Amidst the recent price slump, Polygon, with the current total value locked of $4.93 billion, has performed better than many cryptos. It’s a layer two protocol running on Ethereum to process transactions quicker.
As stated, Protocol has many coins on it, and it generally wants to make it easier for applications on Ethereum to work with other blockchain protocols.
Specifically, between January and May 2021, the number of applications on Polygon that’s based on ETH blockchain increased eight times to 400.
What are the Top 10 Coins on Polygon?
Aave, created in November 2017, is a popular coin on Polygon. It’s the decentralized market protocol that allows users to borrow or lend cryptos in 20 various assets as collateral. It has a native token known as AAVE that’s equally a governance token. This token enables the community to decide protocol direction collectively.
Crypto lenders can gain interest by offering market liquidity, while borrowers can borrow when they collateralize their cryptocurrency assets to bring out loans across liquidity pools.
Presently, the platform has a circulating supply of about 13 Million AAVE coins with a total supply of about 16 Million.
Since its inception, Aave has partnered, integrated, and collaborated with over 30 firms like 1inch, Curve, and Synthetix. Aave is available to trade on exchanges such as Binance, FTX, OKEx, and Huobi Global.
QuickSwap is another top Polygon coin. It’s a DEX (Decentralized Exchange) based on Ethereum and powered by the layer 2 scalability infrastructure of Polygon Network. With the layer 2 solution, QuickSwap users can trade any ERC20 asset quickly with near-zero gas fees.
The quick token is the protocol governance or staked tokens in dQuick form that allows users to earn some portions of the network trading fees. Quickswap exchange is presently supported on the Polygon POS blockchain.
Sushi is a decentralized finance protocol that’s community-driven and serves great interest for crypto assets. Users can derive the benefits of passive income by offering DeFi tools like Yield farming, staking, and liquidity provision.
It has the decentralized nature of being an Automated Market Maker (AMM), and it poses fewer hurdles to implement crypto trades. Also, all fees are paid to users who are offered liquidity. Users can earn, swap, lend, stack yields, borrow, and leverage all on the Sushi platform.
Sushi has a governance token that lets community governance across the Sushi ecosystem. SUSHI holders can utilize their tokens during platform proposal votes. The tokens can be farmed by engaging in the yield farming session.
Another top coin on Polygon is Curve Finance. It’s an AMM (Automated Market Maker) that’s based on DEX. It aims to swap between assets with the same value.
The Curve is valuable in the DeFi ecosystem since there are several synthetic and wrapped tokens aiming to mimic the underlying asset real price.
CRV is the governance token for Curve Finance, and it executes a complex time staking system to exchange CRV into the veCRV.
CoinGecko reported that the CRV has a circulating supply of about 400 Million CRV coins with a total supply of about 1.58 billion. It is available to trade on Binance, Huobi Global, FTX, OKEx, and more.
Iron Finance (ICE)
Another coin in Polygon is Iron Finance. It’s a multi-chain partial-collateralized DeFi and algorithmic stablecoin ecosystem with a total value locked of about $351,537,183. Users can trade Iron on QuickSwap and Sushiswap.
Balancer is a multi AMM (Automated Market Maker) working as a balancing weighted portfolio network. It’s designed on Ethereum and allows users to add or create liquidity to the customizable pools while earning trading fees.
Balancer utilizes a generalization formula that can be adjusted to any amount of token at any weightage. BAL is the governance token for Balancer, and it can be utilized to vote on proposals and even steer protocol direction.
Dfyn Network (DFYN)
Dfyn network is a multi-chain Automated Market Maker that’s based on Decentralized Exchange. Dfyn nodes on different chains serve as the liquidity entry and exit points across the cross-chain liquidity super mesh that’s being enabled by the Router Protocol.
CoinGecko reported that Dfyn network has a circulating supply of about 23 Million DFYN coins with a total supply of about 250 Million. It can be bought on Kucoin and Gate.io
Beefy Finance is a DeFi Yield Optimizer that enables users to earn compound interest on their holdings.
Through some investment strategies executed by smart contracts, the platform maximizes the user rewards automatically from different liquidity pools, AMM projects, and other opportunities in the yield farming DeFi ecosystem.
Beefy Finance native governance token is called $BIFI. Its revenue is generated from a few percentages of all vault profits that are distributed back to users who stake the $BIFI.
Meanwhile, Beefy Finance has a circulating supply of about 78 Thousand BIFI coins with a total supply of 80 Thousand. Traders can buy and sell $BIFI on Binance, PancakeSwap, QuickSwap, and Bitmart.
Kyber Network is a DEX that offers on-chain liquidity applicable to all applications. It enables value exchange to work flawlessly between diverse ERC20 tokens.
Kyber was created in August 2017 to be the only on-chain liquidity endpoint for makers and takers.
Kyber Network has a circulating supply of about 92 Million KNCL coins with a total supply of about 78.8 Million. $KNC can be bought and sold on exchanges such as Binance, Upbit, and OKEx.
The network maintains and aggregates on-chain liquidity via a dynamic reserve pool. This pool has all of the reserve entities across the system. The possession of several pool entities prevents monopolization and makes the exchange rates to be competitive.
Adamant is another top coin in Polygon. It’s a yield optimizer vault with several farmers pooling their resources and time to earn the best DeFi yields. It is being traded on exchanges such as Sushiswap, QuickSwap, and Balancer.
The vault offers users a safe and easy means to compound their tokens automatically on the Polygon platform.
Presently, Adamant has more than 100 vaults for Quickswap, the biggest Polygon network exchange. Users can deposit Quickswap LP tokens to vault contracts of Adamant that would be compounded into more LP tokens.
The use of exponential compound interest power lets Adamant’s vaults earn higher yields compared to the normal staking. The users equally avoid gas fees.
Though there are many coins on Polygon, the above are the current top coins. Polygon joins the best of Ethereum and independent blockchains into a significant feature set, and thus, it will continue to increase in use and importance.
Polygon has made a strong name in the digital space. It has developed several scaling solutions, has 400 projects on its network, and is still up more than 5,000% since early 2021.
Written by: Narender Charan