Polygon daily fees flip Ethereum amid prediction market boom

Polygon has posted higher regular transaction fees than Ethereum implicit the past 3 days, with an expert pointing to robust idiosyncratic enactment connected prediction marketplace Polymarket.  

According to the latest information from Token Terminal, Polygon raked successful $407,100 worthy of transaction fees connected Friday, compared to Ethereum’s $211,700, with the information indicating this is the archetypal clip Polygon has ever flipped Ethereum successful regular transaction fees. 

Average regular fees implicit the past 30 days connected Ethereum and Polygon. Source: Token Terminal

The spread has since narrowed, with regular transaction fees connected Polygon astatine $303,000 connected Saturday, portion Ethereum saw astir $285,000. 

Polygon is location to Polymarket, 1 of the astir salient prediction markets to look from the blockchain assemblage that launched successful 2020. 

In an X station connected Monday, Matthias Seidl, the co-founder of Ethereum analytics level growthepie, highlighted Polygon’s caller enactment maturation and said that it has been “fully driven by Polymarket.”

Seidl shared a illustration showing that Polymarket had accounted for conscionable implicit $1 cardinal worthy of fees connected Polygon implicit the past 7 days, with the adjacent highest app connected the L2 being Origin World, which accounted for astir $130,000. 

Source: Matthias Seidl

Polygon has besides highlighted surging activity connected Polymarket. In an X station connected Saturday, the squad noted that implicit $15 cardinal worthy of wagers were placed connected a azygous Oscars marketplace class alone, adding that “Polygon is the concatenation underneath it” all. 

Polygon says there’s besides a beardown web of trustless agents being deployed connected the L2 to “tap opportunities” connected the prediction market. 

Prediction markets person been booming successful popularity since the past US election, and the accelerated adoption has seen respective crypto firms launching their ain offerings. 

Related: ETH illustration signifier projects rally to $2.5K if cardinal conditions are met: Data

Elsewhere, immoderate person besides pointed to growing stablecoin usage connected the L2, peculiarly with Circle’s USDC (USDC). In an X station connected Sunday, Polygon information expert @petertherock said that the web had notched a caller play precocious of 28 cardinal USDC transactions. 

Polymarket uses Polygon-based USDC for trading connected its platform. 

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