Polygon PoS Chain's transaction fees up 225% despite activity falling

52
1
Polygon PoS Chain's transaction fees up 225% despite activity falling

Transaction fees rose 225% in April despite activity falling by 33%.

Despite activity trending within a narrow range, transaction fees on the Polygon PoS Chain network, the most well-known network in the polygon ecosystem, suffered extreme volatility last quarter.

In April, the network's daily gas fees rose from $80,000 to $260,000, despite coinciding with transaction volume falling from 3M to 2M.

Fees then largely trended between $90,000 and $120,000 throughout the quarter, with the exception of a sudden surge to $185,000 in mid-June. The transaction volume ranged from 2M to 2.5M throughout May and June.

The third quarter saw significant milestones for the polygon ecosystem. The launch of Polygon 2.0, a new network token, revamped governance, and unifying the PoS Chain with zkEVM, is the latest scaling solution from Polygon Labs.

In addition, Nansen also pointed out the v0.9 launch of Supernets, polygon's framework for launching layer 3 appchains.

Chainlink, a top web3 oracle provider, was the most active protocol in the quarter with 50.5M transactions. The Stargate cross-chain bridge with nearly 9M and MEV bot activity with 7.7M ranked Planet IX second, a strategy game powered by NFT.

Since its creation with 560M, MEV bots have been the largest one-source transaction source on the network, followed by Chainlink with 414M.

The top stablecoins were USD Coin (1.4M) and Tether, with XEN Crypto (1.4M) the top stablecoins.

Despite the fee volatility, trading on the sidechain was still 99% cheaper than Ethereum's mainnet over the same period.