Polygon, previously known as Matic Network, is a Layer 2 scaling solution that achieved immense popularity in the Ethereum community in 2020. Several high-profile projects, such as MakerDAO, AAVE, and Synthetix, moved a significant portion of their transactions off-chain to Polygon, in order to take advantage of its high throughput and low transaction fees.
In this article, we'll take a look at the top 10 Polygon blockchain applications, including some of the most popular DeFi protocols that are currently running on Polygon.
1. MakerDAO
MakerDAO is a decentralized lending platform on Ethereum that allows users to borrow Dai, a stablecoin pegged to the US dollar. Dai is one of the most popular stablecoins in the DeFi space, and is used by a variety of protocols as a collateral asset.
MakerDAO migrated its CDP (collateralized debt position) management system to Polygon in September 2020 in order to take advantage of Polygon's high throughput and low transaction fees. Since then, the number of CDPs on Polygon has grown significantly, and MakerDAO is now one of the most active protocols on Polygon.
2. AAVE
AAVE is a decentralized lending platform that allows users to deposit a variety of assets as collateral and borrow against them. AAVE is one of the largest protocols in the DeFi space, with over $3 billion in assets locked.
AAVE migrated its lending operations to Polygon in November 2020, in order to reduce transaction fees and improve user experience. AAVE is now one of the most active protocols on Polygon, with over $1 billion in assets locked.
3. Synthetix
Synthetix is a decentralized synthetic asset platform that allows users to trade a variety of assets, including fiat currencies, cryptocurrencies, commodities, and more. Synthetix is one of the largest DeFi protocols, with over $2 billion in assets locked.
Synthetix migrated its synthetic asset trading operations to Polygon in November 2020, in order to reduce transaction fees and improve user experience. Synthetix is now one of the most active protocols on Polygon, with over $1 billion in assets locked.
4. Decentraland
Decentraland is a decentralized virtual world that runs on the Ethereum blockchain. Users can buy, sell, or rent virtual land, and can build anything they want on their land, including games, applications, and more.
Decentraland migrated its virtual world operations to Polygon in November 2020, in order to reduce transaction fees and improve user experience. Decentraland is now one of the most active protocols on Polygon, with over $1 billion in assets locked.
5. Aragon
Aragon is a decentralized application (dApp) platform that runs on the Ethereum blockchain. Aragon allows users to create and manage decentralized organizations (DAOs), and has a wide range of applications, including project management, task management, and more.
Aragon migrated its dApp operations to Polygon in November 2020, in order to reduce transaction fees and improve user experience. Aragon is now one of the most active protocols on Polygon, with over $1 billion in assets locked.
6. Binance
Binance is a centralized cryptocurrency exchange that offers a wide range of trading features, including spot trading, margin trading, and more. Binance also has its own native cryptocurrency, Binance Coin (BNB), which is used to pay for transaction fees on the Binance platform.
Binance migrated its trading operations to Polygon in November 2020, in order to reduce transaction fees and improve user experience. Binance is now one of the most active protocols on Polygon, with over $1 billion in assets locked.
7. Uniswap
Uniswap is a decentralized cryptocurrency exchange that runs on the Ethereum blockchain. Uniswap allows users to trade a variety of assets, including cryptocurrencies, tokens, and more.
Uniswap migrated its trading operations to Polygon in November 2020, in order to reduce transaction fees and improve user experience. Uniswap is now one of the most active protocols on Polygon, with over $1 billion in assets locked.
8. 0x
0x is a decentralized exchange protocol that allows users to trade a variety of assets, including cryptocurrencies, tokens, and more. 0x is one of the most popular protocols in the DeFi space, with over $1 billion in assets locked.
0x migrated its trading operations to Polygon in November 2020, in order to reduce transaction fees and improve user experience. 0x is now one of the most active protocols on Polygon, with over $1 billion in assets locked.
9. Curve
Curve is a decentralized exchange protocol that allows users to trade a variety of assets, including cryptocurrencies, tokens, and more. Curve is one of the most popular protocols in the DeFi space, with over $1 billion in assets locked.
Curve migrated its trading operations to Polygon in November 2020, in order to reduce transaction fees and improve user experience. Curve is now one of the most active protocols on Polygon, with over $1 billion in assets locked.
10. Balancer
Balancer is a decentralized asset management platform that allows users to trade a variety of assets, including cryptocurrencies, tokens, and more. Balancer is one of the most popular protocols in the DeFi space, with over $1 billion in assets locked.
Balancer migrated its asset management operations to Polygon in November 2020, in order to reduce transaction fees and improve user experience. Balancer is now one of the most active protocols on Polygon, with over $1 billion in assets locked.
Other networks may have their advantages, but Polygon has a few key advantages that make it stand out.
For one, Polygon is incredibly fast. Transactions on the network are confirmed in just a few seconds, which is a vast improvement over other networks.
Additionally, Polygon is very scalable, meaning it can handle a large number of transactions without any issues. Finally, Polygon is very secure, thanks to its use of Ethereum’s tried-and-true security features.
We hope you enjoyed reading about Polygon and the various blockchain applications it can be used for. We think it has a lot of potential and we're excited to see what the future holds for this innovative technology.
See you in the next blog!
