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Polygon’s zkEVM Network: A Growing Hub For DeFi With $5M In Assets

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Polygon, a popular Ethereum scaling solution, recently tweeted a thread that highlighted the growth of DeFi on their zkEVM network. According to the tweet, the network is seeing an increase in transactions, users, and liquidity, with more developments in the pipeline.

Currently, there are over $5 million in assets on the network, spread across 20+ tokens and coins. The bulk of these assets is in ETH and USDC, with $2.1 million locked to DEXs and collateralized lending.

Interestingly, 90% of wallet addresses on the network use other Layer 2 solutions, and less than 15% of those wallets are new. Polygon offers several onramps to their zkEVM network, with the Polygon Bridge being one of the most popular. 

This bridge allows users to transfer their assets from Ethereum to Polygon in 8-12 minutes without claiming funds on the L2. Additionally, several third-party bridges, including MultichainOrg, CelerNetwork, SocketDotTech, Orbiter_Finance, layer swap, and rhinofi, can be used to bridge assets to the network.

In terms of oracles, several options are available on Polygon’s zkEVM network, including API3DAO, PythNetwork, witnet_io, and redstone_defi. These oracles provide users with off-chain truth for on-chain trade execution.

The network’s decentralized exchange (DEX) ecosystem is also growing, with QuickswapDEX and DovishFi leading the way in total value locked (TVL). 

Antfarmfinance provides liquidity pools and yield for LPs, while QiDaoProtocol is lending collateralized stablecoins interest-free. SatoriFinance is a derivatives platform built specifically for ZK L2s.

Moving forward, Polygon’s zkEVM network is set to see even more developments, with several blue-chip governance proposals passing for deployment on the network. These proposals come from well-known projects such as BalancerLabs, Uniswap, and HopProtocol.

Nevertheless, Polygon’s zkEVM network is experiencing impressive growth and is set to become an increasingly important player in the DeFi ecosystem.

Polygon (MATIC) Price Analysis

MATIC is currently showing bearish signs, as per the latest data from CoinMarketcap. The cryptocurrency is trading at $0.9691, down by about 1.55% in the last 24 hours. However, the weekly chart recorded a decline of about 3.66%, indicating some market volatility. 

MATIC 1D graph coinmarketcap 6
Source: CoinMarketcap

In addition, MATIC’s trading volume has witnessed an increase of 16.47%, reaching $372,727,037, whereas the market capitalization has decreased by 1.66%. 

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Cardano’s Hydra On The Horizon: Making Strides Towards Mainnet Release

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Cardano’s development team is making significant progress towards the mainnet release of its Layer 2 scalability solution, Hydra. 

The core technology teams continued working on networking, consensus, and node improvements in the latest weekly development report.

The system test team made further improvements to the test framework, adding more automated tests and analyzing and fixing Nightly job failures.

The development team is also working on enhancing the performance of the DB Sync team, providing new db-sync options, and resolving technical debt and bugs. 

Meanwhile, work is ongoing on the Lace desktop development, with the team fixing issues related to decentralized exchanges (DEXs) and making dark mode UI improvements.

The Adrestia team is working on extending the multi-signature feature with delegation functionality in the Cardano wallet. The Marlowe team designed a backpressure interface for Marlowe Runtime and created a new basic theory around asset preservation. 

Cardano Hydra Team Showcases Mainnet Hydra Heads In Demo Workshop

Finally, during the March monthly review meeting, the Hydra team conducted a workshop where they utilized the hydraw demo application to showcase Hydra heads running on the mainnet. 

Although this event signifies a significant achievement, the team stressed that further enhancements are required to enable the execution of applications using the Hydra Head protocol. 

Additionally, the team streamlined the roadmap to accommodate user requests and urged the community to engage in discussions. To remain informed, please join the ask-hydra Discord channel or GitHub discussions.

IOG has encouraged community members to review updates to CIP-1694 and contribute directly to GitHub. 

The successful CIP-1694 workshop in Colorado led to a Zoom conversation on March 30th, allowing attendees to review the workshop, learn more about CIP-1694, and discuss the upcoming next steps toward the age of Voltaire.

Nevertheless, as Cardano continues to make strides in its development, it’s clear that the team is committed to delivering a robust and scalable platform that can compete with the best in the market. 

With further developments on the horizon, it will be interesting to see how Cardano continues to evolve and grow.

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