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ParaSwap on Polygon Generates $37 Million in 24 Hours

Posted by
Ian Kane

Polygon finance apps target BSC

ParaSwap, the self-proclaimed ‘fastest decentralized exchange for traders’ has seen a huge surge in transaction volume in the last 24 hours. This has propelled the new finance app to 17th position in the DappRadar overall dapp rankings. Interestingly the token exchange launched on Ethereum back in December 2020, arrived on Polygon in the second week of April 2021, and has also very recently launched on BSC. 

In the last 24 hours, the number of active wallets interacting with the dapps smart contracts has increased to 762, up almost 8%. Meanwhile, the platform has generated an impressive $37.4 million in volume. 

ParaSwap on Polygon – 24 Hrs 

In order to gain a more complete picture, it is important to compare the Polygon version of the dapps metrics with that of the Ethereum version. On the Ethereum platform, we see that the amount of value is almost exactly two times that on Polygon. Conversely, the number of active users and transactions is far lower on Ethereum. 

Arguably, this is indicative of Ethereum exchanges these days amidst high gas fees. Those that utilize Ethereum finance platforms must be moving enough capital to justify a $50 gas fee per trade. It appears those utilizing layer-2 or other cheaper alternatives are playing with considerably smaller investment pots. This can be shown more clearly by analyzing the average transaction value on both. 

ParaSwap on Ethereum – 24 Hrs 

In the last 7 days, ParaSwap on Polygon has an average transaction of around $12,000 while the average transaction on the Ethereum version is almost $282,000. This clearly shows that Ethereum has less activity, but the values are considerably higher. 

Same same, but different

As mentioned, ParaSwap has launched on Ethereum, Binance Smart Chain, and Polygon although the application is the same for each and the user just toggles between the networks. Interestingly, one seemingly powerful USP is that ParaSwap is10% cheaper to use compared with the leading Ethereum exchange Uniswap

Moreover, users have become all too accustomed to ‘copy and paste’ versions of dapps with a few upgrades. The user experience and general design of ParaSwap come as a breath of fresh air as users are greeted by a slick, well-laid-out dashboard with multi-language support. One other key difference to other token exchanges is the visibility of the token’s historical value and the order routing. Again, not revolutionary features but executed nicely. 

Polygon is enjoying a resurgence in both activity and value since its rebrand from Matic earlier in the year. More importantly, its dapp ecosystem is growing as developers see the value of being part of the Ethereum layer-2 setup, offering faster and cheaper transactions to users. DeFi on the Polygon blockchain is still in its infancy and as reported in April the chain gathered more than 20,000 daily unique active wallets. 

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