All top Polygon DeFi solutions see increase in users
Polygon DeFi solutions have been steadily growing over the past couple of months. Over the past twenty-four hours, the top four Polygon dapps all saw significant growth in the number of active user wallets. QuickSwap, Polycat Finance, Sushi, and WaultSwap all displayed increased activity, some with boosts upward of 50%.
The Polygon ecosystem is growing rapidly, with more dapps integrated daily. Major DeFi solutions that started out on Ethereum or Binance Smart Chain are now looking to launch on Polygon as well. The main advantage Polygon boasts – faster processing speeds and cheaper transaction fees.
DappRadar data and reports indicate that Polygon is becoming the next big thing in DeFi, and yesterday’s performance follows suit with this analysis.
Polygon DeFi pushes ahead
All top Polygon dapps saw increases across the board in the past twenty-four hours, but let’s look at each one individually.
QuickSwap, the number one Polygon dapp and decentralized exchange, has seen growth across all metrics followed by DappRadar. Total volume locked is up by 4.56%, reaching more than $874 million.
QUICK has also seen growth reaching $456.72 per token. QuickSwap’s market capitalization is also reaching new heights, valued at $444.75 million at the time of writing.
While QuickSwap identifies itself as an Ethereum based exchange, the dapp utilizes the Polygon Layer 2 solution in order to offer its users the best possible transaction processing speeds and gas fees.
Polycat Finance is at the top of Polygon-based DeFi solutions. According to DappRadar data, it boasts the largest volume and number of unique active wallets. Over the past 24 hours, Polycat Finance has attracted 15.6% more users, and the transaction volume is up by more than 50%.
Judging by the graphs, there was a spike in volume early on in the day. It might be due to a single large transaction or a combination of numerous smaller transfers. Either way, the jump in volume is significant.
Polycat Fiancne combines the beneficial capabilities of Polygon along with intriguing yield farming opportunities to attract more users and volume to its network. At the time of writing, Polycat Finance ranks second among all Polygon dapps, according to DappRadar data.
Sushi, the Polygon-based version of SushiSwap is showing significant growth in the past twenty-four hours. All metrics are in the green zone, and most of them by upwards of 40%. The number of unique active users rose by 42%, and the number of transactions by 53%. Most remarkably, the volume going through Sushi’s smart contracts rose by more than 111%.
Earlier this month, DappRadar analyzed the performance of Ethreum-based SushiSwap and its Polygon counterpart Sushi. The results were clear – Sushi is doing better than ever anticipated. Data for May indicated that Sushi had attracted more than double the amount of transactions per day than SushiSwap.
Considering these findings, it is no surprise that Sushi attracts more users, and the volume going through the dapp is increasing.
Last but not least, there is WaultSwap. It is currently ranked as the number four Polygon-based dapp on DappRadar. In the past twenty-four hours, WaultSwap saw its unique active users increase by more than 50%. Transactions went up in number by more than 47%.
Most remarkably, the volume going through WaltSwap went up by more than 315%, reaching upwards of $7 million.
In the past week, WaultSwap has been steadily gaining traction. According to DappRadar data, the platform has been experiencing constant increases in the number of active users. In some cases, WaultSwap even doubled its results from previous weeks.
Polygon DeFi still has a long way to go to reach the numbers and magnitude of Ethereum and BSC-based dapps. However, the consistently positive results Polygon DeFi dapps have are a good indicator of the future success of the blockchain and its decentralized finance ecosystem.