Can Polygon goes further despite the strong competitor like optimisms and arbitrum?
Since last time I published the polygon (matic) article 4 months ago, a lot had changed to the network. New scaling solution pop up such as arbitrum, optimisms and others. Since then polygon had partner over hermez network to further implement the scaling solution by polygon. Until now polygon had only plasma chain which is the most popular bridge over method from etheruem and coming up next it will implement zk roll up and others scaling solution. Nevertheless this article will simply compare and take a look into polygon network activities compared to ethereum activities to observe whether there is still room to grow on polygon. We are using Flipside Crypto data to analyze polygon behavior.
First chart we take a look at the daily transactions count on ethereum vs polygon. Clearly we can see the huge gap over with daily transactions on polygon (5million transactions count) is nearly 4x of daily transactions on ethereum (1.25 million transactions count). Although there is some fluctuation over daily transaction but one can see the daily transactions on polygon had established its support of 5 million transactions. This chart show how active is the polygon network. But how about the unique users on both chain? (data by Flipside Crypto)
The daily unique users chart is the inverse of daily transactions chart. The number of ethereum unique users is 3x higher than the number of polygon unique users. Coming over the end of august we can see the slightly closing the gap between those 2 as lately the gas fees on ethereum is insanely high which is not affordable by most of the retailers. For polygon to go further we do no wan to see the gap between those 2 to narrow down instead the best scenario is both the unique users is going up and simultaneously narrowing down the gap.
We all know that the fees is cheap on polygon and one can easily pay the gas fee for multiple transaction. By dividing the total transaction by total number of users we can observe one users on polygon can go as high as 90 transactions for one person. This kind of things is difficult to achieve on ethereum as 90 transaction on eth may cost you more than 2k usd. We can see the daily transactions per users on ethereum only stagnant at around 3 transactions per day. However this is easily achieve on polygon which users can ignore the gas price. Next we will compare the average fees for both.
The gap is too large between those two. The chart need to be plot with log scale to see the difference. Both the graph is showing upward trend. You can say both ethereum and polygon network had gain more activities and is more congested than ever. However the fees to pay for each transactions on polygon is still far lower than the transactions on ethereum. A single transactions on ethereum is 800x more expensive than on polygon.
Nonce in wallet
Nonce in your wallet represent the transaction count of the wallet. The higher the nonce indicate the users are more active in wallet activities including transferring crypto, aping into defi, minting nft and all kind of stuff. Before that please bear in mind the ethereum fees is considered ‘expensive’ compared to the polygon fees. We will plot out the average nonce on both network and compare it
Up until today the average nonce on ethereum had reach more than 1million but only 100k for polygon. From the previous chart we can see the daily active unique users on ethereum is 3x more than those on polygon and the low daily transaction count per users making it 1million nonce at average. Imagine just how much eth will be need to making it to 1million nonce. On polygon side, we can see average only sitting at 100k with lesser unique users and the much lower gas fees on polygon. Just comparing these stats we can see the polygon is just begin and will go way further than current stats.
Next we do some quick stats comparison on ethereum vs polygon. Cumulative users interact with ethereum had reach more than 100 million while cumulative polygon users had only 10 million so far. That’s only 10% of those ethereum users.
Some quick stats on plasma bridge on polygon and MEXC withdrawer. The yet to perfect schema on flipside had make us to only compute the withdrawer on MEXC. Total users that interact with plasma bridge and MEXC withdrawer is sitting at 113480 and 34687. This kind of low stats is negligible compared to the total cumulative ethereum users. More than 90% of those users had yet to interact with polygon. However with the CEX implement direct deposit on polygon network we will see it to go in upward only.
Comparing all these stats had make me more confidence in holding my matic token. With upcoming feature and more scaling solution introduce by polygon, we expect the polygon activities is just beginning and will continue to go up even further.
Query from Flipside Crypto
Compiled by me