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Home»ETHEREUM NEWS»Polygon drives EVM efficiency as DeFi users prefer low transaction costs.
ETHEREUM NEWS

Polygon drives EVM efficiency as DeFi users prefer low transaction costs.

By Crypto FlexsApril 25, 20245 Mins Read
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Polygon drives EVM efficiency as DeFi users prefer low transaction costs.
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Layer 1 blockchains are the underlying networks that support a variety of applications directly from the protocol, while Layer 2 blockchains operate on top of these underlying layers to improve scalability and efficiency. Comparing the usage and efficiency of EVM-compatible L1 and L2 blockchains and sidechains can help us better understand market value and where most DeFi activity is occurring.

According to Dune Analytics data analyzed by CryptoSlate, Polygon, a layer 2 sidechain, was the leader in the DeFi ecosystem, followed by BNB Chain, an EVM-compatible layer 1 blockchain.

One of the most important metrics when analyzing L1 and L2 is daily gas usage, i.e. the computational effort required to execute operations on the blockchain. Gas fees are paid in the native blockchain currency, and high gas usage usually indicates strong network activity. In particular, the fact that the L2 solution maintains high gas usage at low USD costs reflects an efficient scaling solution that makes transactions cheap without sacrificing blockchain activity.

Polygon utilizes an average of 579.97 billion units of natural gas each day, with associated costs of only $654.8 million. This means that despite processing a high volume of 48.37 transactions per second, it averages $0.76 USD per second. Each transaction on Polygon costs approximately 138,782 gas units. The BNB mainnet has high trading volume but a different cost structure, with daily natural gas usage of 454.89 billion units and daily USD fees of $1.02 million. The cost per second soars to $11.81, far surpassing Polygon’s. The higher cost per transaction, averaging 108,513 gas units, reflects BNB’s higher computing demands per transaction, meaning it is a more resource-intensive operation than Polygon.

chainAverage base gas usage/dayAverage USD gas price/dayAverage number of transfers/dayAverage base gas per TxAverage base gas usage/secAverage USD gas rate/secAverage number of transfers/sec
Polygon Mainnet579.97b$65.48 thousand4.18m138,7826.71m$0.7648.37
BNB mainnet454.89b1.02 million dollars4.06m108,5135.26m$11.8147.03
decision 1273.96b$250.05 thousand1.14m241,2073.17m$2.8913.15
base mainnet222.37b$378.72 thousand1.26m174,2292.57m$4.3814.59
ON mainnet213.30b$160.26 thousand490.83k429,1292.47m$1.855.68
Gnosis Mainnet109.77b$1.05,000182.58k601,2441.27m$0.012.11
Ethereum mainnet108.14b$12.63m1.19m90,7581.25m$146.2013.79
Phantom Mainnet94.86b$4.89 thousand248.93k372,5211.10m$0.062.88

Arbitrum uses 273.96 billion units of gas every day, costing users $250,050. This breaks down to $2.89 per second, or 241,207 gas units per transaction. This makes it more cost-effective than BNB, but less than Polygon. Base Mainnet recorded a similar trend with 222.37 billion units and daily fees of $378.72k, resulting in a slightly higher cost of $4.38 per second and 174,229 units per transaction.

Ethereum has the biggest impact on costs, using 108.14 billion gas units each day, resulting in a whopping $12.63 million in fees. Despite an average of 90,758 gas units per transaction, the cost soars to $146.20 per second, demonstrating Ethereum’s strong security and computational reach and highlighting the scalability issues that the L2 network is trying to solve.

Looking at trading metrics, data from April 23 shows that Polygon took the lead with 4.02 million transactions, followed by BNB Chain with 3.9 million. These figures demonstrate strong user engagement and network usability, accounting for 25.8% and 25.1% of total transactions (excluding known system transactions) respectively.

Graph showing the total number of transactions processed on the L1 and L2 networks from January 26 to April 24, 2024 (Source: Dune Analytics)

However, looking at transaction fees tells a different story. Despite the lower number of transactions, Ethereum accumulated $7.46 million in fees, accounting for 83.9% of total fees. This discrepancy means that Ethereum processes fewer transactions, but its higher transaction costs reflect its underlying layer state and the intensive computational resources required to operate it.

l1 l2 transaction feel1 l2 transaction fee
Graph showing USD value of daily transaction fees processed on L1 and L2 networks from January 26 to April 24, 2024 (Source: Dune Analytics)

When it comes to DeFi apps, Polygon again leads the number of transactions with 3.3 million app transactions, showing it to be the best platform for DeFi activity.

app txs number l1 l2 polygonapp txs number l1 l2 polygon
Graph showing the number of app transactions on L1 and L2 blockchains from January 26 to April 24, 2024 (Source: Dune Analytics)

The BNB chain had 1.22 million transaction addresses, with polygons slightly behind at 1.18 million. These numbers, in contrast to Ethereum’s 402.77k, suggest that other EVM-compatible networks are becoming preferred platforms for regular DeFi users due to their cheaper structures.

L1 L2 transaction addressL1 L2 transaction address
Graph showing the number of transaction addresses in L1 and L2 blockchains from January 26 to April 24, 2024 (Source: Dune Analytics)

Analyzing the performance of these blockchains side by side shows the battle between native security and improved scalability. While L1 blockchains like Ethereum continue to secure high-value transactions with significant fees, scaling solutions like Polygon capture the majority of daily transactions and application interactions, leading to a more efficient and user-friendly blockchain infrastructure in DeFi. It means transition.

It is important to note that despite being classified by many as a Layer-2 blockchain, Polygon operates as an L2 sidechain for Ethereum as it relies on its own set of validators and does not rely on Ethereum for security. This allows Polygon to support more experimental activity than a “true” L2 blockchain without impacting Ethereum. Another thing worth mentioning is that although the BNB chain is an EVM-compatible layer 1 blockchain, it has positioned itself in the market as a competitor to other L2s rather than a competitor to Ethereum, another L1.

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