On May 19, the crypto asset market suffered a waterfall, with Bitcoin sinking all the way to $29,000. The asset code ‘MATIC’ managed to attract the market’s attention during the gloomy cycle before the crisis arrived, rising continuously on May 17 and 18 when the market was on the downside, up to $2.89, a single day gain of 45%. It is also currently the asset with positive weekly gains in the list of Top 20 crypto assets in terms of market capitalization. MATIC brings attention to the ecological development on its native blockchain Polygon. deFiPules data shows that Polygon has a lock-in volume of $5.55 billion, which puts it in the top 5 compared to the lock-in volume of the DeFi ecosystem on Ether.
Polygon (MATIC), formerly known as Matic Network, is a sidechain project of Layer2, an Ethernet scaling solution, which uses the off-chain computing of the sidechain to provide scalability solutions, compatible with Ethernet EVM, and supports Ethernet developers to deploy DeFi protocol in one click, with a total number of over 100 applications officially disclosed. There are already many well-known Ethernet on-chain DeFi protocols migrated to Polygon, including Aave, Curve, Sushi, etc., supporting the major TVLs on this chain. of course, there are already native projects born on this sidechain as well. So how are its on-chain applications developing? This issue of DeFi Honeycomb will introduce the mainstream applications on the Polygon chain.
Decentralized Trading Platform QuickSwap
QuickSwap (QUICK) is the first decentralized trading platform (DEX) native to Polygon. It supports token generation and exchange on Polygon’s chain and new projects, and the supported exchange asset pairs have reached 3131. This also reflects the richness of assets on Polygon’s chain. Users can get QUICK rewards by providing liquidity to the corresponding pools such as QUCIK-ETH, QUCIK-MATIC, ETH-MATIC, ETH-USDC, and ETH-LINK.
QuickSwap official website
As of May 19, QuickSwap provides liquidity of $768 million, with 24-hour trading volume of $509 million and a 24-hour trading count of 410,000.
The token QUICK was issued on February 24, 2021 and was quoted at $1,082 on May 19, up $24.56 in 7 days. The maximum supply of QUICK is 1 million, with a current market circulation of 159,753, a circulating market capitalization of $160 million, and a holding address of 4852.
Polywhale, the aggregated revenue platform
Polywhale (KRILL) is also a decentralized revenue management platform native to the Polygon chain, and is also the first platform on this chain to support single-coin lock-in mining. The development route of the application is planned to also collect lottery pools, IDO, NFT and many other functions.
Polywhale official website The platform was launched on April 24 and currently supports single-asset locks for KRILL, WMATIC, WBTC, WETH, QUICK, USDT, and USDC. It should be noted that users of single coin mining pay a 4% fee. Polywhale is online with a machine gun pool with automatic compounding, currently supporting WMATIC-WETH, USDC-WETH, USDC-WETH, USDC-USDT and a dozen other LPs.
As of May 19, the locked position on PolyWhale is nearly $93 million. KRILL is quoted at $12.36, up 27.9% in 24 hours, with a 24-hour trading volume of $1.88 million. The number of coin holding addresses is 5596.
Decentralized trading platform Dfyn
Dfyn (DFYN) is a decentralized trading platform that supports cross-chain trading. The protocol opened for liquidity mining on May 10, and users can currently provide liquidity to MATIC-ETH, USDC-ETH,, UNI-ETH, AAVE-ETH, USDC-USDT, DAI-USDT and other pools to receive DFYN rewards.
Dfyn official website
As of May 19, Dfyn has a liquidity TVL of $210 million, a 24-hour trading volume of $52 million, and a 24-hour trading count of 51,000.
DFYN is quoted at $3.13, with a maximum issue size of 250 million and a current total supply of 91.46 million, with 2640 addresses held.
Lending Agreement Aave
Aave (AAVE) is the earliest decentralized collateralized lending platform on Ether that can earn interest by storing crypto assets or lend by collateralizing them.
Aave official website
On April 1, the protocol was deployed on the Polygon chain to provide lending services for users on this chain, which currently supports lending services for assets such as MATIC, DAI, USDC, USDT, WETH, WBTC, AAVE, etc. Users can earn WMATIC rewards for depositing or lending assets. Users can use Polygon Bridge to transfer assets from Ether to Polygon.
Polygon’s version of Aave has a lending scale of $5.6 billion. on May 19, AAVE was quoted at $610, up 8.7% in 7 days, with a circulating market cap of $7.5 billion and the number of held addresses already up to 79,710, the market cap has jumped to the 20th place in the crypto asset market.
Stable Coin Exchange Protocol Curve fi
Curve fi (CRV) is the first decentralized stablecoin exchange protocol on ethereum. Launched in January 2020, it enables users to trade stablecoins with low slippage and low fees.
Curve fi official website
Polygon was launched on April 19, supporting exchange between stable coins DAI, USDC,USDT. Currently, users can get WMATIC rewards by depositing aDai-aUSDC-aUSDT fund pairs.
According to Curve fi’s official website, the volume of assets deposited on the Polygon chain on May 19 reached $500 million, with a 24-hour turnover of $100,000.
On May 19, CRV was quoted at $3.18, down -11.7% in 7 days due to broader market volatility, with a circulating market cap of $799 million and a number of coin-holding addresses of 32,011.
Decentralized Trading Platform SushiSwap
SushiSwap (SUSHI) is the second largest automated market making (AMM) decentralized integrated trading platform on Ether. The latest version of SushiSwap brings together a lending and revenue manager, and in addition, the DEX went live on May 17 with the IDO issuance platform MISO.
SushiSwap official website
Polygon’s version of SushiSwap also enables liquidity mining and currently supports more than ten types of LP mining such as WMATIC-WETH,, USDC-WETH, USDC-WETH, USDC-USDT, DAI-USDT, etc.
According to the official website of SushiSwap, the amount of liquidity mining assets locked in the Polygon chain reached $670 million on May 19.
On May 19, SUSHI was quoted at $19.86, up 15.68 in 7 days, with a circulating market cap of $2.725 billion and 50,139 coin-holding addresses.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/matic-bucks-the-trend-a-glance-at-polygon-eco-mainstream-applications/
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