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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 59.2% 81 $16 874.70 3.65% 1.89% $324 337 050 706 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 61.6% 79 $1 266.25 6.98% 8.69% $154 955 601 290 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 93.6% 1 $0.999728 0.01% 0.07% $65 344 934 206 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 68.4% 65 $296.30 -0.06% 8.15% $47 398 738 411 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 90.8% 1 $0.999939 -0.03% -0.04% $43 268 973 600 USDC 7 days price change
6 Binance USD (BUSD) BUSD Binance USD predictions 92.8% 1 $1.000196 0.03% -0.09% $22 374 674 909 BUSD 7 days price change
7 XRP (XRP) XRP XRP predictions 66% 66 $0.401945 4.59% 6.55% $20 213 805 129 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 57.2% 85 $0.106316 5.04% 30.08% $14 104 970 590 DOGE 7 days price change
9 Cardano (ADA) ADA Cardano predictions 60.4% 81 $0.313237 1.61% -1.08% $10 787 813 925 ADA 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 96% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Polygon (MATIC) MATIC Polygon predictions 64.8% 72 $0.859004 3.26% -0.55% $7 502 809 463 MATIC 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 65.6% 67 $5.39 4.32% -0.09% $6 145 246 302 DOT 7 days price change
13 Dai (DAI) DAI Dai predictions 91.2% 1 $0.999629 -0.07% -0.19% $5 639 262 730 DAI 7 days price change
14 Litecoin (LTC) LTC Litecoin predictions 66% 74 $78.44 3.69% -3.79% $5 626 037 116 LTC 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 66.4% 66 $0.053898 1.37% 5.61% $5 480 160 672 WTRX 7 days price change

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