Blockchain bridges and NFT tokens based on Polygon Network are booming, according to data from Nansen.
Blockchain analytics platform Nansen has identified Polygon Network’s blockchain bridge architectures, such as Proof of Stake Bridge and Plasma Bridge, as the most widely used in the blockchain industry over the past week.
According to the platform's data, the weekly volume traded through Polygon's blockchain bridges represents approximately 31% of the total volume operated through existing bridge architectures in the blockchain ecosystem. Polygon’s PoS ERC20 Bridge smart contract alone handled $102,4 million in volume, according to Nansen.
Additionally, over $11,6 million has been managed using the Polygon-based PoS ETH Bridge smart contract and another $8,3 million through the Plasma Bridge contract, the platform said.
This week, blockchain-based bridges handled a total volume of $391 million, with bridges based on the Polygon Network being the most widely used.
Over 2.000 active depositors on Polygon Network blockchain bridges
The total number of people who used Polygon's chain bridges in the last 7 days was 2.412 depositors. In addition, 8 of these depositors on Polygon Network bridges were Smart Money, according to Nansen.
Data shows that over the past week, the number of depositors on Polygon blockchain bridges has seen exponential growth, as has the total volume deposited on them.
The largest change in the number of active depositors is seen on the PoS ETH Bridge, which recorded a 200% weekly increase in terms of depositors. Plasma Bridge, on the other hand, recorded the largest increase in terms of deposited volume, with a weekly growth of 384%.
In total, Polygon’s two main blockchain bridge smart contracts have handled trading volumes of $30.500 billion and $10.300 billion.
What are blockchain bridges?
Blockchain bridges are architectures designed to interconnect two blockchains, making it easier for users to transfer tokens and digital assets from one chain to another.
In the case of Polygon Network, the blockchain ecosystem’s main scalability solution features two main bridge architectures: Proof of Stake Bridge and Plasma Bridge. Both are designed to interconnect the Polygon network with the Ethereum blockchain, although the latter, Plasma Bridge, is designed to offer stricter levels of security, making it ideal for developers and builders.
The Proof of Stake Bridge allows users to exchange ethers and ERC-20 tokens between Polygon and Ethereum, while with Plasma Bridge, users can also exchange Polygon’s native token, MATIC, and Ethereum ERC-721-based NFTs, as well as ethers and ERC-20 tokens, between both blockchains.
330.000 NFTs minted weekly on the Polygon network
Polygon Network’s NFT ecosystem is waking up. Data from Nansen shows that last week, the network minted or traded over 332.000 non-fungible tokens. These numbers represent an exponential growth of approximately 84% since last May, when NFT activity on the network was at its highest point of 2022.
The number of NFTs minted and the volume of sales on Polygon was boosted this week by the surprise launch of former President Donald Trump’s first official crypto collection, titled “Collect Trump Cards.” According to Nansen, Trump NFTs currently represent the most expensive sales on the network.
Polygon Network has become one of the main blockchain platforms in the ecosystem and, so far, has entered into numerous alliances and agreements with large companies around the world, which is why it is considered the gateway for brands to blockchain and Web3.
Continue reading: Polygon Network is auditing the code of its zkEVM solution
