Crypto Asset

Polygon(MATIC) Continues to be Loved by Developers

Polygon, the largest scaling solution on Ethereum, has been reaping the benefits of its low fees and high-speed model as the patronage from the developer as well as the user community has been increasing since the beginning of 2021.

From the humble beginnings of just 30 applications being hosted on the network at the same time last year, it now has over 3000 dApps that have been built on it with transactions worth millions happening on the network daily. It has proved to be the best scaling solution by far and the Ethereum developers also seem to have given their full vote for it as the number of applications being built on the network is doubling every month over the last few months. It is reported that around 68% of the applications are on Polygon alone while 38% are on both Ethereum and Polygon which shows that the development is not just about porting over the existing dApps from Erhereum to Polygon but developers have considered it as so reliable that they have started building their standalone applications on Polygon alone. This was confirmed by reports from Alchemy, a development portal that tracks the developer ecosystem on many blockchain networks.

Polygon Co-founder Sandeep Nailwal made the following comment: “Alchemy’s tooling and infrastructure platform made developing blockchain easy and it is an essential resource for teams building on Polygon. The latest data shows that developers are taking notice. Having more developers built on Polygon with ease brings us a step closer to achieving our goal of mass adoption.”

The growth is specifically seen in the DeFi and NFT space and the simple developer tooling built by Polygon, which consists of a set of easy-to-use APIs has only made the development and go-to-market strategy of the various development teams much easier. The pace of development in Polygon has helped to take off some of the load on the Ethereum network which has seen the gas fees drop off a bit over the last couple of months. With ETH 2.0 scheduled to be launched next year and the network seeing increased competition from Polygon and Solana, it remains to be seen how the adoption of ETH 2.0 would be among the various dev teams in the future and whether it would continue to enjoy the patronage when push comes to shove.