On the 24th of January 2023, Polygon’s official Twitter account posted a thread, illustrating the platform’s growth over the past year.
#2022 wrap-up #onPolygon by Polygon Analytics👇
Active wallets hit a new ATH: 11 mm+ 🚀
Total active wallets: 206 mm (+58% from ‘21) 📈
Range of monthly transactions: 80 mm+ 🤝@LensProtocol & @unstoppableweb saw explosive growth after launch #onPolygon 💥 pic.twitter.com/c1OXO7ymKr— Polygon | Aggregated (@0xPolygon) January 24, 2023
The Polygon network has maintained an accumulated number of 1.07 billion transactions every month, and the number of recorded active wallets also increased, hitting an all-time high of 211% as opposed to last year’s 115%. The total of active wallets increased to around 22 million.
In the thread, a list of major giants that contributed to the spike in DeFi active wallets was recorded to include QuickSwap DEX, which amounted to 382k active wallets in January and over 125k in August. HopProtocol recorded 196k Active wallets in June, and 1inch recording 240k Active wallets in August. 1inch continues to lead the chart with nearly half a million average monthly transactions and 90k active wallets.
Benji Bananas, a free to play game created by Animoca Brands, added more than 1.4 million active wallets last year and processed 4 million transactions.
Added to that, racing games like DeRace, Pegaxy, REVV Racing, and Zed Run were responsible for generating the most transactions in 2022.
According to the analytics provider, Token Terminal, Polygon records 313k daily active users as of January 17, a number that spiked to over 600k daily active users earlier in January. Showing a 30% increase in activity since the beginning of October, resulting in a ripple effect of nearly $55k worth of daily fees for Polygon.
The adoption of Polygon in many top DeFi projects in the crypto space, including Aave, Curve, and SushiSwap has contributed to this explosive growth. SushiSwap alone has more than 15,000 active wallets on Polygon, compared to 4,194 on Ethereum, which has reflected a positive effect on the price of MATIC, which keeps surging by several thousand percent year-to-year.
Added to the factors contributing to polygon’s major boost in user operations is the investment received from US-based tech billionaire and serial startup investor Mark Cuban who hit the crypto headlines in May last year when he confirmed a significant investment in Polygon drawn by Its high transaction rates.
It’s difficult to say whether Polygon will continue to perform incredibly, Investors will need to keep a close eye on developments to discern whether the project adapts to a different environment and whether emerging DeFi projects will continue to show interest in building on the Polygon chain.
