Is Polygon making Crypto Adoption mainstream?


Blockchain firms, exchanges, and other tech-related companies from the space have collectively been trying to spruce up their crypto game. Earlier this week, Robinhood launched its beta Web3 crypto wallet app and Polygon was the first blockchain network supported. At launch time, over 1 million users were on the waitlist, bringing to light the rising adoption by the masses.

On an individual front also, the platform has been growing. A recent research report released by brokerage firm Bernstein revealed that Polygon has around 170 million addresses. Out of the same, approximately 300,000 are considered to be active. In fact, Bernstein stated that it’s growing at a pace of 80,000 new users per day.

The report further noted that the said network was the first to offer Ethereum scalability for Ethereum. The same, per Bernstein, encouraged top DeFi and NFT applications to offer their products on the system.

As reported last month, the platform is now home to more than 37,000 dApps. Notably, the said figure marked a four-fold increase since the beginning of the year. Revealing the same, Polygon Studios’ CEO Ryan Wyatt had also stated back then that many projects were “increasingly” choosing to “solely” build on Polygon.

Read More – DeFi: Polygon dApps note 400% growth, but beware of the caveats

Bernstein’s report also outlined that Polygon had lower fees and that made it easier for applications like trading platforms Uniswap and OpenSea to cater to retail demand.

It is worth noting here that the gas fee on the platform has noted merely a handful of spikes since November last year. As illustrated below, at most other times, it has remained relatively stable, with the average fee hovering around the 100 gwei mark.

Source: Polygonscan

Polygon’s secrets

Apart from Robinhood, other big names including Meta, Stripe, and Starbucks, chose Polygon as their first integration partner to build Web3 experiences. Per the brokerage firm, a strong partnership pipeline gives Polygon growth and on-ramps to millions of users.

Also Read: Twitter to allow creators to be paid in Polygon native USDC via Stripe

Per Bernstein’s analysts Gautam Chhugani and Manas Agrawal, the “other secret” behind Polygon has been organizational in nature. The firm has hired employees from YouTube, Airbnb, Electronic Arts (EA), Amazon Cloud, and other large corporations to build a “truly global organization.”

In fact, as revealed in a recent article, Polygon plans to encash the adversity of other companies and the ongoing bearish phase by expanding its overall headcount by more than 40% this year.

Read More: Polygon plans to increase workforce by 40%