Cryptocurrency News

Defy project launches on Polygon, usage has skyrocketed


Amid the busy crypto market, gas tariffs have skyrocketed in the decentralized finance (DFI) sector, once again highlighting the value of layer-two scaling solutions. Cointegraphy Consulting teamed up with cooperater To discover the number behind Polygon, the network that is onboarding an increasing number of decentralized applications, from sushi swap to bZx.

Aave, DeFi’s lending giant, launched on Polygon this April and has already moved around 66,000 unique users to the layer-two version. Approximately $ 12 billion has been accumulated since launch, and more than $ 7 billion has been borrowed. What is important, however, is that the entire Aave’s Polygon version costs only $ 158 on gas.

In particular, the major part of lending includes fixed currencies, including USD Coin (Usdc), Dai and Tether ()USDT) Make up about 60% of borrowings on the polygon version of AV. In fact, the breakdown of lending shows that Av has succeeded in executing its strategy that prevents users from risky borrowing against volatile assets, which usually leads to liquidation.

Following the launch of the 1 inch network on Polygon on 12 May, we also take a look at its use. The value of 1 inch dollars on Polygon has reached about $ 18 million in daily swaps, with most swaps in USDT, Rapped Ether (WETH), USDC or DAI.

There have been about 10,000 swap facilities so far. The platform already provided $ 43 million in swaps, but only $ 25 gas was used to swap this amount.