- Users can now monitor Polygon’s on-chain activity and analyze data through Google Cloud’s BigQuery platform
- Polygon’s Proof-of-Stake platform is a popular scalability solution for Ethereum
- The platform’s native token MATIC has been a strong performer despite the overall downturn in the cryptocurrency market
Data from the Polygon blockchain can now be analyzed on Google Cloud’s BigQuery
Data from the Polygon (previously known as MATIC Network) blockchain can now be analyzed via Google Cloud’s BigQuery platform. Polygon now joins a host of other blockchain platforms that have their own datasets on BigQuery, including Bitcoin, Ethereum, Ethereum Classic, Zcash and others.
As explained by the Polygon team, the integration will enable users to get in-depth insights into activity on the blockchain, as they will be able to monitor different aspects of on-chain activity including gas costs, activity associated with specific smart contracts, the popularity of different tokens and applications, and more.
Users can query the information using standard SQL syntax, and then export the data for more detailed analysis.
Polygon has seen a surge in popularity recently, thanks in large part to projects like SushiSwap, Aave and 1inch releasing variants of their apps on the platform. While the Polygon project is working on a wide variety of approaches to scale Ethereum, their Polygon PoS (Proof-Of-Stake) platform is currently a popular option amongst cryptocurrency users who want to avoid the high transaction costs caused by congestion on the Ethereum network.
On Polygon PoS, the consensus process is conducted by validators (MATIC stakers), who also periodically commit checkpoints to the Ethereum mainnet. Validators also facilitate Polygon’s token bridging mechanism. By locking tokens in designated smart contracts on the Ethereum mainnet, users can effectively bridge them over to Polygon – a corresponding amount of tokens is minted on the Polygon PoS platform.
Polygon has been gaining some serious traction
According to data from Nansen (which was a part of the project that integrated Polygon to the BigQuery platform), the number of daily transaction on Polygon surpassed 1 million for the first time on April 26 and hit an all-time high at around 7.2 million transactions on May 28. The number of daily active addresses peaked at 44,600 on May 14 and has been in a strong uptrend since late April.
This surge in activity on Polygon was reflected in the markets for MATIC, the native token of the platform. The token is up 122% in the last 30 days, and is currently the 15th largest crypto asset by market capitalization ($9.01 billion). The recent gains displayed by MATIC are particularly impressive in the context of the broader cryptocurrency market – in the last month, ETH declined by around 8%, while Bitcoin took a much bigger -34.8% hit.