By the end of the week, daily transaction fees Polygon will raise Ethereum.
Polygon posted the highest daily transaction fees from Ethereum over the past three days, with the analyst pointing to strong user activity on the on-premises market Polymarket.
According to recent data from Token Terminal, Polygon collected $407,100 in transaction fees on Friday, compared to Ethereum's $211,700, indicating that this is the first time that Polygon has surpassed Ethereum in daily transaction fees.
The gap has narrowed since then, with Polygon seeing daily transaction fees of $303,000 on Saturday, while Ethereum saw $285,000.
Polygon is the home of Polymarket, one of the most popular prediction markets to emerge from the blockchain sector in 2020.
In an X post on Monday, Mathias Seid, co-founder of Ethereum Analytics Platform Development, highlighted Polygon's recent growth in activity, saying it was “entirely driven by Polymarket.”
Seidl shared a chart showing that Polymarket has handled more than $1 million in payouts on Polygon over the past seven days, with the next top app on L2 being Origin World, at around $130,000.
Polygon has highlighted the high activity in Poly Market. In an X-Post on Saturday, the group noted that more than $15 million worth of contenders have been placed in one Oscar market category.
Polygon says there is a strong network of untrusted agents on L2 to “take advantage of opportunities” in the construction market.
Prediction markets have been gaining popularity since the last US election, and the rapid adoption has seen many crypto companies launch their own offerings.
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Elsewhere, some have pointed to the use of stablecoins on L2, specifically Circle's USDC (USDC). In an X post on Sunday, Polygon data analyst Peter Trock said the network saw a record weekly transaction volume of US$28 million.
Polymarket uses Polygon-based USDC to trade on the platform.
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