It happens at a time when the number of blockchain-related monthly active teams increased to 11,800 in July from 8,000 in March.
Decentralized applications (DApps) on Polygon, an Ethereum scaling platform, have surpassed 37,000, a 400% rise since 2022 began.
The numbers were released by the team of the platform in a blog post on Wednesday and came from Alchemy, a Web3 development platform associated with the crypto scaling platform. The company noted that the statistic represents the total number of applications that have ever been created on both the testnet and mainnet.
It also mentioned that there were 11,800 monthly active teams at the end of July, up a staggering 47.5% from March, which is a gauge of developer engagement on a blockchain.
A long list of well-known projects and names in the cryptocurrency industry, including nonfungible token (NFT) consumer market OpenSea, Metaverse systems Decentraland and The Sandbox, decentralized finance (DeFi) lending platform Aave, and NFT venture fund/gaming company Animoca Brands, host DApps on Polygon’s Ethereum Virtual Machine (EVM) compatible proof-of-stake (PoS) blockchain.
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According to the blog post, more than 142 million specific user identities and $5 billion in assets have been safeguarded using DApps on Polygon. The network has currently executed about 1.6 billion transactions.
The growing number of DApps being developed on the network was mentioned as a major contributing factor earlier this year by the Polygon team. This is because the infrastructure of the Web3 platform makes it “much easier for Polygon developers” to produce DApps.
Polygon’s native asset, MATIC, has surged a significant 66.3% in a month to stand at $0.92 at the moment of writing, according to CoinGecko, as the cryptocurrency markets have recently shown signals of a possibly bullish resurgence. MATIC is now the sixteenth largest cryptocurrency asset with a market cap of $6.9 billion.