DeFi
A Quick Guide to the Top 5 DeFi Protocols on Polygon
Polygon is a growing L2 network with a robust ecosystem of DeFi protocols including AAVE, Quickswap, Balancer, Uniswap V3, Beefy, and Gains Network.
Aave, QuickSwap, Balancher, Uniswap V3, Strong
Polygon has made some noise with the planned launch of its zkEVM Mainnet beta scheduled for March 27. Of course, the layer 2 sidechain scaling solution for Ethereum already has a rich ecosystem of platforms and Decentralized applications (dApps)including strong competition in the Decentralized Finance (DeFi) arena.
Let’s take a quick look at the top 5 DeFi protocols on Polygon, based on Total Value Locked (TVL) calculated by ChallengeLlamaincluding: AAVE, QuickSwap, Balancer, Uniswap V3 and Beefy.
1.AAVE
- Name: AAVE
- Type: Loan
- TVL: $438 million
- Variation over 1 month: +9%
2. Quick exchange
- Name: Quick Swap
- Type: DEX
- TVL: $177 million
- Variation over 1 month: +5%
3. Balancer
- Name: Balancer
- Type: DEX
- TVL: $176 million
- Variation over 1 month: +14%
4. Uniswap V3
- Name: Uniswap V3
- Type: DEX
- TVL: $105 million
- Variation over 1 month: +4%
5. Strong
- Name: Strong
- Type: Yield aggregator
- TVL: $84 million
- Variation over 1 month: +21%
Gains Network (honorable mention)
- Name: Earnings Network
- Type: Derivatives
- TVL: $80 million
- Variation over 1 month: +305%
What is Polygon:
Polygon is a sidechain scaling solution that runs alongside the Ethereum blockchain, enabling fast transactions and low fees. MATIC is the network’s native cryptocurrency, which is used for fees, staking and much more. Polygon’s effectiveness as an alternative to Ethereum has allowed existing projects such as Aave and Curve to adopt its chain.