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Polygon active users grow by 75,000 as DeFi boom continues


18 May 2021

#Polygon

Data from DappRadar shows rapid uptake of Polygon-based decentralized applications. The network now has 93 functioning DApps, up considerably over the past four weeks. Polygon, a leading platform for Ethereum scaling and infrastructure development, has attracted 75,000 new users over the past seven days, highlighting growing demand for layer-two decentralized applications. 

The data, courtesy of DappRadar, shows that the top 20 Polygon decentralized applications, or DApps, were responsible for the increase. In this case, new users refer to active wallets interacting with Polygon DApps. The influx of new users brought in nearly $1 billion in volume.

In the last four weeks, the number of Polygon DApps tracked by DappRadar has grown to 93 from 61. Forty-six of these DApps are in the decentralized finance, or DeFi, space. As Cointelegraph recently reported, DeFi growth has helped push the cryptocurrency market’s share of the global money supply above 2%.

Ian Kane, DappRadar’s senior content and media relations specialist, described the way in which developers are using Polygon:

“Interestingly, as most DeFi dapps are built on open-source design Polygon dapp developers are simply copying popular dapps on Polygon and other chains like BSC and Ethereum. Rebranding them, adding a few new features, and pushing them out onto Polygon with one key difference.”

More users are flocking to Polygon because it offers “cheaper and faster transitions” than its Ethereum-based competitors, according to Kane. Polygon, formerly known as Matic, has made several noteworthy headlines over the past month. Decentralized finance protocol mStable launched on the Polygon chain in late April, offering yet another DeFi use case. Separately, decentralized exchange aggregator 1inch Network recently announced that it has expanded to Polygon.

Polygon’s native token, MATIC, was one of only a small handful of cryptocurrencies to report gains on Monday. The value of MATIC was up 5.7% on the day to $1.66, having gained over 71% in the past seven days, according to Coinecko.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 62% 79 $56 623.70 11.18% 9.37% $1 112 031 470 857 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 59.2% 81 $3 257.69 7.23% 12.32% $391 423 713 721 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92% 1 $1.000464 0.05% 0.07% $98 109 058 390 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 64.4% 69 $399.17 3.71% 12.77% $59 693 248 192 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 74.8% 44 $111.24 9.60% 2.08% $49 202 632 633 SOL 7 days price change
6 XRP (XRP) XRP XRP predictions 82.8% 22 $0.563142 5.66% 0.22% $30 744 319 017 XRP 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 94.4% 1 $0.999959 0% 0% $28 534 731 855 USDC 7 days price change
8 Cardano (ADA) ADA Cardano predictions 66.8% 67 $0.623028 8.17% 0.36% $22 099 890 311 ADA 7 days price change
9 Avalanche (AVAX) AVAX Avalanche predictions 73.2% 51 $39.46 8.54% 2.64% $14 884 006 901 AVAX 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 84% 18 $0.096125 13.99% 11.60% $13 769 217 373 DOGE 7 days price change
11 TRON (TRX) TRX TRON predictions 67.6% 61 $0.141372 2.82% 3.28% $12 440 780 834 TRX 7 days price change
12 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 68.8% 61 $0.140896 2.34% 2.98% $12 398 895 467 WTRX 7 days price change
13 Chainlink (LINK) LINK Chainlink predictions 74% 46 $19.25 5.91% -0.58% $11 304 080 878 LINK 7 days price change
14 Polkadot (DOT) DOT Polkadot predictions 75.2% 52 $8.14 6.70% 5.77% $10 444 466 378 DOT 7 days price change
15 Lido stETH (STETH) STETH Lido stETH predictions 93.2% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change

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