Yield farming on Polygon kicks off!
Polygon decentralized finance application PolyCat has been going from strength to strength since launching last month. The token swapping, yield farming protocol has gathered an impressive $28 million in total value locked (TVL) across all its pools and farms.
In the last 30 days, the number of active wallets interacting with PolyCat was over 5,300 while the number of transactions swelled to over 214,000. Interestingly, we see that the average transaction on PolyCat is around $170. A low figure when compared to the leading Polygon DEX QuickSwap where the average transaction in the last 30 days is around $2,000 or 10x higher. This shows the maturity of PolyCat currently and that investors are treading cautiously when entering a new platform.
Another important mechanism driving interest in new platforms is the now commonplace referral system. Users that refer a friend that successfully utilizes the dapp will receive a lifetime income of 1% from their earnings.
Interestingly, over the last 7 days, PolyCat Finance has seen the most user activity across the top 5 dapps on Polygon when ranked by volume, closely followed by Aave. When it comes to the value accumulated there is a big difference. PolyCats $1 million volume looks insignificant when compared to Aave’s $143 million. But, the fact that the dapp is already in the top 5 shows promise.
Polygon Vs Binance
Recently, both Polygon and Binance Smart Chain have been aggressively targeting the DeFi sector. Looking at similar applications on BSC can give an even more granular view of how a dapp is currently performing.
GarudaSwap, a new decentralized exchange, and yield farming project on Binance Smart Chain, has surged to impressive levels just days after its official launch. In the last 24 hours over 3,400 unique active wallets have interacted with the GarudaSwap smart contracts generating 17,000 transactions. The platform already has over $23 million locked into its farms and pools. Arguably, BSC and its dapps had a pretty firm headstart but also seem to be attracting the users and value right now.
The DeFi market on the Polygon blockchain has just started and as reported in April the chain gathered more than 20,000 daily unique active wallets. QuickSwap has positioned itself as the one to beat, others try to follow. While Binance is the second most active blockchain, increasing its user base by 61% in April according to the Dapp Industry Report for April 2021.