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Beefy Finance Sees 439% User Growth on Polygon

Posted by
Robert Hoogendoorn

Binance Smart Chain version doesn’t grow at all

Beefy Finance has seen some amazing user growth in the past 30 days, as its average daily active wallets grew from 891 to 4,809 on Polygon. However, this growth only happened on the Polygon version of the DeFi platform. The one on Binance Smart Chain didn’t see any significant growth at all, with an average of 740 daily unique active wallets.

The biggest growth for Beefy Finance on the Polygon blockchain happened in the past 7 days. On the first of June, the platform had 1,242 unique wallets, and 7 days later, that number reached 1,920. After that, things went fast, peaking on June 16th with 7,137 unique active wallets that interacted with the platform’s smart contracts. 

Interacting with a smart contract is a pretty broad concept. This can mean that users participated in yield farming in one of the many farms and vaults. Harvested their earnings or removed their stake. 

Overall the numbers are simply great for Beefy Finance on Polygon. In the past 30 days, the platform saw $289 billion in volume passing through its smart contracts from 649,580 transactions. With 10,970 unique wallets, the BSC version of the platform isn’t performing badly. However, its volume and user activity have dropped tremendously over the past 30 days.

DeFi shifting in Polygon’s favor

Earlier this year the DeFi market moved from Ethereum to Binance Smart Chain. This brought the newly established blockchain lots of growth, and it even took over the position of Ethereum on several key metrics. However, the tides are turning. In recent weeks, despite some scams and the fall of Titan, Polygon has gained the favor of the DeFi audience

Established brands like SushiSwap and Aave are gaining popularity on Polygon, while QuickSwap is growing into the premier token swap platform. At the same time the story is slightly different on Binance Smart Chain, where only established platforms like PancakeSwap seem the weather a storm filled with exploits and scams. However, in the past 30 days established platforms like PancakeSwap, ApeSwap, BakerySwap and Pancake Bunny have all seen their user base drop 11% up to 18%. 

How different is this image on Polygon blockchain, where Sushi, Beefy Finance, 1inch, and many others have seen growth in their active user wallets in the past 30 days. Obviously Binance Smart Chain still attracts the biggest audience, that didn’t change.

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