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How Polygon can be used to help track Ethereum transactions and Balance?

Polygon MATIC is a scaling platform for ethereum blockchain that allows them to communicate with one another. It’s also used to construct new Ethereum blockchains for businesses and institutions that need decentralized payment systems. Because one of its key purposes is to foster a multichain Ethereum ecosystem, the network calls itself “Ethereum’s internet of blockchains.”

Polygon is pleased to announce the launch of PoS Bridge Explorer, an online application that makes it simple to track transactions between the Polygon PoS network and the Ethereum mainnet. No wonder such a huge demand for polygon developers!

Polygon offers a trustless two-way bridge that enables users to move funds from Ethereum (deposit) to Ethereum (withdrawal) without suffering third-party risks or market liquidity constraints. Deposits take 7–8 minutes, withdrawals take 45 minutes to 3 hours, and the bridge supports a variety of standards including ETH, ERC20, ERC721, and ERC1155.

Activity involving contract deployment

Contract deployment activity could be a strong indicator of blockchain project development. When comparing statistics from Ethereum and Polygon, a few abnormalities pop out. For one thing, I noted that the proportion of ERC-20 tokens to the overall number of Polygon contracts is substantially larger. Since April, Polygon has released one ERC-20 token contract for every 220 other contracts. One ERC-20 token contract is deployed every 1,430 seconds on Ethereum! Indeed, tokens with the same name appear frequently on Polygon. This is due to two factors: some developers testing in production and others distributing bogus tokens to deceive consumers into buying them. The wonders of low-cost gasoline.

Addresses exist on both the Ethereum and Polygon blockchains.

On both Ethereum and Polygon, we can keep track of the number of active addresses. As of the 9th of June, this figure represents roughly 34% of all Polygon addresses. Starting in April 2021, I decided to analyze transactions on both Ethereum and Polygon to get a brief overview of what these addresses were up to on both chains. Quickswap and Polycat.finance were the most frequently used project contracts on Polygon by this user group. The V2 router from Uniswap was the most popular on Ethereum.

Surprisingly, approximately 17,000 of these overlapping addresses were onboarded to Aave on Polygon without ever having utilized Aave on Ethereum. Curve.fi has a difference of roughly 3,000 points.

Adoption of stablecoins ‍

Tether leads stablecoin circulation on Ethereum by a large margin — USDT is traded nearly twice as much per day as USDC and DAI combined! Despite this, USDC appears to be the preferred currency on Polygon, accounting for more than half of all stablecoin transfers. A number of Polygon-native stablecoin protocols are in the works. Two famous examples are IRON and miMATIC.

Wrapping up

Polygon is dubbed as “Ethereum’s Internet of Blockchains.” It addresses some of Ethereum’s current issues, including as excessive fees, a bad user experience, and few transactions per second (TPS). It also wants to create a multi-chain ecosystem made up of Ethereum-compatible blockchains.

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Smita Verma

Smita Verma

Blockchain enthusiast and cover everything that goes on in the crypto ecosystem. I love researching and producing technical content on blockchain.