ParaSwap Generates $37 Million in 24 Hours on Polygon

ParaSwap, the leading decentralized platform for traders, witnessed a profit of $34 million in 24hrs. This profit pushed the finance app to the 17th position on the dApp ranking. The token exchange, launched on Ethereum in 2020, was further positioned in the Polygon platform by April 2021. Recently, it was also introduced on BSC. In the last 24 hours, there has been an increase of 762 or 8% in the active wallet interactions with dApps smart contracts.

To get a precise picture of the process, it is vital to compare the polygon version of dApps metrics along with the Ethereum version. On the Ethereum platform, the value is quite the same as Polygon. However, active users along with transactions are quite low on Ethereum. The Ethereum finance platform users are moving their capital at $50 gas per trade. According to experts, users utilizing layer-1 or cheap alternatives play a vital role as small-time investors.

In the last few days, the average transaction of ParaSwap on Polygon is around $12,000, and the Ethereum version’s average transaction is $282,000. This shows that Ethereum is facing low activity with high value.

ParaSwap was launched on Binance Smart Chain, Ethereum and Polygon. However, users can engage in the same platform but need to juggle between different networks to complete the process. One of the USPs of ParaSwap is it is 10% cheaper compared to other leading Ethereum Uniswap.

For users, it is quite handy to engage in the ‘copy and paste’ version in dApps. However, with new user experience and design, ParaSwap might just be the change the users needed. Users are greeted with a laid-out dashboard and multi-language support. One of the key differences of using ParaSwap from others is users get good visibility of token history value and routing. All other platforms, too, have these features but with shortcomings.

Right after the rebrand from Matic, Polygon is having a good time in terms of value. The dApp ecosystem is making the transaction handy. However, DeFi on Polygon is quite new and will take time to grow.