The Etheruem layer-two scaling solution Polygon (MATIC) has announced its blockchain datasets have been integrated on Google Cloud, allowing developers, data analysts, and crypto enthusiasts to better understand the Polygon blockchain.
With support from Google’s BigQuery, a “serverless, highly scalable, and cost-effective multicloud data warehouse designed for business agility,” Polygon’s datasets are now listed on the Google Cloud Marketplace, under the public financial services category.
According to a Medium post, the integration would allow analysts to monitor gas costs over time, smart contract calls and activity, multi-chain analysis for software development kits, integration with traditional financial record processing systems, and determine the most active tokens, contracts, and applications on Polygon.
As the Ethereum network struggles with high transaction fees, Polygon has seen its price rise over 9,000% so far this year as demand for it has been surging. According to a MATIC network explorer, it currently processes over 5.89 million transactions per day, and the network has processed a total of 122 million transactions. There are now over one million wallets on it.
Transactions on Polygon cost only a few cents. In contrast, the cost for transactions on the Ethereum blockchain hit a new all-time high this month above $64 on average, before plunging. Polygon aims to provide faster and cheaper transactions on Ethereum using layer-two sidechains – blockchains that run alongside the main ETH blockchain.
Users can deposit ETH to a Polygon bridge smart contract and interact within the Polygon chain with them, to later withdraw them back to the main Ethereum network. Earlier this month, billionaire Mark Cuban invested in the project.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Featured Image via Pixabay.com