List Of Top And Best Projects On Layer 2 Solution Polygon

List Of Top And Best Projects On Layer 2 Solution Polygon, In detail, we have explained the JellySwap, QuickSwap, Opacity, Opacity, Mai Finance, Impermax, Augur, IDEX, Aavegotchi, Decentral games.

Reports running into these crypto investment cycles, then several narratives have loomed this bull run. Presume metaverse tokens, doge coins, and alt-L1 solutions like Solana and Avalanche. But the description standing strong in decentralized finance (DeFi) is about Layer 2 solutions, with Polygon guiding the pack.

Preferably, let’s define what “Layer 2” stands for. For a Layer 1 blockchain, we can assume Ethereum as an operating system like Windows, on the lid of which developers can create decentralized applications (DApps).

This is where the issue is, Ethereum can get slow and costly which is a result of its consensus mechanism for ensuring the blockchain is established on an auction model. Users bid against one another to have their transactions included in the next block. Owing to this, once the network gets too congested, fees skyrocket.

Ending up with this, say, a face value price of $20 to mint an NFT, but incurring an actual cost of $100 in gas fees. (Would you pay $4 for a coffee if the transaction fee was 5 times that? No way.)

Go to Layer 2 scaling. There’s a possibility you’ve heard of other Layer 2 scaling resolutions, like Arbitrum and StarkWare (zk-STARKs). So what makes Polygon stand out from the rest of the major scaling and infrastructure development solutions? Sure, it’s got the first-mover advantage, but so what? Rigorously, Polygon is the only L2 solution with an extant native token, to date (i.e., MATIC). And why is it important? Because you can stake it to assist secure the network, all the while wanting awesome rewards and low fees, as well as being eligible for potential airdrops in the future.

Well, this means that some of these DApps are available on Ethereum as well as on other chains features on Polygon with petty gas fees and insane speeds is one of our reasons to include them here.

JellySwap Project

JellySwap is a decentralized cross-chain atomic swap service. sounding like a piece, that’s because it is but has made it easier for you. Glimpse, if you want to swap your ETH for BTC because they live on two separate chains, this proves bulky. So you might need to count on a third party, like a centralized exchange (CEX), to access the crypto market.

Consider of JellySwap as a DApp that lets you trade your crypto assets across different Layer 1 chains, like between AVAX (on Avalanche) and AAVE (on Ethereum). Hope I didn’t forget to mention that you can do this near-instantaneously and for pennies?

QuickSwap Project

Quick Swap is a fork of Uniswap, the preferred and most popular decentralized exchange (DEX) in reality. Since Polygon is Ethereum Virtual Machine (EVM)-compatible, Quickswap users can relish the safety and security afforded by the Uniswap audit. So why choose Quickswap over Uniswap? Quick Swap features an ERC-20 token bridge. The bridge lets you quickly bridge your tokens over to the Polygon network. In this way, you can relish the low transaction fees and “quick” swaps that only a Layer 2 solution like Polygon can present. Like other DEXs, QuickSwap utilizes an automated market maker (AMM) model, so it depends on liquidity pools. As with Uniswap, QuickSwap users can make their own liquidity pairs and start making them once they supply liquidity. Quick is QuickSwap’s native governance token.

Opacity Projects

Opacity (OPCT) is a file storage service, despite one key difference: privacy via decentralization. You self-custody your data, and only you can access your files via an encrypted “handle,” which serves as a private key. This suggests that not even Opacity can access your data. But you can transmit any file with a friend at the click of a button.

When you think about it, sure, Polygon encourages decentralized file storage on Ethereum. But that would be a narrow view of Polygon’s potential. Ethereum is a network that can get packed to the point that leaving power on Layer 1 would hardly limit its use and capability to scale. And this spreads to all projects that need fast transactions.

List Of Top And Best Projects On Layer 2 Solution Polygon

Mai Finance Projects

Have you ever wanted to borrow money and pay it back, minus the interest? Mai Finance is the first native stablecoin protocol on Polygon, and it does just that. You deposit your crypto assets into a vault. Then you borrow against it in Mai stablecoins, and all you’ve got to do is pay a fee! So if you’ve got 10 BTC and you believe in its long-term value, then you can borrow against it. And now, you’ve got 10 BTC matching in MAI terms as liquid capital, not having to sell any of your BTC. (Interest-free loans without the fine print? Where do I sign up?)

Impermax Projects

Impermax is a decentralized protocol that allows indirect liquidity provision. Doing this stops any risk of impermanent loss. It’s truly quite brilliant. What’s really occurring is that you’re loaning your tokens to actual liquidity providers. This party borrows the token/s for liquidity mining by using actual liquidity pools. In other words, the more risk-tolerant party assumes all the risk of impermanent loss, but both parties pledge in a mutually profitable arrangement.

gTrade Projects

Gains Network is an ambitious team aiming to launch the best DeFi trading suite in history. The first development in its aims, gTrade is a decentralized leveraged trading platform. Leveraged trading is having to put a small amount of capital to acquire a ton of direction to an asset. Implying that to control a market position of $50,000 for ETH, with a leverage of 100 to 1, you’d only need $500 in ETH to get begin.

gTrade presents users leverage of up to 150x on crypto assets, and up to 1000x on forex. (Insane.) Owing to its planning, it asserts to be at least 100x more capital-efficient approximated to contenders. That’s the point And the fact that it works on polygons?

List Of Top And Best Projects On Layer 2 Solution Polygon

Augur Projects

Initially built on Ethereum, Augur is the first decentralized prediction market in history. This is not a small accomplishment. Traditionally, forecast markets had to be centralized. We had to give control of our assets to a central authority and entrust them to act as an honest actor, and not to run away with our funds.

Augur, on Polygon, is literally turbo-charged. (“Augur Turbo.” It’s in the name.) See, on Ethereum, Augur positions by incentivizing “reporters” to accurately report off-chain data. They were awarded for doing so until consensus was accomplished, thus confirming an off-chain event. Currently, pretty much anyone can create prediction markets super quickly and for super cheap. And with Chainlink integration? The oracle enables off-chain data to be fed on-chain in a secure, accurate, and timely fashion. (Talk about composability.)

IDEX Projects

IDEX is the first hybrid DEX in reality. As a hybrid solution, IDEX works based on both an AMM and an order-book model, the latter being a staple of CEXs. It assumed this hybrid model because the team wanted to bypass all the shortcomings of a DEX. (These shortcomings include slippage, failed trades, and front-running.) At the moment, they also wanted to present users with a seamless background in respect to that provided by CEXs.

But using an order-book model implies that data must be up-to-date and that trades must appear in near-real-time (NRT). Polygon can do that, and it can guarantee that all trades stay as frugal as possible.

Aavegotchi Projects

If you’re old enough to remember the Tamagotchi, Aavegotchi is essentially a non-fungible token (NFT; aka an ERC-721 token standard) version of this extraordinary piece of nostalgia… but it’s even better. That’s because the creators of Aavegotchi have gamified it by winding elements of DeFi, so you can make it while you play.

Just like pleasing things in life, you’ve got to wait for a “haunt”. A haunt will let you get your hands on portals and mint some Aavegotchis. The resort is to pick one up on a secondary marketplace, but that’s not as much pleasure. By flaring a portal, 10 Aavegotchis are publicized, only 1 of which you’ll be able to choose, so choose wisely. (The other 9 are burned forever.) Discharged on Polygon, Aavegotchi has one of the considerable active decentralized autonomous organizations (DAOs) in existence. (Shocker, I know.) It’s run via GHST, its governance token.

Decentral Games Projects

If you are a lover of casinos and cards, then you’ll treasure the Play 2 Earn mechanics of Decentral Games (DG). ICE Poker is the first and only game that’s presently available, but it’s literally free to play and earn. (F2P2E? All that is needed is for you need to play with is to buy an NFT wearable, and you’ll get a seat at the table. Can’t afford your own? There is a solution for you. À la Axie Infinity, you can borrow an NFT wearable from a lender via DG DAO’s Discord. Every wearable you’ve got adds to how many chips you’ll obtain each day. (These chips are what you play with to make and win ICE tokens.) You can also partake in governance voting by getting your hands on some DG tokens.

List Of Top And Best Projects On Layer 2 Solution Polygon

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