Polygon’s DeFi Landscape Flourishes: MATIC Protocol Adoption Soars

Polygon X Samsung

  • Polygon is fueling the growth of the DeFi ecosystem with massive transaction counts.
  • The upside for the MATIC token is high, buoyed by support from Coinbase and Binance.

The Polygon blockchain has grown to become a notable force in the Decentralized Finance (DeFi) sector. At the same time, MATIC, the native token of the platform has seen increased adoption in recent times.

How Polygon Works 

DeFi opens up a lot of opportunities in the financial industry, from enabling peer-to-peer transactions to eliminating the need for intermediaries. This can all be done through blockchain rails, using Polygon, as revealed in a series of X posts.

Many financial Decentralized Applications (dApps) use Polygon to address needs like borrowing and lending, optimization of rewards, and stablecoin integration. Some of the Polygon’s products used by developers include Polygon PoS, Polygon CDK, and Polygon zkEVM.

With these products, developers receive a network and a host of toolkits that meet their flexibility, security, and scalability needs. As a result, they are able to scale and build innovative DeFi applications. Some of the dApps that have been built on Polygon include Polymarket, Aave, QuickswapDEX, azuro protocol, Balancer, yearn, and others.

With Polymarket, users can trade on the outcome of future events in sports, politics, crypto, and more. The project recently achieved a notable milestone as transactions surpassed $62 million in volumes in May. 

At the moment, Aave is the largest DeFi protocol on Polygon with $460 million in TVL. The project offers open-source, non-custodial liquidity for earning interest on deposits and borrowing assets. Polygon’s EVM compatibility, PoS system, and developer community make it an ideal environment for Aave. Launching on the network helped kick-start Aave’s DeFi ecosystem, providing a solid source of liquidity for users.

In the meantime, Aave Labs is set to upgrade its protocol from V3 to V4. Per earlier reports from Crypto News Flash, the V4 upgrade is part of its 2030 vision, positioning the protocol for continued success. 

MATIC Sees Increased Adoption 

MATIC continues to attract a growing number of users to its platform. As previously reported by Crypto News Flash, MATIC has seen close to 10 million users. The surge in activity on the network can be attributed to the growing popularity of the Polygon ecosystem.

Polygon has maintained its position as one of the largest Web3 ecosystems globally. According to recent data, Polygon has become the second-highest protocol in terms of total number of transactions scored over the past six months.

In addition to Polygon’s popularity, MATIC’s increased adoption can also be attributed to support from key players like Coinbase and Binance crypto exchanges. In line with what Crypto News Flash had earlier disclosed, the altcoin price skyrocketed in 2020, rising by more than 100x in a few months. 

As of this writing, MATIC is trading at $0.6433, representing a 1.64% decrease over the trailing 24-hour period. However, the trading volume increased by 4.48% to $300 million, with market capitalization pegged at $6.3 billion.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

Latest posts

post-thumbnail
Polygon and Ethereum Investment Innovation: Spiko Launches Tokenized Mutual Funds for US Treasury and European Bonds
Two tokenized mutual funds for the US Treasury and European Bonds have been launched by Spiko and wi...
READ MORE
post-thumbnail
Cardano Founder Speculates: Does Elon Musk Possess 20% of Dogecoin’s Total Supply?
Cardano founder Charles Hoskinson recently speculated that Elon Musk might be holding 20% of DOGE su...
READ MORE
post-thumbnail
BlockDAG Clinches High-Profile Influencer Endorsement, Presale Climbs 1120%, Dwarfing PEPE Coin & Floki Prices
Floki Inu recently enjoyed a notable upswing following a robust investment from DFW Labs, while disc...
READ MORE
post-thumbnail
Terra Classic Nears Decision: Proposal 12114 to Redefine Burn Tax Allocation
The Terra Classic community is voting on Proposal 12114 which aims to revise the LUNC burn tax to al...
READ MORE
post-thumbnail
TON Price Up 4% as TON Blockchain Launches Open League: Win $40M+ in Rewards
The Toncoin network has attracted notable investments from legacy web3 venture capitals in addition ...
READ MORE
post-thumbnail
Ethereum ETF Approval on the Horizon: What It Means for Shiba Inu and Furrever Token Investors
The post Ethereum ETF Approval on the Horizon: What It Means for Shiba Inu and Furrever Token Invest...
READ MORE
post-thumbnail
Veteran Crypto Trader Predicts Bitcoin’s Market Cap to Equal Global Gold Reserves
The post Veteran Crypto Trader Predicts Bitcoin’s Market Cap to Equal Global Gold Reserves appeare...
READ MORE
post-thumbnail
Moody’s Delivers Critical Warning To Investors, XRP Gets Explosive Price Prediction
The post Moody’s Delivers Critical Warning To Investors, XRP Gets Explosive Price Prediction appea...
READ MORE
default post thumbnail
Rapper Gazzy Garcia Gets A Forehead Tattoo Featuring Solana, Says He Sold His SOL
The post Rapper Gazzy Garcia Gets A Forehead Tattoo Featuring Solana, Says He Sold His SOL appeared ...
READ MORE
post-thumbnail
After Regaining $0.01, Here is What’s Next for BOOK OF MEME (BOME) Price Rally!
The post After Regaining $0.01, Here is What’s Next for BOOK OF MEME (BOME) Price Rally! appeared ...
READ MORE
Read more posts