Polygon DeFi solutions have been growing steadily over the past few months. In the last twenty-four hours, the number of active user wallets has increased significantly across all of the top four Polygon decentralized apps. QuickSwap, Polycat Finance, Sushi and WaultSwap showed increased effectiveness, some with increases of up to 50%.
The Polygon system is growing rapidly with more and more decentralized applications (dapp) integrated daily. Major DeFi solutions that started on Ethereum and Binance Smart Chain are now looking to launch on Polygon as well. The main advantage Polygon has is faster transaction speeds and cheaper transaction fees.
According to DappRadar data and reports, Polygon is becoming increasingly important in DeFi and yesterday’s performance is in line with this analysis.
Polygon DeFi stands out
All of the leading Polygon apps have seen an overall increase in the last twenty-four hours, but if we look at each individually.
QuickSwap, the number one Polygon dapp and decentralized exchange, recorded growth in all metrics. Total locked-in volume increased 4.56% to more than $874 million.
QUICK also saw growth reaching $456.72. QuickSwap’s market cap is also reaching new heights, with a valuation of $444.75 million at the time of this writing.
While QuickSwap describes itself as an Ethereum-based exchange, it uses Polygon Layer 2 solution to offer its users the best possible transaction processing speeds and transaction fees.
Polycat Finance is one of the leading Polygon-based DeFi solutions. It has the largest volume and number of unique active wallets, according to DappRadar data. In the last 24 hours, Polycat Finance has attracted 15.6% more users and trading volume has increased by more than 50%.
Judging by the charts, there was an increase in volume earlier in the day. It can result from a single large transaction or a combination of many small transfers. Either way, the jump in volume seems significant.
Polycat Finance combines the useful features of Polygon with interesting yield farming opportunities to attract more users and volumes to its network. At the time of writing, Polycat Finance ranks second among all Polygon decentralized apps according to DappRadar data.
Sushi, the Polygon-based version of SushiSwap, has seen significant growth in the last twenty-four hours. All metrics are in the green zone, most above 40%. The number of active users increased by 42% and the number of transactions increased by 53%. Most notably, the volume passing through Sushi’s smart contracts saw an increase of more than 111%.
Earlier this month, DappRadar analyzed the performance of Ethreum-based
SushiSwap and its Polygon counterpart, Sushi. According to the results, Sushi is doing better than expected. Data for May showed that Sushi processed more than double the daily transactions from SushiSwap.
Given these findings, it’s not surprising that Sushi is attracting more users and increasing volume on the dapp.
Finally, there is WaultSwap data. It is currently ranked as the number four Polygon-based dapp on DappRadar. In the last twenty-four hours, WaultSwap has seen the number of its active users increase by more than 50%. The number of transactions increased by more than 47%. Most notably, the volume passing through WaltSwap increased by more than 315% to reach $7 million.
Over the past week, WaultSwap has seen a steady rise. According to DappRadar data, the platform is experiencing continuous increases in the number of active users. In some cases, WaultSwap has even doubled its results in previous weeks.