As of Q1 2025, Polygon has demonstrated notable resilience and growth across various sectors, solidifying its position as a leading Ethereum Layer 2 (L2) scaling solution. Here's an overview of its current state:
Network Activity & Adoption
Daily Active Addresses: Increased by 4.4% quarter-over-quarter (QoQ) to 546,000.
Daily Transactions: Rose by 8% QoQ to 3.4 million.
Transaction Fees: Average fee dropped to approximately $0.01, enhancing Polygon's appeal as a cost-effective L2 solution.
DeFi Ecosystem
Total Value Locked (TVL): Stood at $744.8 million, reflecting a 14.5% decrease QoQ. However, specific protocols like Spiko and QuickSwap experienced significant growth, with TVL increases of 28.9% and 72.5%, respectively.
Stablecoin Supply: Increased by 23.3% to reach $2 billion, indicating robust demand and usage within the network.
NFT & Digital Collectibles
NFT Trading Volume: Average daily volume surged by 68.2% to $1.4 million.
Marketplace Performance: Courtyard, a prominent NFT marketplace on Polygon, recorded $56.5 million in sales during March, with Pokémon NFTs accounting for over half of this volume.
Payments & Real-World Utility
Payment Processing: Over $245 million processed through platforms like Stripe, Transak, Nexo, and Bitso.
Stablecoin Transactions: Stablecoin-linked crypto cards facilitated $140.7 million in combined Mastercard and Visa volume on Polygon PoS during Q1 2025.
Technological Developments
AggLayer v0.2 Testnet: Launched in December 2024, paving the way for a mainnet release in February 2025 and integrations with platforms like Okto and Agora.
POL Token Migration: The transition from MATIC to POL has progressed significantly, with 88.1% of the supply transitioned, resulting in a 31% QoQ increase in POL’s market capitalization to $3.8 billion.
Institutional Collaborations
HSBC: Participated in Hong Kong's e-HKD pilot program, developing tokenized HKD cash deposits backed by the Hong Kong Monetary Authority and leveraging Polygon PoS.
