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 2.98% Aave / USD AAVEUSD $ 294.12
Volume 248.33 m Change $8.76 Open $294.12 Circulating 12.8 m Market Cap 3.76 b
3 w Coinbase Enables its Over A Million Wallet Users to Use DeFi — DEXs, NFTs, & More 3 w Software Provider Temenos Enables Crypto Trading for Banks 1 mon Aave Is Testing Private Pools for Institutions to Ape into DeFi, Reveals CEO Stani Kulechov
QUICK 10.74% QuickSwap / USD QUICKUSD $ 497.55
Volume 4.74 m Change $53.44 Open $497.55 Circulating 159.75 K Market Cap 79.49 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 0.71% Polkadot / USD DOTUSD $ 21.03
Volume 991.53 m Change $0.15 Open $21.03 Circulating 951.91 m Market Cap 20.02 b
2 d Karura Network Raises $100M in Push for A Slot in Kusama Parachain Auction 5 d Polkadot Ecosystem Hits a Milestone as Kusama’s First Functional Parachain Goes Live 1 w ETH 2.0 is Already the Largest Proof of Stake Network and Vitalik isn’t Concerned About Competitors
ATOM -0.38% Cosmos / USD ATOMUSD $ 11.84
Volume 176.17 m Change -$0.04 Open $11.84 Circulating 210.77 m Market Cap 2.5 b
1 w Bitwise Replaces ATOM with MATIC in Crypto Index; Okcoin Integrates Polygon for Cheaper & Faster DeFi Entry 2 w Ethereum Layer 2 Solution Polygon Launches SDK to Transform Ethereum Into An Internet of Blockchains 3 w DeFi Mania Sees Polygon Adds 75,000 Active Users in Seven Days; MATIC Price Soars to $2.19
ETH -0.35% Ethereum / USD ETHUSD $ 2,409.09
Volume 23.49 b Change -$8.43 Open $2,409.09 Circulating 116.28 m Market Cap 280.12 b
3 h Yearn Finance TVL and Total Users Hits a New ATH Amidst Weak Price Action 1 d The May Crypto Sell-off Predominantly Occurred in the US Session 1 d Best Cryptocurrencies with Growth Potential to Buy In June

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 7.39% 1inch / USD 1INCHUSD $ 2.92
Volume 77.86 m Change $0.22 Open $2.92 Circulating 172.68 m Market Cap 504.07 m
2 d Polygon And 0x Team Up to Devote $10.5 Million Into Attracting New Users & Developers 2 w PwC Report: Boom Time For DeFi Sector As Crypto Hedge Funds Show Growing Interest 3 w Polygon Surpasses $10 Billion in TVL as MATIC Emerges the Winner in Bloody Red Market

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