89% for Polygon.
- Actually, These percentages show Polygon Handled more transactions with only 1% of fees Volume between Ethereum and Polygon.
- The Cumulative fee of Ethereum is 19M and on Polygon is 199K.
Average Daily Fees in USD
The left chart shows the average daily fees in USD on Polygon and Ethereum.
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The average daily fee on Ethereum is about 3$. There was a day with 1.9$ but the average is 3$.
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The average daily fee on Polygon is about 0.01$.
But only the price matters? Let’s examine the next charts.
Total Daily Transactions on Polygon and Ethereum
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The average number of transactions on Ethereum is about 1.7M
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The average number of transactions on Polygon is about 2.6M.
This graph shows that the total number of transactions didn’t impact on Average daily price. When the total number of transactions increased, The average didn’t change too much.
Fees Based on Networks Event
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The below charts show that users paid the most for transfer activities on Polygon and Ethereum.
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The second most paid fees were for Approval.
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2.9% of fees were for Swap but 4.7% of Fees were for Swap. Users paid more fees in swaps on Polygon In comparison to Ethereum. Almost double.
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- The highest average fees on Ethereum were for the Billing set events.
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The highest average fee on Polygon was forLiquidate.
Conclusion
- When we talk about Fees, stability, Security and speed come around.
- Double transaction of Ethereum went through Polygon but Fees were much lower than Ethereum.
- The failed transactions polygon does not have too much difference in comparison to Ethereum. Only 1%.
- Users paid nearly 20M dollars Fees on Ethereum But only about 200K on Polygon.
- The average Fee on Ethereum is 3$ but on Polygon is 0.01$.
- Failed transactions on Ethereum are about 4% but on Polygon is 5%.
- Swap and transfer are two popular events on each network.
- Most paid fees were for Transfers on two networks.
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