The cryptocurrency MATIC has been performing impressively over the past month and the latest quarterly report by Polygon reveals some of the reasons why.

The MATIC team is not in favor of calling the project an “Ethereum Killer.”

They see that Polygon (MATIC) enhances and improves the Ethereum blockchain and does not compete with it.

Polygon’s ecosystem grew by leaps and bounds in the second quarter, unconcerned with what’s happening with cryptocurrency prices.

The MATIC platform allows developers to build an infrastructure as a bridge between the layers of the blockchain.

As a result, Polygon facilitates improved interoperability between Ethereum-compatible networks.

Read:Netflix bans ads for cryptocurrency

The collaborative value-added approach paid off in the field of DeFi in the second quarter.

Polygon’s newly published data reveals that the ecosystem has grown exponentially.

In addition, users have paid significantly lower network fees to use Polygon and do business on decentralized applications that run on the network.

Polygon use and development in Q2 2022:

Polygon network usage boomed in the second quarter.

Unique address generation, new transactions, and network revenue increased during the second quarter despite the collapse in market prices.

Development activity has also skyrocketed on Polygon, with the popular SDK’s long-running popularity.

Average gas charges halved last quarter, dropping to $0.018 per transaction in July.

This represents a significant reduction of 49% in the cost per transaction of using MATIC.

The cheaper user fees, along with basic economic principles of supply and demand, may have something to do with the currency’s growth in the DeFi market over the past three months.

New Partnerships and MATIC Digital Currency Price Boom:

Polygon’s MATIC crypto spot price rose from $0.40 a coin on June 18 to 0.92 today, August 1, with a total market capitalization of $7.4 billion on Sunday.

Read:Nigeria leads the global search for cryptocurrency information

In addition to halving gas fees compared to the previous quarter, Polygon is forming a number of strategic partnerships.

In early June, the network announced that the digital stablecoin (USDC) is now backed by Polygon.

In addition, Reddit announced earlier this month that it will launch an NFT marketplace for avatars, with Polygon networking to power the new NFT marketplace.

Meanwhile, London-based Nothing Technology Limited is working with Polygon to expand the Mobile Web3 space.

Read also:

After inflation hit a record high in 40 years…what will be the role of bitcoin?

Dasa: Low-income investors sold most of their cryptocurrency holdings during the market crash