Polygon has seen higher daily transaction fees than Ethereum over the past three days, and the analyst pointed to bulky user activity on Polymarket’s prediction market.
According to the latest data With Token Terminal, Polygon raked in trading fees worth $407,100 compared to Ethereum’s $211,700 on Friday, with data showing this is the first time Polygon has turned Ethereum into daily trading fees.
The gap has since narrowed, with Polygon’s daily trading fees standing at $303,000 on Saturday, while Ethereum’s was around $285,000.
Polygon is home to Polymarket, one of the most essential prediction markets to emerge from the blockchain sector, which began operations in 2020.
In a Monday post on X, Matthias Seidl, co-founder of Ethereum analytics platform Growepie, highlighted Polygon’s recent surge in activity, claiming it is “fully powered by Polymarket.”
Seidl shared a chart showing that Polymarket has collected just over $1 million in fees on Polygon over the last seven days, with the next largest app on L2 being Origin World at around $130,000.
Polygon also highlighted growing activity on Polymarket. In post X on Saturday, the team excellent that more than $15 million in bets had been placed on one category of the Oscar market alone, adding that “there’s a Polygon chain underneath.”
Polygon says there is also a powerful network of untrusted agents distributed on L2 to “take advantage of opportunities” in the prediction market.
Prediction markets have been growing in popularity since the last US election, and their rapid adoption has resulted in several cryptocurrency companies launching their own offerings.
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Elsewhere, some have also highlighted the growing utilize of stablecoins on L2, particularly with Circle’s USDC (USDC). In Sunday’s post on X, Polygon data analyst petertherock he said that the network achieved a modern weekly record of 28 million USDC transactions.
Polymarket uses Polygon-based USDC to trade on its platform.
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