Layer 2 Ethereum Scaling Solution Polygon (MATIC) sees nearly $ 4 billion in locked value as QuickSwap gains traction
The growing use of Ethereum, which generates extremely high rates on the network, has resulted in BSC and Solana (SOL) gaining traction. But not only are layer 1 chains gaining support, but layer 2 solutions are getting the same use.
Polygon, formerly known as Matic, is one such project that is working to transform Ethereum (ETH) into a multi-chain ecosystem with secure Layer 2 chains and independent chains. ETH 10.83% Ethereum / USD ETHUSD $ 3,318.60
$ 359.4010.83% Volume 51.95 b Change $ 359.40 Open $ 3,318.60 Circulating 115.73 m Market Capitalization 384.06 b 6h Canadian financial technology company Mogo adds another 146 Ethereum to its 7h digital currency portfolio The CEO d eBay says company is considering digital currency as a payment option and selling NFT on Ethereum 7H Platform co-founder Vitalik Buterin is now a billionaire with more than 333,520 ETH BNB 4.62% Binance Coin / USD BNB
$ 30.314.62% Volume 5.54 b Change $ 30.31 Open $ 656.13 Circulating 153.43 m Market Capitalization 100.67 b 8h Layer 2 Ethereum Scaling Solution Polygon (MATIC) sees almost $ 4B in locked value while QuickSwap gains traction 11 h Another Binance Smart chain (BSC) – the technology-based challenge protocol is exploited for more than $ 30 million 2.d Binance Smart chain (BSC) TVL reaches $ 45 billion, catching up quickly with Ethereum SOL -5.52 % Solana / USD SOLUSD $ 44.34
– $ 2.45-5.52% Volume 664.41 m Change – $ 2.45 Opening $ 44.34 Circulating 272.64 m Market Capitalization 12.09 b 8h Layer 2 Ethereum Scaling Solution Polygon (MATIC) sees almost $ 4B in locked value while QuickSwap gains 6 traction from BadgerDAO & RenVM Launch on ‘Bridge’ to bring Bitcoin to Ethereum to ‘One Click’ 6 d USDT Supply on Tron beats Ethereum while Tether reaches market capitalization
Currently, the side chain is valued at $ 38.8 billion closed, the highest among any other side chain. Next in line is ZKSwap, with less than $ 600 million in locked value. Sidechain xDAi has less than $ 200 million, while Optimism has just under $ 100 million.
Polygon’s Proof of Stake side chain also sees a significant increase in its transaction volume, so much so that it surpasses Ethereum’s transaction count by almost 20%.
“Polygon is currently making ~ 1 million TXS daily and has incorporated numerous front-line projects from Defi, including AaveAave, which has> $ 2 billion in liquidity there, refuting the narrative of ‘Ethereum can’t scale,'” he noted. Spencer Noon, general partner of Variant.
Compared to Ethereum’s 150 million unique addresses and BSC’s 61 million, Polygon still has only about 400,000 unique addresses. And the top 3 directions sent 573,000 transactions last week, and arbitration transactions make up a large majority, according to Nansen. In addition, only 25% of all Polygon addresses sent transactions in Ethereum.
One of the main reasons for the growth of transactions can be attributed to its native Quickswap DEX, which accounts for half of these transactions.
There was a huge increase late last month, with a volume of up to $ 260 million and more than $ 500 million in cash in QuickSwap.
As a result of this growth, tokens are also enjoying an upward trend. Quick is currently trading at $ 1,053, near its all-time high of $ 1,590 reached on Friday, showing a gain of 500% in the last week.
On the same day, Matic got a new $ 0.937 ATH. Currently, at $ 0.8118, MATIC has risen from $ 0.3 earlier last month and $ 0.0176 earlier this year.
Polygon / USD MATICUSD
0.7795- $ 0.04-4.66%
Volume 802.52 m Change – $ 0.04 Open $ 0.7795 Current 5.19 b Market Capitalization 4.04 b
Anty has been involved in the cryptographic space full time for over two years. Prior to her blockchain beginnings, she worked with the NGO Doctor Without Borders as a fundraiser and has since explored, read and created for different segments of the industry.