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

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 (ETH) scaling and infrastructure development, has attracted 75,000 new users over the past seven days, highlighting growing demand for layer-2 decentralized applications. 

The data, courtesy of DappRadar, shows that the top 20 Polygon 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 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. A decentralized finance protocol by the name of 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 Coingecko.