Second quarter Polygon fee and transaction volumes were not in sync

Second quarter Polygon fee and transaction volumes were not in sync

During the previous quarter, there were significant fluctuations in transaction fees on the Polygon PoS Chain, the most widely used network within the Polygon ecosystem, despite the relative stability of overall activity.

In April, the daily gas fees, which refer to transaction costs, increased dramatically from $80,000 to $260,000, according to a recent report by Nansen. Intriguingly, this increase occurred as the number of transactions decreased from 3 million to 2 million.

The fees fluctuated between $90,000 and $120,000 throughout the quarter, with the exception of a spike to $185,000 in the middle of June. During both May and June, the volume of transactions remained relatively constant between 2 million and 2.5 million.

Polygon 2.0

Throughout the course of the second quarter, the Polygon ecosystem attained numerous important milestones. Notably, Polygon Labs introduced its Polygon 2.0 roadmap, which outlines plans for the launch of a new network token, a revamped governance structure, and the integration of the PoS Chain with zkEVM – Polygon’s most recent scaling solution.

Nansen also announced the release of Supernets v0.9, which serves as Polygon’s framework for deploying Layer 3 appchains.

Chainlink, a prominent oracle provider in the web3 space, emerged as the most active network protocol during the quarter, facilitating 50,500,000 transactions. Planet IX, an NFT-powered strategy game, came in second with 12,4 million transactions, followed by the Stargate cross-chain bridge with nearly 9 million transactions and MEV bot activity with 7,5 million transactions.

MEV Bots Are the Most Common Form of Activity

Since the network’s inception, MEV bots have been the primary contributor to transactions, accounting for a substantial 560 million transactions. Chainlink follows with 414 million transactions.

Stablecoins USD Coin and Tether topped the protocol charts in terms of active users, each with a noteworthy 1.4 million users. Following closely behind with 1 million users is XEN Crypto.

Even with fluctuating fees, conducting transactions on the sidechain remained considerably less expensive. During the same time period, the costs were only 1% of what they would have been on Ethereum‘s mainnet.


About Ylleza Jashari

Senior student pursuing a degree in Security Studies at Rochester Institute of Technology. In my role as a Content Writer at Walletor, my primary objective is to develop informative content that effectively educates all Walletor users on the most up-to-date insights pertaining to financial transactions, digital wallets, and the broader cryptocurrency industry.