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Saturday, July 2, 2022

Active Users Of Polygon Reaches 75,000 As DeFi Surge Continues

According to the report of DappRadar, there is an uptake at an exponentially fast speed in the Polygon-related decentralized applications. Polygon network at present has almost 93 operating DApps. This indicates a major increase during the last 4 weeks.

This network is one of the most important Ethereum-based platforms required for infrastructure development and scaling. The network has successfully managed to attract over 75,000 brand new users in the past 7 days. Such an enormous growth of the network emphasizes the increasing demand of the layer 2 decentralized applications.

Polygon Network Gets Increased Attention

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The DappRadar data reveals that the leading 20 Polygon DApps are behind this recent surge. New users are basically the active wallets that engage with the DApps. This increased influx of users has also brought volume estimated at $1 billion.

For the past 4 weeks, the best DApps that were tracked spiked from 61 to 93. Moreover, 46 of the DApps belong to decentralized finance. Analysts have also demonstrated that the growth in DeFi greatly helped in pushing the share of the cryptocurrency market over 2% on a global basis.

Ian Kane is a specialist in media relations and senior content. He has explained that the method used by developers for using the network is to copy the popular dapps. Rebranding these by adding new features then pushing those out of Polygon with 1 significant difference.

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There are more users who are now flocking the network. This is mainly due to the reason that it provides faster and cheaper transitions in comparison to ETH-based competitors. Furthermore, Polygon was previously called Matic and received some attention last month.

The native token of Polygon, MATIC, has been one of the few cryptocurrencies that made a considerable gain on 17th May of 5.7%, reaching $1.66.

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