This has not happened since the launch of Polygon. On Friday, the network collected more daily fees than Ethereum for the first time—$407,100 versus $211,700, according to Token Terminal. The event is significant, but the explanation is simple.
One Platform Is Behind the Record
Polymarket—a service for betting on real-world outcomes—turned out to be the only real driver of growth. Matthias Seidl from the Growthepie analytics team checked the data and came to a simple conclusion: all the increase in network activity is explained by a single application.
Over the week, Polymarket brought the network just over $1 million in fees. The nearest competitor in activity, Origin World, earned about $130,000 in the same period.
The catalyst was the Oscars ceremony. More than $15 million in bets were placed on just one category. Each transaction for these bets went through Polygon and added to the total.
The Picture Changed a Day Later
On Saturday, the gap between the networks narrowed sharply. Polygon collected about $303,000, Ethereum—$285,000. This is no longer a record or dominance, but rather approximate equality. By the 30-day moving average, Ethereum is still ahead.
The conclusion is obvious: this is a one-time surge, not a shift in the balance of power. Ethereum continues to earn fees from decentralized exchanges, lending protocols, and staking—a broad base that a single event cannot surpass.
Stablecoins Added Volume
Alongside the growth in betting, network analyst Peterrok recorded a weekly record for the number of USDC transactions on Polygon—28 million operations. This is no longer Polymarket, but DeFi settlements in general.
When stablecoin activity grows, fees automatically follow. The signal is positive, but so far not enough to speak of systemic ecosystem growth.
Why Bets Are Placed Here
Polygon has a specific advantage for markets like Polymarket—low transaction costs. For a platform where people make many small bets, this is crucial. High Ethereum fees make it inconvenient for such scenarios. An additional factor is automated bots. Polygon deployed agents that operate on prediction markets without human involvement. The higher the frequency of trades, the higher the total fees. On days of major events, this effect is especially noticeable.
What’s Next?
Prediction markets live from event to event. After the Oscars, the next major catalyst will not appear immediately. If activity on Polymarket returns to normal levels, Polygon will fall back to its usual place in the rankings.
For a sustainable result, the network needs growth beyond a single application. Until that happens, the record remains a historical fact, not an argument for a change in leadership.
Read more: Binance Concentrates 65% of CEX Stablecoin Reserves. Crypto Capital Outflows Slow Down
