Polygon Monthly Report - November 2023

Introduction

The month of November was full of exciting news and growth throughout the Polygon ecosystem. Many of Polygon’s scaling solutions have grown in adoption and many exciting partnerships were announced. In this article, we’ll discuss the latest news and analytics that you don’t want to miss. Let’s dive in!

Biggest News of the Month!

Polygon Village Has Returned

The team at Polygon Labs has announced the return of the beloved Polygon Village. What they're calling "Polygon Village 2.0" is a new and improved version of the previous support program, with many exciting additions.

Polygon understands that starting a business, especially in the Web3 space, is challenging. Polygon Village is a startup support initiative, that aims to make it easier for startups to reach their potential. With the relaunching of Polygon Village, a grant program of over 110 million MATIC tokens will be up for grabs. The program also offers strategic guidance, mentorship, co-working spaces, thought-starter plans, and connections to venture capitalists.

The three main components of Polygon Village are:

Village Grants: Providing financial support to projects at any stage, including direct grants for later-stage projects and quadratic funding grants for early-stage ones.

Village Build Ideas: Offering inspiration through high-value ideas developed by Polygon Labs. Teams can choose from a catalog of pre-prepared ideas and receive 1:1 mentoring and support.

Village Startup Support: Beyond grants, founders can join a tailored support program with guidance, mentorship, access to an elite network, and discounts on various services through vouchers. There are also physical Village Builder Houses in New York and Lisbon for in-depth guidance, networking, and exposure.

The initiative encourages founders to connect with mentors and experts in the Web3 space. The ultimate goal is to contribute to the mass adoption of Web3 and create an equitable future for all.

More Exciting News

OKX using Polygon CDK

OKX, a leading crypto exchange and Web3 ecosystem, is launching their own Layer 2 network built with the Polygon Chain Development Kit. OKX will also become a core contributor to Polygon CDK.

X1 will serve as OKX’s new native network, connecting its more than 50 million users to the broader Polygon and Ethereum communities. X1’s native token will be OKX’s platform token OKB, which will be used to pay for gas fees on the network. A testnet for X1 is live today.

Near Protocol Using Polygon CDK

Polygon Labs and NEAR Foundation are teaming up to develop a zk prover for Wasm blockchains in order to bridge the gap between Wasm-based chains and the Ethereum ecosystem. When complete, a zkWasm prover will add additional customizability for developers building with Polygon CDK.

NEAR Foundation will become a core contributor to Polygon CDK to expand developer options for building custom blockchains. This means projects will be able to select from a number of provers when building with Polygon CDK, whether that’s launching or migrating an EVM chain, or building a Wasm chain for closer Ethereum alignment and access to liquidity.

Immutable x Ubisoft

Immutable, the leading web3 gaming platform that utilizes Polygon CDK, is joining forces with Ubisoft to create a new gaming experience to further unlock benefits for players through the power of Web3.

“As the platform of choice for many leaders within the Web3 community, Immutable offers both cutting-edge technology and a unique expertise in seamlessly integrating decentralized technologies into games.” - Nicolas Pouard - VP of Ubisoft's Strategic Innovation Lab

OpenSea Pro on Polygon

In the month of November, OpenSea announced they are officially going multi-chain. OpenSea states, "Now OpenSea Pro just became the go-to destination to buy, sell and list NFTs across marketplaces and blockchains!"

The Conclusion of Polygon zkEVM Saga

After many weeks of exploring and earning rewards, the Polygon zkEVM Saga has come to an end. During the campaign, activity on the zkEVM chain surged win terms of users, transactions and overall dApp usage.

Users who competed all the tasks each week were able to claim special NFTs dedicated to the event. There has been no information given to what benefits or utlity these NFTs may hold.

Coinbase Wallet Introduced Source Swapping

The team at Coinbase has shipped a brand new feature for Polygon users. When swapping on Polygon, you can now elect to pay gas fees with the source token you’re swapping. This means if you're a little low on MATIC, you can use the token your swapping to, to cover fees.

They also announced the ability to never pay for failed transactions with gasless mode. If your transaction fails, you won't pay network fees.

Analytics

Games on Polygon

According to Game7 Research, Polygon hosts the most Web3 games compared to all blockchain ecosystems. Polygon has been a leader in the crypto gaming sector for many months now. They have also been attracting some very well known gaming companies since their partnership with Immutable.

Polygon PoS Transactions Reach New Highs

On November 16th, the Polygon PoS chain recorded a new all time high of 16.4M daily transactions. The all time high nearly doubled the previous all time high, which was just over 9M.

Over the last 30 days Polygon PoS has averaged over 7M transactions per day.

Polygon zkEVM Bridge Volume

Polygon zkEVM bridge volume has reached a significant milestone of $250M since launching on Mainnet in March 2023. The rapid adoption of Polygon zkEVM has been impressive, along with many important upgrades taking place on the network over the last few months.

Polygon PoS DEX Volumes

On November 9th, Polygon PoS DEX volume saw its highest day since March 2023. With more than $340M in volume, this was one of the highest daily DEX volumes the PoS chain has ever recorded.

Furthermore, over that last 3 months, volumes have increased more than 100%.

Polygon PoS Unique Addresses

The Polygon PoS chain has passed 385M total unique addresses. This number in November of 2020, was just 120K. This showcases the incredible rapid growth of Polygon over the last three years.

Polygon zkEVM Total Transactions

The Polygon zkEVM chain, launched in March of this year, has reached an impressive milestone of 8M total transactions. On average, the zkEVM chain is processing around 1M transactions each month.

Conclusion

In conclusion, November brought significant developments and achievements within the Polygon ecosystem. A standout highlight was the return of Polygon Village 2.0, a revamped startup support initiative offering grants, mentorship, and strategic guidance to help entrepreneurs navigate the challenges of Web3. The collaboration with OKX and NEAR Protocol, along with Immutable's partnership with Ubisoft, showcased Polygon's expanding influence in the crypto and gaming domains. The successful conclusion of the zkEVM Saga, Coinbase's new features for Polygon users, and impressive analytics such as record-breaking transactions and growing unique addresses underscored the ecosystem's vibrant growth and adoption.

With these advancements, Polygon continues to shape the landscape of decentralized technologies, contributing to the mass adoption of Web3 and reinforcing its position as a leading blockchain ecosystem.