Is Polygon promoting cryptocurrency adoption?

Exchanges, blockchain companies, and other industry-related digital businesses have all been working to boost their cryptocurrency game. The first blockchain network supported by Robinhood’s beta Web3 cryptocurrency wallet app was Polygon earlier this week. Over 1 million individuals were on the waitlist at the time of debut, highlighting the growing popularity among the general public.

Additionally, the platform has been expanding on a personal level. According to a recent research study from the trading company Bernstein, Polygon has over 170 million addresses. Aproximately 300,000 of the same are thought to be active. In fact, according to Bernstein, it is adding 80,000 new members every day.

The article added that the aforementioned network was the first to provide scaling for Ethereum. Bernstein claims that this pushed leading DeFi and NFT apps to make their solutions available on the system.

The platform is currently home to more than 37,000 dApps, as was revealed last month. Notably, the aforementioned amount represented a fourfold rise from the start of the year. At the time, Ryan Wyatt, CEO of Polygon Studios, also revealed the same thing, saying that many companies were “increasingly” choosing to “solely” build on Polygon.

Additionally, Polygon had lower fees, which made it simpler for applications like trading platforms Uniswap and OpenSea to meet retail demand, according to Bernstein’s report.

It is important to note that since November of last year, there have only been a few small increases in the platform’s gas charge. As seen below, it has generally stayed consistent at other times, with the typical charge circling around the 100 gwei level.

Secrets of Polygon

Other well-known brands, such as Meta, Stripe, and Starbucks, in addition to Robinhood, choose Polygon as their first integration partner to create Web3 experiences. Per the brokerage firm, a solid partnership pipeline allows Polygon growth and on-ramps to millions of people.

The “other secret” behind Polygon has been organizational in nature, according to Bernstein analysts Gautam Chhugani and Manas Agrawal. The startup has hired individuals from YouTube, Airbnb, Electronic Arts (EA), Amazon Cloud, and other significant organizations to develop a “truly global organization.”

In fact, as revealed in a recent article, Polygon plans to encash the adversity of other companies and the ongoing bearish phase by expanding its overall headcount by more than 40% this year.

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