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Data from DappRadar reveal that polygon-based decentralised applications are gaining traction quickly. The network currently has 93 DApps that are operational, a significant increase from the last four weeks.
Polygon, a leading Ethereum scaling and infrastructure growth network, has added 75,000 new users in the last seven days, demonstrating the increasing need for layer-two decentralised applications.
The data, courtesy of DappRadar, shows that the top 20 Polygon decentralized applications, or 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.
The number of Polygon DApps recorded by DappRadar has increased from 61 to 93 in the last four weeks. 46 of these DApps are in the space of decentralised finance, or DeFi. According to Cointelegraph, DeFi development has helped lift the cryptocurrency market’s share of the global money supply beyond 2%.
DappRadar’s senior content and public relations specialist, Ian Kane, explained how 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, previously known as Matic, has made a number of notable headlines in the last month. mStable, a decentralised finance protocol, deployed on the Polygon chain in late April, providing yet another DeFi use case. Separately, 1inch Network, a decentralised sharing aggregator, recently announced its expansion to Polygon.
MATIC, Polygon’s native coin, was one of only a few cryptocurrencies to see gains on Monday. According to Coinecko, the value of MATIC was up 5.7 percent on the day to $1.66, having gained more than 71 percent in the previous seven days.