Ethereum layer 2 solution, Polygon (formerly Matic), is seeing huge growth, especially over the last one week, where over 75, 000 activer user wallets interacted with the top 20 Polygon dapps.
During this period, over $900 million dollars of value flowed through this layer 2 solution showing the growing need for Ethereum scaling solutions.
The increase in usage has also seen a huge number of dapps build onto top of Polygon further fueling growth.
Currently, 3 dapps dominate the Polygon DeFi landscape:
Below are some stats about Polygon so far:
- In the last 30 days, the price of POLYGON has surged over 400% from $0.34 to $2.50 at the time of writing
- In the last 4 weeks, the number of submitted and now tracked Polygon dapps on DappRadar has grown from 61 to 93
- 46 of the total 93 dapps on Polygon are in the DeFi and Exchange categories – most are copies of what is on Ethereum and the Binance Smart Chain (BSC)
- ParaSwap stands out amongst the top dapps due to its introduction of a different user experience to the copy and paste applications – The platform also boasts cheaper fees for Ethereum transactions than Uniswap
- Aave has quickly pulled users over to its Polygon version with 3x more users, 10x more transctions than its native Ethereum dapp – Over $1 billion in transaction volume on its Polygon version so far
- QuickSwap dapp has seen over 210% in number of users to almost 27K and 240% increase in the number of transactions (440K+) to hit $1.39 billion
One of the most attractive features of Polygon is low cost. Polygon can offer users far cheaper and faster transactions than its competitors operating on Ethereum. That’s because of the gas fees that are hampering the DeFi sector on Ethereum.
A Practical Class on Layer 2 DeFi
Check out this exclusive BitKE practical DeFi class on how layer 2 protocols like Polygon are enabling DeFi for retail users. The video includes demos on how to move funds on-chain onto Polygon, how to use Polygon DEXs like QuickSwap among other topics.
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