[ad_1]
Polygon has posted higher daily transaction fees than Ethereum over the last three days, with an analyst pointing to robust user activity on prediction market Polymarket.
According to the latest data from Token Terminal, Polygon raked in $407,100 worth of transaction fees on Friday, compared to Ethereum’s $211,700, with the data indicating this is the first time Polygon has ever flipped Ethereum in daily transaction fees.
Average daily fees over the past 30 days on Ethereum and Polygon. Source: Token Terminal
The gap has since narrowed, with daily transaction fees on Polygon at $303,000 on Saturday, while Ethereum saw about $285,000.
Polygon is home to Polymarket, one of the most prominent prediction markets to emerge from the blockchain sector that launched in 2020.
In an X post on Monday, Matthias Seidl, the co-founder of Ethereum analytics platform growthepie, highlighted Polygon’s recent activity growth and said that it has been “fully driven by Polymarket.”
Seidl shared a chart showing that Polymarket had accounted for just over $1 million worth of fees on Polygon over the past seven days, with the next highest app on the L2 being Origin World, which accounted for around $130,000.
Source: Matthias Seidl
Polygon has also highlighted surging activity on Polymarket. In an X post on Saturday, the team noted that over $15 million worth of wagers were placed on a single Oscars market category alone, adding that “Polygon is the chain underneath it” all.
Polygon says there’s also a strong network of trustless agents being deployed on the L2 to “tap opportunities” on the prediction market.
Prediction markets have been booming in popularity since the last US election, and the rapid adoption has seen several crypto firms launching their own offerings.
Related: ETH chart pattern projects rally to $2.5K if key conditions are met: Data
Elsewhere, some have also pointed to growing stablecoin usage on the L2, particularly with Circle’s $USDC ($USDC). In an X post on Sunday, Polygon data analyst @petertherock said that the network had notched a new weekly high of 28 million $USDC transactions.
Polymarket uses Polygon-based $USDC for trading on its platform.
Magazine: Coinbase misses Q4 earnings, Ethereum eyes ‘V-shaped recovery’: Hodler’s Digest, Feb. 8 – 14
[ad_2]
