Polygon has reported higher day by day transaction fees than Ethereum over the past three days, with one analyst pointing to robust user activity on the Polymarket prediction market.
According to the most recent data from Token Terminal, Polygon collected $407,100 value of transaction fees on Friday, in comparison with $211,700 for Ethereum. The data shows that that is the primary time Polygon has flipped Ethereum in day by day transaction fees.
Average day by day fees during the last 30 days on Ethereum and Polygon. Source: Token Terminal
Since then, the gap has narrowed: Daily transaction fees on Polygon were at $303,000 as of Saturday, while Ethereum was around $285,000.
Polygon is home to Polymarket, one in every of the premier prediction markets to emerge from the blockchain sector, launched in 2020.
In an X post on Monday, Matthias Seidl, co-founder of Ethereum analytics platform Growthepie, highlighted Polygon's recent activity growth, saying it was “entirely driven by Polymarket.”
Seidl shared a chart showing that Polymarket has racked up just over $1 million value of fees on Polygon over the past seven days, with the second-highest app on L2 being Origin World, which accounted for around $130,000.
Source: Matthias Seidl
Polygon has also noted the increasing activity on Polymarket. In an X post on Saturday, the team noted that over $15 million in bets had been placed on a single Oscar market category alone, adding that “Polygon is the chain underneath.”
According to Polygon, there’s also a powerful network of trusted agents deployed on L2 to use “opportunities” within the prediction market.
Prediction markets have turn out to be increasingly popular because the last US election, and the rapid adoption has led to several crypto firms launching their very own offerings.
Elsewhere, some have also pointed to growing stablecoin usage on the L2, particularly Circle's USDC (USDC). In an X post on Sunday, Polygon data analyst Petertherock said the network reached a brand new weekly high of 28 million USDC transactions.
Polymarket uses Polygon-based USDC for trading on its platform.
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph's editorial guidelines and goals to supply accurate and up-to-date information. Readers are advised to independently confirm the knowledge. Read our editorial policies https://cointelegraph.com/editorial-policy
