Polygon Surpasses Ethereum in Daily Transaction Fees Amid Polymarket Activity

Polygon has recently outpaced Ethereum in daily transaction fees, driven by increased user engagement on the prediction market platform, Polymarket. According to Cointelegraph, data from Token Terminal revealed that on Friday, Polygon accumulated $407,100 in transaction fees, surpassing Ethereum's $211,700. This marks the first instance where Polygon has exceeded Ethereum in daily transaction fees. The disparity in fees has since decreased, with Polygon recording $303,000 in daily transaction fees on Saturday, while Ethereum's fees were approximately $285,000. Polymarket, a significant player in the blockchain prediction market since its 2020 launch, is hosted on Polygon. Matthias Seidl, co-founder of Ethereum analytics platform growthepie, noted in an X post on Monday that Polymarket's activity has been a major contributor to Polygon's recent growth. Seidl highlighted that Polymarket generated over $1 million in fees on Polygon over the past week, with Origin World being the second-highest app on the platform, contributing around $130,000. Polygon has also emphasized the increased activity on Polymarket. In an X post on Saturday, the team reported that wagers exceeding $15 million were placed on a single Oscars market category, underscoring Polygon's role as the underlying blockchain. Additionally, Polygon has deployed a network of trustless agents on the L2 to capitalize on opportunities within the prediction market. The popularity of prediction markets has surged since the last U.S. election, prompting several crypto firms to introduce their own platforms. In related developments, there has been a notable rise in stablecoin usage on Polygon, particularly with Circle's USDC. On Sunday, Polygon data analyst @petertherock shared in an X post that the network achieved a new weekly high of 28 million USDC transactions. Polymarket utilizes Polygon-based USDC for trading on its platform, further contributing to the network's growing transaction volume.