$13 million volume in 10 days
PolyZap, a decentralized exchange, and yield farming protocol have had an incredible first week since launching on the layer-2 Polygon network. According to DappRadar data, the number of transactions on PolyZap rose to over 36,000 in the last 10 days with over 8,000 or 22% coming in the last 24 hours.
PolyZap now had more than 3,000 user wallets interacting with its smart contracts. With DeFi interest in the Polygon blockchain increasing, so does the transaction volume on PolyZap. They recorded almost $13 million so far.
Interestingly, we see that an average transaction on PolyZap is around $350 showing that while the platform is attracting usage, users are still hesitant to deposit the amounts seen on rival Polygon applications such as QuickSwap. In the last 7 days, the QuickSwap DEX has an average transaction of around $1480.
Polygon DeFi dapps are arriving thick and fast as they continue to rival Ethereum for DeFi market share amidst high gas prices. In the last 4 weeks, the number of tracked Polygon dapps on DappRadar has increased from 61 to 91 with an almost total lean toward DeFi applications.
PolyZap initially conducted an IDO or Initial Dex Offering through its platform to raise funds. The pre-sale, which took place in two parts on the 8th and 10th May allocated 200,000 PZAP tokens from the initial supply, at a rate of 5 MATIC per 1 PZAP token. The sale was a success and the platform successfully raised the desired amount and brought with it a new community of interested investors.
As with the latest DeFi platforms, potential users are looking for high percentage rates on farming and staking activities in exchange for providing much-needed liquidity. Certain farms on PolyZap are offering annual percentage returns of up to 5,595% on tokens such as USDC and MATIC.
What is PolyZap
In a nutshell, PolyZap Finance is a decentralized exchange and yield farming platform operating on the Ethereum layer-2 Polygon network. At the heart of the offer lies the token swapping exchange including an innovative auto slippage feature that automatically (where available) sets the slippage for a token, for easier trades. Here users can exchange or swap cryptocurrencies in the same way as on competitor platforms like Uniswap or Paraswap. Yield farming activities on PolyZap are numerous. Currently, there are a limited number of farm features available with more set to be added in the following weeks.
- Zap Farms: stake the LP coins you already own in their respective Zap Farm and you will start earning PZAP with respect to the total farm’s staking balance.
- Zap Pools: stake the coins you already own in their respective cloud pool and you will start earning PZAP with respect to the total pool’s staking balance.
- King of Zap: a battle of the bids, there is a 10 minutes countdown timer which resets on the next bid. Each bid has to increase in value and the last person bidding takes the accumulated PZAP prize pool!
- On-Chain Referral Program: unique on-chain referral program that lets users earn PZAP, without depositing any tokens.
Amidst high gas fees over on Ethereum, Polygon and alternative blockchains such as Binance Smart Chain are flourishing. Polygon DeFi dapps offer users the ability to trade at low costs and fast speeds with close-to-zero gas fees. Something very important for today’s lower value investors looking to move hundreds of dollars as opposed to thousands. Overall, as Polygon is a layer-2 solution, users retain the security and efficiency of the Ethereum blockchain but benefit from lower costs and faster transactions.