A new analysis on the Polygon network suggests that most of the transactions on this platform don’t move that much money. Twitter account “sanket” published a tweet about the percentage of transaction values on Polygon.
It says that about half of the transactions in this network are transferring less than $1.45. But after a while, the tweet was edited with a reply by the same account saying that the data is about the addresses, not transactions, anyhow, it shows that many microtransactions are being managed on Polygon that can even be good news about attracting users who are looking for lower gas fees.
Polygon Helping Microtransactions
Polygon is one of the most successful layer two solutions for Ethereum. The network is designed to solve the scaling and transaction fees of this blockchain. Many Ethereum projects have decided to launch a Polygon version recently, and many more are considering this network to launch their projects. Lower transaction fees are among the top benefits of Polygon over Ethereum. The latest analysis claims that many transactions are done with very low value on this network.
According to a tweet by “sanket,” the network level stat on Polygon are:
“~45% of all transactions are transferring less than $1.45 – ~65% of all transactions are transferring less than $100 USD – ~85% of all transactions are transferring less than $1k – the top transaction moved ~$142mn.”
As mentioned above, “sanket” edited this tweet, saying that stats are about addresses and not transactions on this network. The reply says:
“correction: it’s actually addresses, not transactions. e.g: ~45% of all addresses, across all of their transactions that day, were less than $1.45.”
Regardless of the edit, the data shows that the stored and transacted money inside the Polygon network isn’t considerable among addresses. It shows that many people are using Polygon for microtransactions. It’s not bad news for the network and can be considered a successful attraction for faster and cheaper transactions in the blockchain industry. One of the replies to this tweet points at the lower transaction fee as a very good feature. It says that all of these transactions were managed for a fraction of a cent that is very good news for the industry. It says, finally, a solution is here that helps us move coins without being worried about paying high gas fees.
Many people believe that high gas fees and network speed are the biggest problems Ethereum faces today. They say that even Ethereum 2.0 can’t help solve these challenges. Maybe solutions like Polygon with lower gas fees and better scaling options can change the market trend.