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Data Shows Polygon Has Surpassed Eth In ‘New Tokens Deployed’

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Big announcements and data both point to Polygon beating Ethereum in almost every metric.

Covered:

  • Polygon overtakes Ethereum in ERC tokens deployed
  • From Sidechains to Rollups
  • Winning on all fronts

A Formidable Layer 2 for ETH Congestion

It was only a matter of time. The bottleneck of Ethereum’s congestion at the base layer always meant that eventually, a formidable layer-2 scaling solution would begin to actually overtake Ethereum itself. Polygon appears to have done that in some ways, and the data proves it.

According to data from nansen.ai, in around September, Polygon began to steadily overtake Ethereum in terms of new tokens deployed. In this case, of course, ERC-20 tokens. That is to say, when new protocols are going live on mainnet and/or launching tokens, they are doing it on Polygon rather than Ethereum.

Why? As you may have guessed, Polygon can do more transactions per second by orders of magnitude, all with EVM compatibility, meaning smart contracts function on Polygon and basically any dApp that can run on Eth can run better, cheaper, and faster on Polygon.

As you can see in the below chart, Polygon has absolutely dominated Ethereum since September. This is a pretty big deal, because when protocols launch on Polygon more and more, the TVL gets eaten up by Polygon more and more. There may not be a more telling metric than this. These protocols launching on Polygon are certainly “more MATIC than ETH.”

TVL Gains and ZK-Rollup Technology

Now, while one can argue, and many have, that Polygon is clearly more centralized than Eth, which is basically the nature of federated sidechains like Polygon, it doesn’t take away from the fact that they are capturing massive TVL and uses. Moreover, they are deploying zk-rollup technology which is much more secure because rollups inherit the native security of the mainchain, in this case Ethereum.

Clearly the tact from Polygon was wise–capture the TVL, and then address the more nitty-gritty details such as employing zk-rollups. And capture the TVL they have done, no doubt. As an example, since Polygon launched AAVE Polygon in March, they have captured over $5 billion of AAVE’s total-value locked, according to DeFiLlama.

Polygon: More than a Scaling Solution

Polygon has become more than a scaling solution, in their own words, they are “an internet of blockchains for Ethereum”. In many ways, Polygon has turned into Eth 2.0. The below data is another major indication that Polygon is actually doing a number on its big brother. As you can see below, smart contract deployments today on Polygon, (people using dApps) outnumbers Ethereum by a factor of 139 to 3. Wow. 

Polygon is also doing nearly 300% more transactions than Ethereum on average. And the news just won’t stop flowing. As we reported today, “Reddit co-founder Alexis Ohanian announced that his venture capital firm Seven Seven Six and Polygon have teamed up to create a $200 million fund to invest in social media [on Polygon].”

So the news and the data both point to Polygon beating Ethereum in almost every metric. Alas, at the end of the day, Polygon is an ERC-20 token, and therefore couldn’t exist without Ethereum. However, there is no doubt that Polygon has become more than a Ethereum helper, they are a formidable competitor. One could even say that the “sidechain has sidelined the mainchain.”

The post Data Shows Polygon Has Surpassed Eth In ‘New Tokens Deployed’ appeared first on CryptosRus.

Data Shows Polygon Has Surpassed Eth In ‘New Tokens Deployed’

 

https://cryptosrus.com/data-shows-polygon-has-surpassed-eth-in-new-tokens-deployed/feed/

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