DeFi projects launch on Polygon, usage skyrockets


In the midst of the hectic crypto market, the gas fees in the decentralized finance (DeFi) sector have skyrocketed, once again highlighting the value of layer-two scaling solutions. Cointelegraph Consulting teamed up with Covalent to discover the numbers behind Polygon, the network that is onboarding an increasing number of decentralized applications, from SushiSwap to bZx.Aave, DeFi’s lending giant, launched on Polygon this April and has already lured away about 66,000 unique users to the layer-two version. Nearly $12 billion has been deposited since the launch, and over $7 billion has been borrowed. Though what is important is that only $158 has been spent on gas across the entire Aave’s Polygon version. Notably, the major fraction of borrows involves stablecoins, with USD Coin (USDC), Dai and Tether (USDT) making up roughly 60% of borrowings on Aave’s Polygon version. In fact, the breakdown of the borrowings reveals that Aave managed to execute its strategy that prevents users from risky borrowing against volatile assets, which in turn usually leads to liquidations.Hot off the heels of 1inch Network’s launch on Polygon on May 12, we take a look at its usage as well. 1inch on Polygon has reached almost $18 million in daily swaps by dollar value, with the most swaps denominated in USDT, Wrapped Ether (WETH), USDC or DAI. There have been nearly 10,000 swaps facilitated thus far. The platform has already facilitated $43 million in swaps, but only $25 of gas was used to swap this amount. Amid Ethereum network congestion and rising costs, Polygon is gaining momentum due to its astonishingly low transaction fees. With more DeFi projects pursuing multichain strategies, Polygon could onboard more projects in the near future. For more charts, market signals and carefully curated news analysis, download the full edition of this issue. Cointelegraph’s Market Insights Newsletter shares our knowledge on the fundamentals that move the digital asset market. With market intelligence from one of the industry’s leading analytics providers, Covalent, the newsletter dives into the latest data on social media sentiment, on-chain metrics and derivatives.We also review the industry’s most important news, including mergers and acquisitions, changes in the regulatory landscape, and enterprise blockchain integrations. Sign up now to be the first to receive these insights. All past editions of Market Insights are also available on Cointelegraph.com.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 26,259.04
ethereum
Ethereum (ETH) $ 1,588.47
tether
Tether (USDT) $ 0.999372
bnb
BNB (BNB) $ 212.62
xrp
XRP (XRP) $ 0.498911
usd-coin
USDC (USDC) $ 0.999550
staked-ether
Lido Staked Ether (STETH) $ 1,589.12
cardano
Cardano (ADA) $ 0.245553
dogecoin
Dogecoin (DOGE) $ 0.060760
solana
Solana (SOL) $ 19.32
tron
TRON (TRX) $ 0.084685
the-open-network
Toncoin (TON) $ 2.15
polkadot
Polkadot (DOT) $ 4.03
matic-network
Polygon (MATIC) $ 0.520103
litecoin
Litecoin (LTC) $ 64.35
shiba-inu
Shiba Inu (SHIB) $ 0.000007
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 26,245.03
bitcoin-cash
Bitcoin Cash (BCH) $ 212.94
chainlink
Chainlink (LINK) $ 7.45
dai
Dai (DAI) $ 1.00
true-usd
TrueUSD (TUSD) $ 0.998680
leo-token
LEO Token (LEO) $ 3.79
uniswap
Uniswap (UNI) $ 4.28
avalanche-2
Avalanche (AVAX) $ 8.99
stellar
Stellar (XLM) $ 0.111707
monero
Monero (XMR) $ 144.69
okb
OKB (OKB) $ 42.89
binance-usd
BUSD (BUSD) $ 0.999749
ethereum-classic
Ethereum Classic (ETC) $ 15.15
cosmos
Cosmos Hub (ATOM) $ 7.03
hedera-hashgraph
Hedera (HBAR) $ 0.049794
filecoin
Filecoin (FIL) $ 3.20
crypto-com-chain
Cronos (CRO) $ 0.050264
lido-dao
Lido DAO (LDO) $ 1.47
internet-computer
Internet Computer (ICP) $ 2.95
aptos
Aptos (APT) $ 5.47
mantle
Mantle (MNT) $ 0.390433
quant-network
Quant (QNT) $ 86.64
vechain
VeChain (VET) $ 0.016558
maker
Maker (MKR) $ 1,336.87
arbitrum
Arbitrum (ARB) $ 0.818741
near
NEAR Protocol (NEAR) $ 1.10
optimism
Optimism (OP) $ 1.26
kaspa
Kaspa (KAS) $ 0.046791
rocket-pool-eth
Rocket Pool ETH (RETH) $ 1,724.75
aave
Aave (AAVE) $ 61.75
the-graph
The Graph (GRT) $ 0.087287
algorand
Algorand (ALGO) $ 0.097742
whitebit
WhiteBIT Coin (WBT) $ 5.22
usdd
USDD (USDD) $ 0.997688