DEX Volume Processed Through Polygon Exceeds $214 Billion
Aggregating data from DeFiLlama, an analytics platform, and Agegration Layer, the main hub for Polygon, the sidechain claims to have deep liquidity and maintains a strong connection to Ethereum. This connection instills confidence in the platform’s compatibility, positioning Polygon as the preferred choice for developers launching dapps in a low-fee, scalable environment.
Polygon has been growing rapidly since the beginning of the year. In terms of numbers, the platform processed over $214 billion in decentralized exchange volume. At the same time, it has added $102 billion in assets through centralized exchanges such as Binance, Coinbase, and others.
These impressive figures show that the platform is popular despite the presence of second-layer alternatives, and that it can handle large-scale transactions easily and securely.
In addition to the huge number of transactions processed by Polygon, trends suggest that the aggregation layer, better known as the AggLayer, will increase liquidity and overall utility.
AggLayer will play a central role in Polygon’s mission to further scale Ethereum while connecting all Layer 2 technologies built using its technology. The goal of this project will be to ensure that POL has greater utility while all connecting Layer 2s have access to instant liquidity.
Polygon Tech Finds Application: Why Doesn’t POL Work?
With the upgrade from MATIC to POL on September 4, the new token means that holders will have a bigger role to play. For example, in addition to being used to reward validators who stake, POL will be used to secure other platforms linked via AggLayer. These additional features will help support the bulls as the sidechain moves toward its scaling goal.
Polygon’s ambition to scale without sacrificing security may explain its growing adoption rate. The Italian government recently issued €25 million in digital bonds on Polygon PoS. Meanwhile, Franklin Templeton, Ondo, and Spiko are using Polygon’s technology as they tokenize U.S. Treasury bonds, according to RWA.xyz data.
Despite Polygon’s impressive rally, POL is still struggling. After the long-awaited migration, the token has declined, finding support at $0.35. Pigs have the upper hand until there is a comprehensive close above the descending channel and $0.60.
