- Matic rebranded to Polygon to become the go-to aggregator for Ethereum network.
- Multiple DeFi and NFT projects have decided to integrate with Polygon.
- Polygon partnered with Aave to launch a liquidity mining program.
As per the announcement last month, Matic Network will be rebranded to Polygon. This revamp comes in an effort to become the go-to L2 aggregator for the Ethereum network.
Recently, the protocol has seen a huge increase in user adoption. Since the rebrand, many decentralized finance (DeFi) and non-fungible token (NFT) related projects have decided to partner with Polygon to benefit from its fast and low-fee environment.
Polygon, the top #ethereum layer 2 is going nuts!
Integrations with Aave, Pooltogether, Sushiswap, Open Sea, Curve Finance, Decentraland, and loads of other big #defi applications.
TVL on Aave on Polygon nearing 1 billion. $matic undervalued
— Lark Davis (@TheCryptoLark) April 25, 2021
Of these, some of the leading DeFi projects include the decentralized exchanges (DEX) SushiSwap (SUSHI), and Curve Finance (CRV). At the same time, OpenSea Decentraland (MANA) and Aavegotchi (GHST) are large NFT communities that utilize the Polygon network.
In the first week of April, Polygon partnered with Aave to launch a liquidity mining program. This partnership aims to scale and grow the world of DeFi on Ethereum. In addition, the program will utilize 1% of MATIC supply worth about $40 million.
To clarify, Aave is a rising DeFi platform with over $6 billion in total value locked. On the other hand, Polygon is a leading DeFi solution provider that has worked with many top DeFi projects.
To add to that, it is likely that a number of Ethereum-based projects will look for a faster, low-fee environment. It allows them to stay on the top smart contract platform. Thus, the current growth in MATIC price and the rising TVL of QuickSwap both prove that the protocol is a layer-2 solid contender.