Top cryptocurrency news: Decentralized apps on Polygon hit 37k, increasing 400% this year

12 Aug 2022 By: Sudeep Saxena
Top cryptocurrency n

The number of decentralized apps (DApps) on Polygon

An Ethereum scaling platform, has surpassed 37,000, representing a 400% rise since the beginning of 2022. 

The figures were released by the Polygon team in an Aug. 10 blog post, which was sourced from partnered Web3 development platform Alchemy, emphasizing that the figure reflects the total number of apps ever created on both the testnet and mainnet.

It also reported that the number of monthly active teams – a metric of developer engagement on a blockchain — reached 11,800 at the end of July, up 47.5% from March.

The project team also highlighted a split of dApp projects, which revealed that 74% of companies used Polygon alone, while 26% used both Polygon and Ethereum.

Polygon's EVM compatible Proof-of-stake (PoS) blockchain serves dApps from a large number of renowned crypto projects and businesses, including NFT marketplace OpenSea, Metaverse platforms Decentraland and The Sandbox, and DeFi lending platform Aave.

According to the blog post, dApp usage on Polygon has resulted in over 142 million unique user addresses and $5 billion in assets secured, with around 1.6 billion transactions performed on the network to date.

Earlier this year, the Polygon team acknowledged their partnership with Alchemy as a key driver behind the network's growing number of dApps, citing the Web3 platform's infrastructure as making it substantially easier for Polygon developers to construct dApps.

“Polygon's June 2021 partnership with Alchemy proved to be an adoption driver, increasing the number of decentralized applications running on the network to 3k in Oct., 7k in Jan., and over 19k as of April,” according to the report.

The post emphasized Alchemy's platform tooling, Web3 and dApp infrastructure such as application programming interfaces (APIs), and Alchemy's collaboration with Polygon to handle and mitigate network-level difficulties when they occur.

With the crypto markets showing indications of a possibly positive resurgence recently, Polygon's native asset MATIC has risen 68.7% in the last month to sit at $0.92 at the time of writing, according to CoinGabbar. MATIC is the sixteenth largest asset in cryptocurrency, with a current market worth of $6.9 billion.

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