Layer 2 Scaling Solution Polygon (MATIC) Sees Nearly $4B in TVL as QuickSwap Gains Traction

Layer 2 Ethereum Scaling Solution Polygon (MATIC) Sees Nearly $4B in Value Locked as QuickSwap Gains Traction

Increasing use of Ethereum, leading to extremely high fees on the network, has been resulting in BSC and Solana (SOL) getting traction. But it is not only layer 1 chains that are gaining support, but layer 2 solutions are getting just as much usage.

Polygon, previously known as Matic, is one such project that is working on transforming Ethereum (ETH) into a multi-chain ecosystem with secured Layer 2 chains and standalone chains. ETH 15.91% Ethereum / USD ETHUSD $ 3,425.84
$545.0515.91%
Volume 49.15 b Change $545.05 Open $3,425.84 Circulating 115.73 m Market Cap 396.46 b
4 h Canadian Fintech Firm Mogo Adds Another 146 Ethereum to Its Crypto Portfolio 5 h eBay CEO says Company Is Looking at Crypto as Payment Option & Selling NFT on the Platform 6 h Ethereum Co-Founder Vitalik Buterin is Now a Billionaire, Holding Over 333,520 ETH
BNB 8.83% Binance Coin / USD BNBUSD $ 676.92
$59.778.83%
Volume 5.28 b Change $59.77 Open $676.92 Circulating 153.43 m Market Cap 103.86 b
7 h Layer 2 Ethereum Scaling Solution Polygon (MATIC) Sees Nearly $4B in Value Locked as QuickSwap Gains Traction 9 h Another Binance Smart Chain (BSC)-based DeFi Protocol Gets Exploited for Over $30 Million 2 d Binance Smart Chain (BSC) TVL Reaches $45 Billion, Catching Up Fast to Ethereum
SOL -2.45% Solana / USD SOLUSD $ 45.71
-$1.12-2.45%
Volume 609.8 m Change -$1.12 Open $45.71 Circulating 272.64 m Market Cap 12.46 b
7 h Layer 2 Ethereum Scaling Solution Polygon (MATIC) Sees Nearly $4B in Value Locked as QuickSwap Gains Traction 6 d BadgerDAO & RenVM Launch A ‘Bridge’ to Bring Bitcoin to Ethereum in ‘One Click’ 6 d USDT Supply on Tron Surpasses Ethereum as Tether Hits $50 Bln in Market Cap

Currently, the side chain has $3.88 billion of value locked in it, the highest among any other side chain. Next in line is ZKSwap, with under $600 million in value locked. Sidechain xDAi has under $200 million, while Optimism has just under $100 million locked on it.

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Polygon’s Proof of Stake sidechain also sees a significant increase in its transaction volume, so much so that it is exceeding Ethereum’s transaction count by nearly 20%.

“Polygon is currently doing ~1M daily txs and has onboarded numerous DeFi blue chip projects, including AaveAave, which has >$2B in liquidity there — disproving the “Ethereum can’t scale” narrative,” noted Spencer Noon, general partner at Variant.

Compared to Ethereum’s 150 million unique addresses and BSC’s 61 million, Polygon still has only about 400k unique addresses. And top 3 addresses sent 573,000 transactions last week, with arbitrage trades making up a large majority of it, as per Nansen. Also, only 25% of all Polygon addresses ever sent transactions on Ethereum.

One of the primary reasons for the growth in transactions can be attributed to its native DEX Quickswap, which is accounting for half of those transactions.

A big increase was seen at the end of last month, seeing as much as $260 million in volume and over half a billion dollars in liquidity on QuickSwap.

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As a result of this growth, the tokens are also enjoying an uptrend. Quick is currently trading at $1,053, near its all-time high of $1,590 hit on Friday, presenting a 500% gain in the last week.

The same day, Matic hit a new ATH of $0.937. Currently, at $0.8118, MATIC is up from $0.3 at the beginning of last month and $0.0176 at the start of the year.

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Author: AnTy

Ethereum’s Layer-2 Solution, Polygon (MATIC) Welcomes Aave and Zapper to Boost DeFi Activity

Ethereum’s Layer-2 Solution, Polygon (MATIC) Welcomes Aave and Zapper to Boost DeFi Activity

As the decentralized finance ecosystem, popular as DeFi, continues to grow at a winged pace, Ethereum gas costs are surging to the roof, forcing investors to look for new faster, and cheaper blockchains. Polygon, an Ethereum layer two solutions, is emerging as the preferred solution as two major DeFi platforms – Aave and Zapper – joined the platform on Wednesday.

Decentralized lending firm, Aave AAVE 0.52% Aave / USD AAVEUSD $ 376.95
$1.960.52%
Volume 343.06 m Change $1.96 Open $376.95 Circulating 12.46 m Market Cap 4.7 b
2 h Ethereum’s Layer-2 Solution, Polygon (MATIC) Welcomes Aave and Zapper to Boost DeFi Activity 2 d Ethereum Wallet, Dharma, Integrates with DeFi Blue-Chips for Direct Access to Bank 6 d SushiSwap Launches A ‘Game-Changer;’ BentoBox’s 1st DApp Is Kashi Lending & Margin Trading
, will integrate scalable sidechains with Polygon, formerly Matic Network, to address the rising congestion and high gas fees experienced on Ethereum. The team plans to integrate a soon-to-be-released smart contract allowing users to seamlessly port assets across blockchains.

“High transaction fees are a feature of a successful public blockchain, as they define actors ready to pay the market price to use and secure decentralized services.”

Stani Kulechov Aave Founder

The DeFi field has in the past favored those with thousands of dollars to invest while effectively locking out the small spenders. In a blog post on the Aave Medium page, Kulechov states the recent integration with Polygon will bring “inclusivity in the DeFi space,” allowing investors with only hundreds of dollars to participate as well.

“That being said, DeFi was always intended to create a sustainable and more inclusive alternative to traditional finance,” he added. “If DeFi is great but only limited to portfolios of five figures and up, DeFi will be falling short of its mission to finance for everyone.”

At launch, Aave will introduce seven assets available for lending and borrowing on the platform.

Zapper, portfolio management, and batched transaction network is also joining the Polygon network, a statement confirmed on Wednesday. Polygon will be the first in line with Ethereum scalability solutions with plans to integrate Optimism, Binance Smart Chain, and Arbitrum on the way.

With Polygon’s integration, Zapper will enable Ethereum-to-Polygon transfers allowing cross-chain “zap” transfers — its term for multi-transaction, single-click deposits, and withdrawals.

The new partnership will also enhance sending funds from Aave to Polygon, DeFi Dad of Zapper stated in a tweet.

Earlier in February, Matic Network rebranded to Polygon to enable Ethereum ETH 2.97% Ethereum / USD ETHUSD $ 1,972.51
$58.582.97%
Volume 30.55 b Change $58.58 Open $1,972.51 Circulating 115.29 m Market Cap 227.42 b
2 h Ethereum’s Layer-2 Solution, Polygon (MATIC) Welcomes Aave and Zapper to Boost DeFi Activity 7 h Enjin (ENJ) Raises $18.9M to Build Out Efinity Parachain, Bringing NFT’s to Polkadot (DOT) 11 h Bitcoin Closes its Best Quarter in 8 Years, With 103% Gains
to compete with its rivals such as Polkadot. DOT 4.05% Polkadot / USD DOTUSD $ 37.69
$1.534.05%
Volume 2.81 b Change $1.53 Open $37.69 Circulating 925.06 m Market Cap 34.86 b
2 h Ethereum’s Layer-2 Solution, Polygon (MATIC) Welcomes Aave and Zapper to Boost DeFi Activity 7 h Enjin (ENJ) Raises $18.9M to Build Out Efinity Parachain, Bringing NFT’s to Polkadot (DOT) 11 h Bitcoin Closes its Best Quarter in 8 Years, With 103% Gains
The sidechain scalability solution enables significant throughput increase while reducing the fees incurred on Ethereum transactions.

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Author: Lujan Odera

43 Million Retail Investors Now Gets Access to SUSHI, MATIC, & SKL on Coinbase Pro

43 Million Retail Investors Now Gets Access to SUSHI, MATIC, & SKL on Coinbase Pro

SKALE (SKL) reacted the most to the Coinbase Pro listing. The three crypto-assets will begin trading on March 11 and are not yet available in New York State and on Coinbase.com or its mobile apps.

Coinbase, the leading US cryptocurrency exchange, has listed popular DeFi token SUSHI along with MATIC and SKL.

SUSHI is the governance token of Sushiswap, the second-largest decentralized exchange (DEX), managing about $500 million in daily trading volume. The DeFi token is trading at $18.50, up 450% YTD.

MATIC powers the Polygon Network that aims to provide faster and cheaper transactions on Ethereum using Layer 2 sidechains. Trading at $0.321, the token has been having a spectacular 2021 with 1,720% gains this year so far.

The company disclosed that its investment arm, Coinbase Ventures invested in the project Matic in 2019 and owns MATIC tokens.

Unlike the other two tokens, SKALE reacted to the listing the most with a 93% increase in value, currently trading around $0.55. It is an Ethereum-compatible decentralized network designed to scale Web3 applications.

All three crypto-assets are listed against USD, BTC, EUR, and GBP, with SUSHI having an additional pairing with ETH as well.

Now, US users will be able to get access to these DeFi tokens, which, as Coinbase revealed in its SEC filing, are 43 million. Also, institutions will be joining in as they now account for 64% of Coinbase’s volume by customer segment as of Q4 2020.

These cryptos will be available in all of the exchange’s supported jurisdictions except for New York State. For now, they are not yet available on Coinbase.com or through its mobile apps either.

While the transfers on Coinbase Pro accounts are now opened, trading will begin on March 11.

These listings are just one of the many DeFi tokens that the exchange has been exploring for listing. Several major DeFi tokens, including AAVE, Bancor (BNT), Synthetic (SNX), YFI, Uniswap (UNI), Maker (MKR), are already on Coinbase.

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Author: AnTy

Matic Network Integrates Chainlink’s Decentralized Oracles And VRF for Growing DeFi Demand

  • Matic Network successfully integrates Chainlink decentralized price oracles.
  • At launch, Chainlink will offer five key price feeds, including MATIC, ETH, USDC, USDT, and DAI.
  • Chainlink’s VRF is set to launch on MATIC blockchain in the future.

Matic Network became the second native blockchain to integrate Chainlink’s decentralized price oracles after Ethereum. At launch, Chainlink will offer trusted price feeds on five cryptocurrencies against the dollar, including MATIC/USD, ETH/USD, and three stablecoins (USDT/USD, DAI/USD, and USDC/USD).

Matic Network’s integration of Chainlink oracles aims to boost decentralized finance (DeFi) projects on the blockchain. Chainlink provides DeFi developers with “access to high-quality data, decentralized oracle infrastructure, and Sybil resistant oracle nodes,” allowing them to monitor and manage the platform’s prices and node functions in real-time. Matic statement reads,

“The result is highly available, accurate, manipulation resistant, and transparent oracle networks for getting any off-chain resource necessary for success,”

Several DeFi projects built on Matic have already started to use the decentralized price feeds to execute their key functions. Chainlink’s decentralized oracles are being used on the under-collateralized lending platform, EasyFi, and predictions and betting markets, PlotX enhancing functions such as,

“checking loan collateralization, minting and swapping synthetic assets at fair market prices, and settling up the prediction markets.”

Chainlink is pushing blockchain technology into the mainstream, as explained in a previous article. The DeFi field has been one of the biggest beneficiaries, with over $4 billion in assets secured using Chainlink’s price feeds. Matic aims to witness a similar effect following the integration of Chainlink by “accelerating their go-to-market and avoid the pitfalls faced in building their own data oracles,” the statement read.

“We’re confident that Chainlink Price Feeds are an optimal solution for Matic DeFi developers needing secure, reliable, and ready-made oracle solutions that can easily be integrated into their protocols.”

Apart from the decentralized price data feeds, Matic Network will also welcome Chainlink’s Verifiable Random Function (VRF), enhancing fairness across gaming and gambling platforms. Chainlink will also be available as a general-purpose oracle solution allowing connection to an off-chain API.

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Author: Lujan Odera