Polygon fundamentals

Projects
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A space to discuss the fundamentals of ‘Polygon’.

Link to the dashboard: Polygon (MATIC) - Key metrics | Dashboard | Token Terminal

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Token Terminal <> Polygon | Monthly data update (March 2023)

Chains tracked: Polygon

Methodology:

  • Fees: Total transaction fees paid by users
  • Supply-side fees: Share of transaction fees that goes to the validators
  • Revenue: Share of transaction fees that are burned (accrue to MATIC holders)
  • Token incentives: Total staking rewards distributed to the validators
  • Earnings: Revenue minus token incentives
  • Treasury: Average USD value of the protocol’s funds held on-chain (including unallocated governance tokens)
  • Daily active users: number of distinct sender addresses
  • Active developers: Average number of distinct GitHub users that made 1+ commits to the project’s public GitHub repositories during the past 30 days
  • Code commits: number of commits to the project’s public GitHub repositories

Metrics (March 2023):

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On behalf of Polygon labs, thank you for putting together the metrics for March '23. They are aligned with what we have been tracking from our side.

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thank you for sharing this. A quick question, what do active developers and code commit signals? Curious to know why this is a important metric

Also, it would be good to track DApps building different blockchains and see what the GDP of a certain chain ecosystem is. That will be a good overview of how an ecosystem is doing.

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Token Terminal <> Polygon | Monthly data update (April 2023)

Chains tracked: Polygon

Methodology:

  • Fees: Total transaction fees paid by users
  • Supply-side fees: Share of transaction fees that goes to the validators
  • Revenue: Share of transaction fees that are burned (accrue to MATIC holders)
  • Token incentives: USD value of tokens that have been distributed to incentivise users
  • Earnings: Revenue minus token incentives
  • Treasury: Monthly average USD value of the protocol’s funds held on-chain (including unallocated governance tokens)
  • Daily active users: Monthly average number of daily distinct Transaction senders
  • Core developers: Monthly average number of distinct GitHub users that made 1+ commits to the project’s public GitHub repositories during the past 30 days
  • Code commits: Number of commits to the project’s public GitHub repositories

Metrics (April 2023):

image
image1018×1180 146 KB

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Hey, thanks for the suggestion.

Regarding the active devs / commits metric:
For investors, it’s crucial to understand & be able to calculate the operational efficiency of a protocol or DAO. If a protocol generates $50M in revenue, it’s really valuable to know if it’s being developed by 20 or 200 people.
Please note that we include only main organization repos for fair comparison.

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The numbers are aligned with the numbers we have been tracking from our side.

It would be good to point out that main organization repos may not be entirely representative of developer activity because a repo for other chain can be deployed to Polygon without needing to contribute to the main organization repo. Since Polygon is part of the Ethereum ecosystem, I would expect a high degree of interoperability within the code.

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That’s fair. But, code commits aren’t representative of how many developers are working on it. Also, it’s very to game it, since it’s a low-effort metric

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Token Terminal <> Polygon | Monthly data update (June 2023)

Chains tracked: Polygon

Methodology:

  • Fees: Total transaction fees paid by users
  • Supply-side fees: Share of transaction fees that goes to the validators
  • Revenue: Share of transaction fees that are burned (accrue to MATIC holders)
  • Token incentives: USD value of tokens that have been distributed to incentivise users
  • Earnings: Revenue minus token incentives
  • Treasury: Monthly average USD value of the protocol’s funds held on-chain (including unallocated governance tokens)
  • Daily active users: Monthly average number of daily distinct Transaction senders
  • Weekly active users: Monthly average number of weekly distinct Transaction senders
  • Monthly active users: Monthly average number of monthly distinct Transaction senders
  • Core developers: Monthly average number of distinct GitHub users that made 1+ commits to the project’s public GitHub repositories during the past 30 days
  • Code commits: Number of commits to the project’s public GitHub repositories

Metrics (June 2023):

Screenshot 2023-07-12 at 12.32.22
Screenshot 2023-07-12 at 12.32.221174×1250 161 KB

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I have checked the data, and the data is aligned with the data from our internal systems.

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