It comes as the number of monthly active teams for the blockchain reached 11,800 in July, up from 8,000 in March.

The number of decentralized applications (DApps) on Ethereum-scaling-platform Polygon has topped 37,000, marking a 400% increase since the start of 2022.

The Polygon team shared the figures via an Aug. 10 blog post, which was sourced from partnered Web3 development platform Alchemy, noting that the figure represents the cumulative number of applications ever launched on both the testnet and mainnet. 

It also noted that the number of monthly active teams –a measure of developer activity on a blockchain – reached 11,800 at the end of July, up a whopping 47.5% from March.

The project team also highlighted a breakdown of dApp projects which notably showed that “74% of teams integrated exclusively on Polygon, while 26% deployed on both Polygon and Ethereum.”

Polygon’s EVM compatible Proof-of-stake (PoS) blockchain hosts dApps from a long list of prominent projects and brands in the crypto space, such as NFT marketplace OpenSea, Metaverse platforms Decentraland and The Sandbox, decentralized finance (DeFi) lending platform Aave, and NFT venture fund/gaming firm Animoca Brands.

The blog post stated dApp usage on Polygon has seen more than “142 million unique user addresses and $5 billion in assets secured” with around 1.6 billion transactions processed on the network to date.

Polygon CEO Ryan Wyatt was clearly pleased with the growth, as he took to Twitter to note that "we're having quite a year at Polygon."

Earlier this year, the Polygon team cited its partnership with Alchemy as a key driver behind the surging number of dApps being built on the network, as the Web3 platform’s infrastructure makes it “significantly easier for Polygon developers” to build dApps.

“Polygon’s partnership with Alchemy in June 2021 proved to be an adoption catalyst, sending the number of dApps running on the network to 3,000 in October, 7,000 in January, and over 19,000 as of April,” the post read.

The post highlighted Alchemy’s platform tooling, Web3 and dApp infrastructure such as application programming interfaces (APIs) and also Alchemy working “hand-in-hand with Polygon to resolve and mitigate network-level incidents when they occur.”

With the crypto markets showing signs of a potentially bullish recovery of late, Polygon’s native asset MATIC has pumped a hefty 66.3% in the past month to sit at $0.92 at the time of writing, according to CoinGecko. Its current market cap of $6.9 billion makes MATIC the sixteenth largest asset in crypto.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: BTC’s Q3 close and what to expect in Q4?

Bitcoin Weekly Forecast: BTC’s Q3 close and what to expect in Q4?

Bitcoin price is trading above two crucial levels, suggesting a stable foothold. Combining this outlook with a bullish divergence signal, BTC holders should expect a favorable outcome. However, since the third quarter will end in a few hours, there is bound to be abnormal volatility in the market, which could trigger massive moves in either direction, so investors need to be cautious. 

More Bitcoin news

Shiba Inu price: Shiba Eternity download day the biggest bullish catalyst in SHIB history?

Shiba Inu price: Shiba Eternity download day the biggest bullish catalyst in SHIB history?

Shytoshi Kusama, the project lead for Shiba Inu, has dropped a teaser about Shiba Eternity for the SHIB community. Proponents expect the launch of the collectible card game to be a bullish catalyst for SHIB.

More Shiba Inu News

Staking is coming to Chainlink this December as LINK price stands firm

Staking is coming to Chainlink this December as LINK price stands firm

LINK is trying to find its feet in the wake of declines that followed its rejection from resistance at $8.40. Bulls have managed to sustain a generally up-trending market and Chainlink is up nearly 17.50% from its September low at $6.56.

More Chainlink News

Ethereum Classic bulls take charge, a retest of $30 on the cards

Ethereum Classic bulls take charge, a retest of $30 on the cards

Ethereum Classic price ranges with no directional bias in sight. This trend could continue unless Bitcoin decides to do something. Regardless, investors should prepare for a minor downtrend before ETC rallies. 

More Ethereum Classic news

Bitcoin: BTC’s Q3 close and what to expect in Q4?

Bitcoin: BTC’s Q3 close and what to expect in Q4?

Bitcoin price has developed a bullish divergence with RSI, hinting at more upside. Despite the optimistic technicals, investors should expect volatile swings before the end of the third quarter of 2022. 

Read full analysis

BTC

ETH

XRP