Over the past few days, Polygon platform (formerly Matic) separated itself from the rest of the competitors of Layer 2 solution providers in Ethereum network. This notable growth was due to providing a platform, which reduces Ethereum transaction fees by using Polygon. This has led to growth of transactions volume up to hundred million dollars a day in decentralized exchanges such as QuickSwap, which works on Polygon.
Success of Polygon platform
This success has been achieved while it is very important and vital to the persistent growth of existing DeFi projects on Ethereum network. With such success, Polygon announced the allocation of $150 million in Matic tokens for an investment called “DeFi For All”.
Any details of how the recipients would be selected are not announced, but giant players such as “Curve” and “Aave” are already successful examples of projects working with Polygon. Interestingly, Aave has locked more than $12 billion on this platform. For the first time this week, Aave, one of the giants in DeFi industry, verified the reward for liquidity mining for users, who migrate to this platform.
These rewards would be in the form of Matic tokens, which will be paid from part of the $150 billion total fund of the project, and million dollars of it is expected to be paid to users by the end of July 2021.
According to the “DeFiForAll” trend, more liquidity mining plans are expected to launch based on Polygon.
Ethereum transaction fees are currently at their lowest level since a few days ago after an increase up to 15 million gas. Although this was a soothing, transaction fees have risen steadily over the past years. However, this time is different, as DeFi has made its way to other ecosystems from Binance Smart Chain to Optimism and now Polygon. Thus, the attraction of attention to Polygon can make its token – Matic – ready to grow.