The DeFi project was launched on Polygon, and usage soared

In the busy crypto market, gasoline fees in the decentralized finance (DeFi) sector have soared, once again highlighting the value of the second-tier scaling solution. Cointelegraph Consulting and Covalent To discover the numbers behind Polygon, Polygon is an increasingly decentralized application from SushiSwap to bZx.

DeFi’s lending giant Aave launched on Polygon in April this year and has attracted approximately 66,000 unique users to use the second-tier version. Since its launch, nearly US$12 billion has been deposited and more than US$7 billion has been borrowed. Although it is important, only $158 of the entire Polygon version of Aave is for gasoline.

It is worth noting that most of the borrowing involves stablecoins, of which the U.S. dollar (U.S. Department of Agriculture), wear and tether (U.S. dollar to U.S. dollar) Accounted for approximately 60% of borrowings in the Polygon version of Aave. In fact, the breakdown of borrowing shows that Aave managed to execute its strategy of preventing users from making risky borrowings against volatile assets, which in turn often leads to liquidation.

After 1inch Network will be released on Polygon on May 12th, let’s take a look at its usage. In terms of dollar value, 1inch daily swap transactions on Polygon have reached nearly 18 million U.S. dollars, and the most swap transactions are denominated in USDT, WETH, USDC or DAI.

So far, nearly 10,000 exchanges have been facilitated. The platform has facilitated $43 million in swaps, but only $25 of natural gas was used to exchange the sum.