In the midst of the hectic cryptocurrency market, Gas rates in the decentralized finance (DeFi) sector have skyrocketed, underscoring once again the value of layer two scaling solutions. Cointelegraph Consulting partnered with Covalent to discover the numbers behind Polygon, the network that is incorporating an increasing number of decentralized applications, from SushiSwap until bZx.
Aave, the DeFi loan giant, launched on Polygon this April and has already attracted some 66,000 unique users to the layer two version. Since launch Almost $ 12 billion has been deposited and more than $ 7,000 has been loaned. Although the important thing is that only $ 158 has been spent on gas in all Polygon version of Aave.
In particular, most of the loans refer to stablecoins, with USD Coin (USDC), Dai y Tether (USDT) that represent approximately 60% of the loans in the Polygon version of Aave. In fact, the loan breakdown reveals that Aave succeeded in executing its strategy that prevents users from borrowing risky against volatile assets, which in turn often leads to liquidations.
Following the launch of 1inch Network At Polygon on May 12, we took a look at its usage. 1inch on Polygon has reached nearly $ 18 million in dollar value daily trades, with most trades denominated in USDT, WETH (Wrapped Ether), USDC, or DAI.
Up to now, almost 10,000 operations. The platform has already facilitated USD 43 million in operations, but only $ 25 worth of gas has been used to move this amount of money.
Amid Ethereum network congestion and rising costs, Polygon is gaining momentum due to its staggeringly low transaction fees. With more DeFi projects pursuing multi-chain strategies, Polygon could incorporate more projects in the near future.
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