Polygon breaks records in on-chain activity, promises NFT accessibility through low gas fees

  • Integration of the succinct blockchain Mina Protocol brings added security and privacy to smart contract applications built on Polygon Network.
  • World’s largest peer-to-peer marketplace OpenSea has more Polygon users than on Ethereum layer 1. 
  • 77% of OpenSea’s Polygon NFT sales in August were for $100 or less, the layer 2 scaling solution promises NFT accessibility for retail traders.

Polygon has announced a merge with zero-knowledge proofs protocol Mina Protocol through a bridge. Guaranteeing privacy to users becomes increasingly essential with the security challenges faced by NFT collectors, and Polygon is taking steps to enhance privacy in its ecosystem. 

Polygon users break records on OpenSea, makes NFTs accessible to all

Mina Protocol, better known as the cryptocurrency industry’s “smallest blockchain” operates on 22kb of data. The protocol’s lightweight blockchain provides fast sync speeds and easy setup, with no additional requirements for hardware to maintain the network. 

Ethereum’s layer-two scaling solution, Polygon has announced a merge with Mina Protocol through a bridge and together the two are set to offer enhanced privacy to smart contract applications built on Polygon. 

The crux of the merge is that applications like Mina Protocol offer Polygon network contracts to keep features like an owner’s identity or sensitive Know Your Customer (KYC) information hidden from different parties. 

Sandeep Nailwal, co-founder of Polygon, said,

Building a bridge between Polygon and Mina is an important step toward achieving our shared vision of a fully decentralized ecosystem of dApps that keeps users in control of their data.

Polygon’s users and on-chain activity has increased consistently over the past few months. The network’s native asset MATIC has hit a new all-time high in daily active users (DAUs). 

176,012 users transacted a total of $6.08 million on Polygon. @RaphaelSignal, a MATIC and DeFi analyst on crypto Twitter, has shared an engagement and monetization analysis of the record-breaking on-chain activity on Polygon.

With several updates in 0xPolygon ecosystem, it is a lesser known fact that OpenSea is fully integrated with the network’s Proof-of-Stake (POS) chain. The number of Polygon users on the marketplace exceeds Ethereum layer 1. 

190,000 wallets have transacted in Polygon on OpenSea. @NiftyTable, an NFT data analyst, shared his findings in a thread on crypto Twitter. 

According to @NiftyTable, 77% of Polygon NFT sales in August accounted for $100 or less. This implies that the layer-2 scaling solution has boosted NFT accessibility for traders and collectors, offering reduced gas fees.

With bullish developments in the Polygon ecosystem, analysts expect MATIC to continue its upward climb. 

FXStreet analysts have predicted a 90% upswing in the altcoin’s price, as they evaluated where the altcoin is heading next.


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