- Data from NFT Tech reveals that Polygon’s popularity almost doubled from that of 2022.
- Polygon also dethroned Ethereum, which bagged first place in 2022.
Polygon has emerged as the most popular blockchain in 2023 so far, according to the latest data. The data, which was curated by NFT Tech, was shared by Ryan Wyatt, the president of Polygon Labs.
Sharing the data, Wyatt stated that the Polygon team is focused on long-term protocol strategies with a vision to empower every developer in their community. The data shows that Ethereum, which led to its popularity in 2022 due to its popularity, liquidity, and high active users, has been dethroned by Polygon.
The latest data now reveals that the situation has flipped in favor of Polygon. The chart shows that Polygon’s popularity went up from 23% in 2022 to 41% in Q1 2023. This has also attracted some notable industry players, including Nike, Reddit, and Starbucks.
NFT Tech data shows that trailing Polygon in popularity is Immutable X, which is followed by Palm, and others.
Polygon has also been witnessing growth and a spike in transaction volume on Polygon zkEVM, which touched all-time highs. The data shows that there has been a 70% increase in total value locked (TVL), which is the largest week-over-week jump since the launch. May 14 also witnessed the single-day record for the highest successful transaction volume: 13K+.
Another interesting thing to be noted is that while the transaction fees on other blockchains, including that of Bitcoin, were skyrocketing amidst the meme coin frenzy, Polygon fees went down even during the peak activity period. Additionally, the positive transaction data has also caused the price of MATIC to go up by 2.8% in the last 24 hours. According to CoinMarketCap data, MATIC is trading at $0.8784 at press time.