New Milestone: dApps Powered by Polygon PoS Chain Exceed 37,000

The Polygon ecosystem has seen tremendous growth this year across its NFT, blockchain gaming and decentralized finance niches.

Towards the end of April, the Polygon team announced that the network was host to more than 19,000 dApps –  a geometrical growth from around 500 last November. The data sourced from partnering Web3 developer platform Alchemy also listed over 8,000 monthly active teams building on its proof-of-stake chain at the time. Further, Polygon revealed that more than two-thirds of integrated teams preferred to work exclusively with the PoS chain, with only 35% choosing to deploy on the base layer.

dApps on the testnet and mainnet surpass 37,000

The latest update by Polygon on August 10 shows that the total dApps figure has almost doubled since then as more projects show a preference for the network. Also serving as an indication of the developer activity on the chain, the number of monthly active teams had grown to 11,800 by the end of July. Overall, the proportion of those integrating exclusively on Polygon compared to both has changed to approximately 3:1

“More than 37,000 decentralized apps (dApps) have been built on Polygon. That's almost double the number in March and a fourfold increase since the start of the year,” the Polygon team wrote.

Here is a look at the closing dApps numbers for Week 31 as captured in the PolygonInsights report published on the same day.

In terms of user activity, the chain has facilitated more than 1.6 billion transactions representing $5 billion worth of assets since going live.

Polygon launches Gnosis safe wallet bridge

This week Polygon also released a solution for Gnosis safe wallet users that overcomes the cost, convenience and security challenges in multi-sig technology. The Polygon-Gnosis bridge launched on August 9 is a blockchain integration that allows user teams to transfer assets between Polygon and Ethereum. Coming as a standalone application, the solution targets users that handle large transaction volumes, such as teams managing treasuries.

Notably, the bridge adds to many Web3 initiatives featuring the participation of Polygon to some extent. Social networking platform, Reddit, announced last month (July 7) that it was launching an NFT-avatar marketplace powered by Polygon's PoS chain. The announcement came on the heels of a collaboration between Polygon and smartphone maker Nothing for the Nothing Phone (1), whose selling point is web3 functionality.

In the announcement post, Polygon noted that its collaboration with Nothing would be confined to an NFT community (membership club) of investors who participated in Nothing's crowd funding and those who pre-order the Nothing Phone (1). Users of the Nothing Phone (1) will be able to access Polygon's payments and future services, including its blockchain-based authentication solution, Polygon ID, in addition to its apps and games.

Though a first of its kind for Polygon, the partnership is not the first attempt to bring Web3 functionality to smartphone devices. In June, Solana unveiled its Web3 smartphone dubbed the Solana Saga which is expected to enter the market early next year. Taiwanese consumer electronics manufacturer HTC also announced a metaverse phone that integrates Polygon and Ethereum.

So far, Polygon has carried out Web3 initiatives with several top companies, including Adobe, Meta, and Stripe. More recently, Web3bridge, an Africans for Africans platform for growing Web3 development talent, onboarded Polygon as a sponsor for the Cohort VII program in July.

Price action

Polygon's native token, MATIC, has continued trading below $1.00 in the last 30 days.

MATIC/USD 30-day chart

Teases to breach this psychological target have so far been unsuccessful. Claiming the dollar zone is ley for any exploration to higher grounds. This possibility, however, appears to be a long shot in the short-term considering the lack of significant catalyst in the market.

To learn more about Polygon visit our Investing in Polygon guide.