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



DeFiDeFi Mania Sees Polygon Adds 75,000 Active Users in Seven Days; MATIC Price Soars to $2.19Polygon, 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 PolygonThe 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 8.16% Aave / USD AAVEUSD $ 317.39 $25.908.16% Volume 1.28 b Change $25.90 Open $317.39 Circulating 12.76 m Market Cap 4.05 b 5 d Coinbase Enables its Over A Million Wallet Users to Use DeFi — DEXs, NFTs, & More 5 d DeFi Mania Sees Polygon Adds 75,000 Active Users in Seven Days; MATIC Price Soars to $2.19 6 d Software Provider Temenos Enables Crypto Trading for Banks QUICK 33.89% QuickSwap / USD QUICKUSD $ 683.29 $231.5733.89% Volume 7.41 m Change $231.57 Open $683.29 Circulating 159.75 K Market Cap 109.16 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 BoomThis 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 -1.75% Polkadot / USD DOTUSD $ 19.30 -$0.34-1.75% Volume 6.13 b Change -$0.34 Open $19.30 Circulating 941.4 m Market Cap 18.17 b 5 d Polkadot to Roll Out Parachains on Kusama Canary Network, the Final Phase Before Full Launch 5 d IOHK Unveils ERC-20 Converter Tool for Testnet, Allowing Ethereum Tokens to Migrate to Cardano 5 d Crypto Investment Firm Valour Unveils Cardano (ADA) and Polkadot (DOT) Exchange-Traded Products (ETPs) ATOM 12.43% Cosmos / USD ATOMUSD $ 12.33 $1.5312.43% Volume 744.85 m Change $1.53 Open $12.33 Circulating 210.77 m Market Cap 2.6 b 5 d DeFi Mania Sees Polygon Adds 75,000 Active Users in Seven Days; MATIC Price Soars to $2.19 3 w Nexus Mutual Expands Insurance to Cover Binance Smart Chain and Polkadot Users 1 mon Plasm Network Partners with Secret Network to Launch the First Polkadot-Cosmos Cross-Chain Bridge ETH 3.81% Ethereum / USD ETHUSD $ 2,233.76 $85.113.81% Volume 56.78 b Change $85.11 Open $2,233.76 Circulating 116 m Market Cap 259.12 b 1 d CME Bitcoin Open Interest Increases by 850 Contracts This Week 1 d Goldman Sachs Publishes a Comprehensive Report on Crypto As A “New Asset Class” 1 d Seasonal Correction? Retail and Institutions Still Buying Bitcoin & Ether 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 2.22% 1inch / USD 1INCHUSD $ 2.49 $0.062.22% Volume 170.47 m Change $0.06 Open $2.49 Circulating 167.49 m Market Cap 417.01 m 4 d Polygon Surpasses $10 Billion in TVL as MATIC Emerges the Winner in Bloody Red Market 5 d DeFi Mania Sees Polygon Adds 75,000 Active Users in Seven Days; MATIC Price Soars to $2.19 1 w Another $25 Million Gone, This Time xToken Was Exploited Polygon/USD MATICUSD1.3641$0.5338.53%Volume 5.76 bChange $0.53Open$1.3641Circulating 6.19 bMarket Cap 8.44 bJimmy AkiJimmy has been following the development of blockchain for several years, and he is optimistic about its potential to democratize the financial system. When not immersed in the daily events in the crypto scene, he can be found watching legal reruns or trying to beat his Scrabble high score.



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