Polygon (MATIC) Continues Exponential Growth, Beefy and AutoFarm Take Advantage of User Base

Many protocols have added support for the Ethereum-based network amidst its rich offerings, the latest being Beefy and AutoFarm.

By
Utulu Hope
on
May 29, 2021
Category:
BSC News

Introduction 

Recently, Beefy and AutoFarm added support for Polygon, formerly known as MATIC. Undoubtedly, this was due to the large number of users on the Polygon network. Since then, there have been some brilliant developments on both protocols. For Beefy, about $50 million in Total Value Locked (TVL) was gained since launching on Polygon. 


Polygon Network Explained 

Source

Polygon is a framework for which interconnected blockchain networks are built. Formerly called Matic, the network was created to address some fundamental limitations faced by the Ethereum network. Such limitations include poor user experience — slow transactions, and the absence of community governance. 

Previously, Matic utilizes a simple scaling solution with Plasma technology to process off-chain transactions before they are finalized on the Ethereum mainnet. However, Polygon is now designed such that it can launch interoperable blockchains. Developers can now establish preset blockchain networks via Polygon and develop them to their taste. With a growing range of modules, they can customize their designs even more and add different functions to their sovereign blockchains.


Polygon Network Attracting Interest 

Recently, the Ethereum-based scaling solution got listed as a holding on Mark Cuban’s Companies’ website. The billionaire, in a meeting with Cointelegraph, stated that he sees himself as an active user and strong supporter of Polygon. He said, “the network is pretty fast, it works very well, and their userbase is growing exponentially.”

In the space of a week, the network added 75,000 members to its user base, highlighting the increased demand for layer-two decentralized applications. According to DappRadar, 20 Polygon decentralized applications (DApps) were responsible for the increased adoption. That said, the interaction with Polygon DApps has provoked the growth of decentralized finance. 

Users are moving into the Polygon network because of its offerings. Unlike its Ethereum-based competitors, it offers cheaper and faster transactions. Now, many DeFI protocols have started integrating Polygon to tap into its unique features. Protocols like mStable and 1inch announced their expansion to the Ethereum-based network with AutoFarm and Beefy, the latest to do the same. 


Beefy And AutoFarm Explore Polygon’s Strong Userbase 

Beefy’s goal is to make its users explore the Polygon network for increased yield. The multi-chain Yield Optimizer published a Tweet regarding its AAVE vault. The vault is currently offering 151% Annual Percent Yield (APY), representing a significant boost on the Polygon network. 

AutoFarm, another Yield Optimization platform, has also added more options for its users to explore the Polygon network and maximize their profit. Since adding the Ethereum-based solution, AutoFarm has expanded its vaults, opening 21 new vaults to its ecosystem. These new vaults were added from the Polygon network to increase users’ yield. 


Closing Thoughts 

The integration of the Polygon network to yield optimization protocols like AutoFarm and Beefy is an indication of its unique offerings. With this, both protocols look to explore Polygon’s rich features while maximizing the profit of their growing ecosystems. Although the focus is on Beefy and AutoFarm but many other projects, developers and users have benefited from Polygon’s fast and cheap network. If this unique feature remains consistent, we can only see more protocols add support for Polygon soon.

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Utulu Hope

UC Hope is a passionate fan of crypto who could weave the latest event into sparks of inspiration and information. He leaves no stone unturned to get to the core of a story. Aside from writing, he spends his hours poring over algorithms and protocols, preparing for a future career as a computer programmer. He hodls mostly in Ethereum, BNB, and, Avax.

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