POLY
by BSCN
February 16, 2023
Polygon is a growing L2 network with a robust ecoystem of DeFi protocols, including AAVE, Quickswap, Balancer, Uniswap V3, Beefy and Gains Network.
Aave, QuickSwap, Balancher, Uniswap V3, Beefy
Polygon has been making noise with the anticipated launch of its zkEVM Mainnet Beta set for March 27. Of course, the Layer-2 sidechain scaling solution for Ethereum already has a rich ecosystem of platforms and Decentralized Applications (dApps), including robust competition in the Decentralized Finance (DeFi) arena.
Let’s take a quick look at the top 5 DeFi protocols on Polygon, according to Total Value Locked (TVL) calculated by DefiLlama, including: AAVE, QuickSwap, Balancer, Uniswap V3, and Beefy.
1. AAVE
- Name: AAVE
- Type: Lending
- TVL: $438 million
- 1-Month Change: +9%
2. Quickswap
- Name: Quickswap
- Type: DEX
- TVL: $177 million
- 1-Month Change: +5%
3. Balancer
- Name: Balancer
- Type: DEX
- TVL: $176 million
- 1-Month Change: +14%
4. Uniswap V3
- Name: Uniswap V3
- Type: DEX
- TVL: $105 million
- 1-Month Change: +4%
5. Beefy
- Name: Beefy
- Type: Yield Aggregator
- TVL: $84 million
- 1-Month Change: +21%
Gains Network (Honorable Mention)
- Name: Gains Network
- Type: Derivatives
- TVL: $80 million
- 1-Month Change: +305%
What is Polygon:
Polygon is a “sidechain” scaling solution that runs alongside the Ethereum blockchain — allowing for speedy transactions and low fees. MATIC is the network’s native cryptocurrency, which is used for fees, staking, and more. The effectiveness of Polygon as an alternative to Ethereum has seen existing projects such as Aave and Curve adopting its chain.
For more about Polygon:
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