Home > NEWS > Polygon Q4 Transaction Volatility Fueled by FTX Collapse, ZK Rollup Testing, Nansen Says

Polygon Q4 Transaction Volatility Fueled by FTX Collapse, ZK Rollup Testing, Nansen Says

A surge in daily addresses was partially due to the launch of Polygon’s zero-knowledge EVM public testnet. There were also new partnership deals with Starbucks and Instagram.

Polygon is an Etherum Scaling-specific tool that fluctuated sharply in the fourth quarter as customers scrambled to transfer money during the legendary run-up period of Sam Bankman-Fry 's FTX login password exchange. In addition, according to a new report from blockchain technical analysis platform Nansen, the project launched a new strategic partnership and initiative.

The daily trading volume of Polygon is between 2 million and 3.7 million, while the detailed address of daily activity is between 350000 and 1.7 million.

The total number of daily transactions in FTX soared in early November when customers tried to withdraw their assets from Polygon, which had been suspended. At that time, the daily gas bill peaked, reaching a maximum of $570000 a day. In early October, the daily gas charge was at least $16000.

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Compared with the ether, Polygon's daily trading volume in that quarter appears to be twice that of the latter, with more uncertainty, while Polygon's daily gas payment price is 40 to 100 times cheaper.

Li Yijun, author of the report and an analyst at Nansen Scientific Research Investment, told WJB,Polygon that the volatility in the fourth quarter was mainly due to many things other than the collapse of FTX.

Irreplaceable dynamic password (NFT) "launch and collaboration can lead to an increase in the number of transactions, rather than just moving local OTP," Lee said.

The sharp increase in daily addresses is partly due to the introduction of the zero-knowledge EVM public testing network by Polygon.

ZK induction is a professional technique that bundles transactions and uses "direct evidence", which is a small piece of data information used to determine that the transaction is "real" and has not been changed. The ZK induction for Polygon launches the Ethernet VM virtual machine (EVM), which means that developers can move smart contracts from the Ethernet to the Polygon environment without other problems.

Polygon's zkEVM is scheduled to be released on the server in early 2023.

To bring more people to the Polygon ecosystem, there is also a statement that it will be Binance ecosystem. (BU.S.) Smooth coding is integrated into the contract.

The Starbucks Coffee Henlanda satisfaction Program gives VIP the right to acquire and purchase digital collections on Polygon that are irreplaceable tokens. Instagram is starting to run on Polygon to market new features of NFT on the web.

With regard to the issues that must be concerned about joining the new quarter, Lee feels that the introduction of zkEVM models, NFT market sales on the blockchain and its popular selection may lead to steady growth in Polygon consumers.

by wjb news
© 2023 WJB All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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