Amidst the frenzied cryptocurrency market, gas fees have increased in the decentralized financial sector (DeFi), highlighting the value of second-tier expansion solutions. Cointelegraph Consulting teamed up with Covalent to discover the numbers behind Polygon, the network on a growing number of decentralized apps, from SushiSwap to bZx.
Aave, the loan giant Defi, launched in Polygon in April and has already attracted 66,000 unique users of a two-team version. Since its launch, it has invested nearly $ 12 billion and raised more than $ 7 billion. The important thing, however, is that only $ 158 was spent on the entire version of Aaves Polygon.
In particular, most loans are linked to stablecoins, with the US dollar (USDC) and Dai and Tether (USDT) accounting for around 60% of the loans in Aave’s Polygon issue. In fact, the lending department shows that Aave has successfully implemented its strategy to prevent users from taking the risk of borrowing due to volatile assets, which in turn usually leads to liquidation.
When we launch the 1-inch grid on Polygon on May 12th, we’ll also look at its use. 1 inch on Polygon reached nearly $ 18 million in daily dollar equivalent exchanges, with most denominations denominated in USDT, Wrapped Ether (WETH), USDC, or DAI.
Currently, nearly 10,000 changes have been made. The platform has already facilitated an exchange of $ 43 million, but only $ 25 for gas has been used to exchange that amount.
With traffic congestion on Ethereum and rising costs, Polygon is gaining momentum due to its incredibly low transaction fees. Since many of DeFi’s projects follow multi-chain strategies, Polygon may launch more projects in the near future.
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