Ethereum Scaling Altcoin Jumps As Ecosystem Sees 8x Spike in New Projects Built Year-to-Date
The price of Polygon (MATIC) is jumping as the project reports a near eightfold increase in applications operating on its ecosystem since the beginning of the year.
Polygon, an Ethereum (ETH) scaling solution, says more than 53,000 decentralized applications (DApps) are operating on its ecosystem as of the end of September based on data from the Web3 developer platform Alchemy.
“That’s an increase of over 60% since June and almost an eightfold jump from the start of the year. The DApps figure is the cumulative number of applications ever launched on both the mainnet and the testnet and represents a high-water mark of ecosystem activity.”
The price of Polygon is on the rise, having increased 15% from $0.73 to $0.84 in the past week. Polygon, which has a market cap of $6.4 billion, remains at $0.84 at time of writing.
Polygon says operational teams working in the Polygon network shows a more direct amount of activity compared to the number of DApps, which surged after it partnered with Alchemy in June 2021.
“The number of monthly active teams, the most direct measure of developer activity on the Polygon PoS chain, rose 27% to about 13,700. About 66% of the projects are building solely on Polygon, with the remainder also launching on Ethereum. A single team can have multiple DApps on the chain, not all of which are consumer-facing.
The adoption of Polygon on Alchemy led to a surge in the popularity of new decentralized finance [DeFi] applications and non-fungible tokens [NFTs] on the chain. With over 174.9 million unique user addresses and $5 billion in assets secured, Polygon PoS has processed more than 2.1 billion transactions to date.”
Adding to Polygon’s popularity, the coffee giant Starbucks recently partnered with Polygon to give its loyalty program customers a chance to buy and earn collectible NFT stamps as part of its Web3 program called Starbucks Odyssey.
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