DeFi Mania Sees Polygon Adds 75,000 Active Users in Seven Days; MATIC Price Soars to $2.19

Polygon, a multichain scalability platform for Ethereum, has added no less than 75,000 new users over the past week, according to data from DappRadar.

DeFi Users Flock To Polygon

The 75,000 users refer to the new active wallets that interacted with the decentralized applications (DApps) from the top 20 Polygon apps. The Dapps volume also rose to about $1 billion due to the increase in users.

Lithuania-based DappRadar tracks the data of over 5,000 Dapps from more than 20 blockchains.

The data also revealed that the number of submitted and now tracked Polygon DApps on DappRadar has risen from 61 to 93.

46 of the 93 DApps are in the decentralized finance (DeFi) and Exchange categories.

Data shows that the three DApps currently dominating the Polygon network are QuickSwap, Aave, and new entrant ParaSwap. AAVE -1.42% Aave / USD AAVEUSD $ 65.58
Volume 124.13 m Change -$0.93 Open $65.58 Circulating 13.9 m Market Cap 911.55 m
1 y Coinbase Enables its Over A Million Wallet Users to Use DeFi — DEXs, NFTs, & More 1 y Software Provider Temenos Enables Crypto Trading for Banks 1 y Aave Is Testing Private Pools for Institutions to Ape into DeFi, Reveals CEO Stani Kulechov
QUICK -1.11% QuickSwap / USD QUICKUSD $ 51.27
Volume 5.18 m Change -$0.57 Open $51.27 Circulating 327.1 K Market Cap 16.77 m

Polygon’s native token, MATIC, is also winning. It skyrocketed this past week as cryptocurrencies with larger market caps declined. The token jumped up 33.08% in the last 24 hours and is currently trading at $2.19.

Polygon Soaring Amid DeFi Boom

This report highlights the growing demand for Ethereum layer-two decentralized applications. DappRadar stated that Polygon is currently experiencing the most successful period due to the increased influx of new DeFi dapps and the increased transactions on the network.

This is attributed to the high gas fees on Ethereum (ETH) that continue to push investors towards cheaper and faster means to carry out their transactions in the DeFi sector.

In February 2021, Matic Network transformed from being just an Ethereum layer two scaling solution to an interoperable blockchain scaling framework called Polygon.

Polygon is described as Ethereum’s internet of Blockchains, designed to facilitate a future where different blockchains can co-exist and work as networks rather than operating as closed-off silos, as they do now. Other blockchain interoperability projects that exist include the likes of Polkadot (DOT) and Cosmos (ATOM). DOT -3.69% Polkadot / USD DOTUSD $ 7.67
Volume 388.92 m Change -$0.28 Open $7.67 Circulating 987.58 m Market Cap 7.58 b
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ATOM -6.00% Cosmos / USD ATOMUSD $ 7.73
Volume 259.1 m Change -$0.46 Open $7.73 Circulating 286.37 m Market Cap 2.21 b
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ETH -1.99% Ethereum / USD ETHUSD $ 1,192.81
Volume 12.64 b Change -$23.74 Open $1,192.81 Circulating 121.33 m Market Cap 144.72 b
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Meanwhile, Polygon has been making several collaborations lately. The scaling network just signed a partnership with decentralized finance ecosystem YFDAI finance. The partnership will see Polygon help YFDAI reduce its gas fees.

1inch Network, a decentralized exchange aggregator, just expanded its aggregation protocol to Polygon. Last month, decentralized finance (DeFi) protocol mStable also launched on the Polygon chain. 1INCH -5.43% 1inch Network / USD 1INCHUSD $ 0.67
Volume 53.38 m Change -$0.04 Open $0.67 Circulating 546.48 m Market Cap 364.98 m
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