Polygon Emerges as the Dominant Blockchain of 2023
According to recent data curated by NFT Tech and shared by Ryan Wyatt, president of Polygon Labs, Polygon has taken the lead as the most popular blockchain in 2023 so far. This marks a significant shift from the previous year, where Ethereum held the top position due to its liquidity, popularity, and high number of active users.
Wyatt emphasized that the Polygon team is focused on long-term protocol strategies aimed at empowering developers within their community. The data illustrates Polygon’s rising popularity, with its market share increasing from 23% in 2022 to 41% in the first quarter of 2023. This growth has attracted notable industry players, including Nike, Reddit, and Starbucks.
While Polygon leads in popularity, other blockchains like Immutable X and Palm follow closely behind, according to the NFT Tech data.
Polygon has also experienced substantial growth in transaction volume on its zkEVM (zero-knowledge Ethereum Virtual Machine), reaching all-time highs. The data reveals a significant 70% increase in total value locked (TVL), representing the largest week-over-week surge since its launch. Additionally, May 14 saw a record-breaking day in terms of successful transaction volume, surpassing 13,000 transactions.
Notably, while transaction fees skyrocketed on other blockchains during the meme coin frenzy, Polygon fees remained low even during peak activity periods. The positive transaction data has also had a positive impact on the price of MATIC, Polygon’s native cryptocurrency, which has increased by 2.8% in the last 24 hours. At the time of writing, MATIC is trading at $0.8784, according to CoinMarketCap.
