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Polygon maximalists [MATIC] have had an active time after a series of new developments took place recently on the network. crypto reporter Lark Davis confirmed that MATIC has surpassed two billion transactions.
This is a major announcement by Polygon, one of the leading operational scaling solutions for Ethereum [ETH]. But that’s not all as transactions on Polygon are also starting to overtake Ethereum.
Since the inception of Polygon, Ethereum has completed more than 1.5 billion transactions. However, this on the Polygon network is more than 2 billion.
This gives Polygon an advantage over Ethereum, which is expected to increase scalability after The Merge event is completed.
Polygon’s performance this quarter surpassed Ethereum’s. According to Polygon Daily, During the quarter, Polygon’s trading volume was twice that of Ethereum.
Moreover, according to the Polygon news Twitter account, Polygon Daily, the network has reached a new milestone in the number of NFTs. According to this tweet, monthly NFT sales on Polygon hit an all-time high at $100 million in August.
This is the first time Polygon has been able to break through the $50 million resistance level since its best performance earlier in February 2022. Recently, the largest NFT exchange, OpenSea has allowed users to list and buy through native tokens on Polygon.
Besides, Polygon added Senken to its ecosystem in an announcement made on September 5. Senken is an online carbon credit marketplace that allows users to buy, trade, and remove tokenized carbon credits.
We are excited to announce that the @senken_io on-chain carbon credit marketplace will be part of the ever-expanding @0xPolygon ecosystem 🌱 1/7 pic.twitter.com/TDqQhZuQBi
— senken (@senken_io) September 5, 2022
After losing its $1 high in August, MATIC was trading at $0.89 at press time. According to CoinMarketCap, Polygon’s governance token has gained more than 2% over the past day, up another 5.2% over the past week.
This puts Polygon in a strong position to benefit from The Merge event as Ethereum’s scalability will also benefit Polygon.
However, the rise of L2 scaling solutions such as Arbitrum and Optimism will be a major threat to Polygon’s growth. Many speculate that the two protocols could lead to Layer 2 in the near future.
