The problem with first-generation blockchain platforms, also referred to as layer-1 networks, is their inability to scale. These blockchain platforms have struggled to process transactions in times of increased demand. This is what Polygon is designed to solve. It is a layer-2 solution that is developed to make Ethereum infrastructure scalable. It is built to improve throughput and to support the mass adoption of dApps. Let’s explore a wide range of Polygon-based dApps and Extensions:
Decentralized Marketplace
OpenSea
OpenSea is among the world’s largest digital marketplaces for crypto-assets, such as non-fungible tokens (NFT) and collectables. The platform offers tools that enable crypto investors and creators to mint, discover, and trade their assets freely. It allows developers to develop and design a rich, integrated marketplace for their own digital creations and assets.
Decentralized Insurance Platform
InsurAnce Protocol
InsurAnce protocol is among the leading multi-chain decentralized cover protocol. It provides insurance services to DeFi users. The platform offers indemnity against losses stemming from a wide range of crypto-market events. It helps make crypto-currency investments and the digital asset landscape safer for every investor.
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Decentralized Exchanges Platform
Quickswap
Quickswap is a layer-2 decentralized application built on the polygon blockchain. It is a decentralized exchange and automated market maker. The platform enables users to swap ERC-20 tokens at near-zero gas fees. It facilitates crypto-token swaps at a cheaper rate in comparison to Uniswap V2. Plus, QuickSwap token holders get the power to govern the network’s future developments and propose protocol changes.
Curve Finance
Curve finance is a decentralized exchange and permissionless automated market maker (AMM) platform. It enables you to trade your digital assets using liquidity pools instead of traditional centralized order book matching. It offers yield on stablecoin liquidity pools, including other pegged tokens. Curve finance’s native token CRV is utilized to incentivize liquidity on the protocol. It is also a governance token that is used to run the CurveDAO protocol.
SushiSwap
SushiSwap is a decentralized exchange (or DEX). It uses smart contracts to provide liquidity pools, enabling users to trade autonomously with other parties without intermediaries. SushiSwap’s AMM makes the exchange process peer-to-peer. It’s native crypto-currency, SUSHI, is used to incentivize liquidity providers as well as to govern the protocol.
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Digital Asset Management platform
InstaDapp
InstaDapp is a decentralized finance platform. It lets the investor deposit, withdraw, and trade tokens across numerous protocols. It acts as the single point of integration to connect and conduct a transaction with a wide range of Defi protocols.
Stake DAO
Stake DAO is a non-custodial Dapp platform. It allows you to easily grow your crypto portfolio. It essentially enables you to spread your risk, grow your portfolio, track market movements, and control your digital assets right from your wallet. It provides intuitive dashboards and strategies that boost yield across a comprehensive range of ERC-20 tokens.
Defi Derivatives
Olympus DAO
OlympusDAO’s native token OHM is Web3’s decentralized reserve currency protocol. It essentially offers a censorship-resistant currency that enables crypto-holders to preserve their purchasing power. The OHM token is backed by a basket of assets in the Olympus treasury. Growth in Olympus treasury helps counterbalance the volatile crypto market.
Yield Aggregators
Convex Finance
Convex finance is a decentralized finance application that allows liquidity providers to gather rewards for their deposits. Liquidity providers use Convex Finance’s native token CVX to stake funds on the network and earn a share of the earnings. The native token is also used to vote for the network’s future development.
Defi Infrastructure development
Chainlink
Chainlink is a decentralized oracle network. On an infrastructural level, Chainlink is a decentralized network of nodes that enables Dapps to integrate data and information from off-blockchain sources. It is built to securely interact with an external data feed, events and payment methods. The off-chain content and information help achieve digital agreements and conduct complex smart contract operations. Chainlink’s native cryptocurrency, LINK, is used to pay for services on the network.
Decentralized social media
Lens protocol
Lens protocol is a decentralized social media. It is an open-source and composable social graph built on top of a polygon blockchain. You have to mint your profile in the form of NFT in order to follow other accounts and publications. There are no centralized authorities or third parties involved. You own your content, and no centralized authority can ban your profile.
Conclusion
Dapps on polygon are making finance trustless, transparent, and efficient. Thousands of Dapps live on the polygon chain and are built for a wide range of purposes. These Dapps enable you to leverage decentralized networks, fundamentally transforming existing financial products.
by Liminal
