Polygon’s zkEVM Network: A Growing Hub For DeFi With $5M In Assets

Polygon, a popular Ethereum scaling solution, recently tweeted a thread that highlighted the growth of DeFi on their zkEVM network. According to the tweet, the network is seeing an increase in transactions, users, and liquidity, with more developments in the pipeline.

Currently, there are over $5 million in assets on the network, spread across 20+ tokens and coins. The bulk of these assets is in ETH and USDC, with $2.1 million locked to DEXs and collateralized lending.

Interestingly, 90% of wallet addresses on the network use other Layer 2 solutions, and less than 15% of those wallets are new. Polygon offers several onramps to their zkEVM network, with the Polygon Bridge being one of the most popular. 

This bridge allows users to transfer their assets from Ethereum to Polygon in 8-12 minutes without claiming funds on the L2. Additionally, several third-party bridges, including MultichainOrg, CelerNetwork, SocketDotTech, Orbiter_Finance, layer swap, and rhinofi, can be used to bridge assets to the network.

In terms of oracles, several options are available on Polygon’s zkEVM network, including API3DAO, PythNetwork, witnet_io, and redstone_defi. These oracles provide users with off-chain truth for on-chain trade execution.

The network’s decentralized exchange (DEX) ecosystem is also growing, with QuickswapDEX and DovishFi leading the way in total value locked (TVL). 

Antfarmfinance provides liquidity pools and yield for LPs, while QiDaoProtocol is lending collateralized stablecoins interest-free. SatoriFinance is a derivatives platform built specifically for ZK L2s.

Moving forward, Polygon’s zkEVM network is set to see even more developments, with several blue-chip governance proposals passing for deployment on the network. These proposals come from well-known projects such as BalancerLabs, Uniswap, and HopProtocol.

Nevertheless, Polygon’s zkEVM network is experiencing impressive growth and is set to become an increasingly important player in the DeFi ecosystem.

Polygon (MATIC) Price Analysis

MATIC is currently showing bearish signs, as per the latest data from CoinMarketcap. The cryptocurrency is trading at $0.9691, down by about 1.55% in the last 24 hours. However, the weekly chart recorded a decline of about 3.66%, indicating some market volatility. 

Source: CoinMarketcap

In addition, MATIC’s trading volume has witnessed an increase of 16.47%, reaching $372,727,037, whereas the market capitalization has decreased by 1.66%. 

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Ammar Raza: Skilled in crafting compelling content, with a deep enthusiasm for blockchain technology. I offer precise and easily comprehensible perspectives on cryptocurrencies, decentralized finance, and the ever-evolving landscape. Count on me as a reliable resource to remain informed about the latest advancements in the world of crypto.