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

Matic Network Strategically Rebrands to ‘Polygon’ in a Bid to Build the Best Ethereum Layer 2 Solutions

Matic Network Strategically Rebrands to ‘Polygon’ in a Bid to Build the Best Ethereum Layer 2 Solutions

  • Matic Network rebrands to ‘Polygon’ and expands their strategic technological mission of providing faster layer 2 solutions for Ethereum blockchain.

Polygon, formerly Matic Network, announced its pivoting in a shift to enable Ethereum to compete with its rival, Polkadot, by building robust, fast and efficient multi-chain solutions.

According to a blog post, the Indian-based startup will incorporate a layer 2 aggregation software development kit (SDK), allowing projects to host multiple projects at once. This will allow developers to connect to any of their preferred scaling solutions, reducing the burden on Ethereum, as well.

Polygon introduces a new secure layer 2 scaling solution that relies on Ethereum for security purposes and sidechains that completely deal with their own security. The former allows startups to focus on their craft rather than worry about safety and ensure the projects attain the highest security levels. The standalone sidechains also have their benefits for companies, such as sovereignty and speed of transactions.

“The Polygon SDK is built to accommodate [and] aggregate all such kinds of solutions, rollups being one of them. Currently, the Polygon SDK will enable the creation of standalone chains like Polkadot’s substrate.”

Sandeep Nailwal Polygon Co-Founder

Polygon, adding to the Plasma chains already available on Matic, will “support other major Layer 2 solutions such as Optimistic Rollups, zkRollups, Validium, etc., thus basically becoming one-of-a-kind “Layer 2 aggregator”, the report reads.

“Polygon SDK will support and offer several auxiliary solutions and products which will extend Polygon functionalities, improve the developer experience and introduce support for specific use cases.”

The Polygon network aims to overpower other scalability solutions such as Avalanche (AVAX), Polkadot (DOT), and Cosmos (ATOM). Having built on the Ethereum (ETH) Network, Polygon could enjoy greater security levels and become more open and robust, feeding off the second-largest blockchain.

The old Matic Network version will remain fully functional, and the MATIC token will continue to be the native token of the network.

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Author: Lujan Odera