QuickDEX, a decentralized exchange platform built on Ethereum Layer-2 solution, Polygon now has over $1 billion in total value locked (TVL). The milestone comes as the layer-2 solution continues to see increased uptake by Ethereum users who are fleeing the main network’s high fees and slow transactions.
Like other decentralized applications built on 0xPolygon (previously known as Matic), Ethereum users can access QuickDEX by bridging their Ethereum-based assets to the network. Many popular Ethereum DeFi apps, such as Polymarket, Augur, UniLend, and Aave have already deployed Matic-based versions to take advantage of the low fees and sustain their userbase.
Unlike other blockchains such as Solana, Polkadot, Avalanche, and Secret Network which compete with Ethereum, Polygon uses Ethereum as a security layer and also facilitates interoperability among other blockchains.
Mark Cuban Invests in Polygon
News of the soaring usage of Polygon’s network has caught the eye recently, and billionaire investor Mark Cuban has also made a bet on the future of the layer-2 solution. Disclosed Tuesday, Polygon is now among Mark Cuban’s portfolio of companies.
Mark Cuban is also the owner of the National Basketball Association’s (NBA) Dallas Mavericks and has openly compared DeFi on Ethereum to “the early days of the internet.” He is also a big believer in non-fungible tokens (NFTs), revealing in April how impressed he is with the uptake of the concept.
Meanwhile, Polygon’s native token, MATIC, has soared in value in recent months, increasing by an amazing 9,500% year to date.
MATIC hit a new all-time high of $2.68 on May 18th before cooling off alongside the rest of the market in a sharp sell-off. However, the asset has rebounded beautifully and at the time of writing looks all set for a new all-time high
MATIC trades at $2.30 at the time of writing and is currently the 13th largest cryptocurrency by market cap with a $13.4 billion value.
