As DeFi boom continues, Polygon active users grow by 75,000 

As DeFi boom continues Polygon active users grow by 75000 

Over the past seven days and highlighting growing demand for layer-two decentralized applications, Polygon, a leading platform for Ethereum scaling and infrastructure development, has attracted 75,000 new users over the past

Top 20 Polygon decentralized applications, or DApps, were responsible for the increase, according to the data, courtesy of DappRadar, showing  that the top 20 Polygon decentralized applications. New users refer to active wallets interacting with Polygon DApps, in this case. Nearly $1 billion in volume, was brought by the influx of new users

The number of Polygon DApps tracked by DappRadar has grown to 93 from 61 has grown in the last four weeks. In the decentralized finance, or DeFi, space is contained Forty-six of these DApps. Also, DeFi growth has helped push the cryptocurrency market’s share of the global money supply above 2%, as reported by Cointelegraph

In the last four weeks, the number of Polygon DApps tracked by DappRadar has grown to 93 from 61. Forty-six of these DApps are in the decentralized finance, or DeFi, space. As Cointelegraph recently reported, DeFi growth has helped push the cryptocurrency market’s share of the global money supply above 2%.

Ian Kane, DappRadar’s senior content and media relations specialist, described the way in which developers are using Polygon:

“Interestingly, as most DeFi dapps are built on open-source design Polygon dapp developers are simply copying popular dapps on Polygon and other chains like BSC and Ethereum. Rebranding them, adding a few new features, and pushing them out onto Polygon with one key difference.”

More users are flocking to Polygon because it offers “cheaper and faster transitions” than its Ethereum-based competitors, according to Kane.

Polygon, formerly known as Matic, has made several noteworthy headlines over the past month. Decentralized finance protocol mStable launched on the Polygon chain in late April, offering yet another DeFi use case. Separately, decentralized exchange aggregator 1inch Network recently announced that it has expanded to Polygon.

 

Be the first to comment

Leave a Reply

Your email address will not be published.