Polygon is a layer-2 solution for Ethereum that addresses the scalability issues of the latter. This project began in 2017 as Matic Network. The rebranding of Matic took place in early 2021, and the network thenceforth was known as Polygon. Shortly after the new makeover, the project showed some rapid growth, and now, after nearly a year, Polygon has accumulated a total value that exceeds 4 billion dollars. According to this Polygon price prediction, MATIC is headed for $2. The success of Polygon is owing to the number of DeFi apps, NFT projects, and Gaming.
More importantly, Polygon allows developers to build new sidechains on the network that are comparable and interoperable with Ethereum. This very much expresses the intention of Polygon to become an “Internet of Blockchains” for the Ethereum network. As a step towards realizing that dream, Polygon’s assets can now be swapped through Li.Finance. It is reported that all the Polygon-based and supported DeFi apps and NFT could be accessed through this multi-chain project.
The Li.Finance project intends to create a universal layer on the current scattered DeFi infrastructure. This solution would help one to swap their capitals and assets from any DeFi app and into any blockchain without having to worry about the interoperability of the chains. The current bridge protocols are not as efficient and need more maintenance. The idea put forth by Li.Finance integrates DeFi apps with the bridges to increase their efficiency. The model of Li.Finance currently operates with a beta version, but once perfected, the concept could prove more valuable to the outlook for the decentralized finance system.
Polygon is the newest to the Li.Finance family, and here is an overview of the types of apps and projects this integration is expected to enhance. First of all, Polygon is famous for the host of DEX platforms on the network. The list includes popular names like Uniswap, 1inch, and Shushiswa. The DEX projects on Polygon help the users to transfer assets without a central body. These platforms are optimized for the currently pressing concerns about gas fees and transaction speed.
The sophisticated outlook of Polygon has also invited some of the well-known lending platforms. AAVE is a decentralized lending platform that values well over 11 billion dollars. The increased transaction speed on the Polygon network has also attracted other platforms like CREAM and EasyFi. The next prominent footing of Polygon lies in the Gaming and NFT market. The network has received endorsements from the NFT giant OpenSea and ambitious metaverse projects like Decentraland. Polygon went into a partnership to create Layer-2 Ethereum Atari NFT tokens.
One’s capital can be moved without much hassle from any of the native dApps from Polygon with the help of Li.Finance. QuickSwap, PolyCat Finance, Refinable, OpenOcean, Decentral Games are some of the popular dApps on Polygon.
