It’s tough to pick which 6 projects on the Polygon blockchain are the best, since the answer may vary from person to person. Polygon is a cutting-edge blockchain that is garnering attention from some of the top crypto projects in the world. At its core, Polygon is a Layer-2 network looking to add functionality to crypto blockchains like Ethereum without changing the original blockchain. It is similar to other multi-chain systems like Polkadot, Cosmos, and Avalanche, acting as an add-on layer focusing on various forms of efficiency.
From a developer perspective, Polygon provides many useful features for developers looking to build decentralized applications. One key feature of Polygon is its scalability. Transactions on the Polygon network are confirmed much faster when compared to other blockchain platforms. This makes it well-suited for applications that require high throughput.
In addition, Polygon provides a rich set of tools and services that make it easy to develop and deploy decentralized applications. These include a developer portal, a create-your-own-token service, and extensive documentation. As a result, Polygon is an attractive option for developers who want to build decentralized applications that are fast, user-friendly, and well-supported.
With a focus on scalability, cost, and speed, Polygon has attracted a lot of exciting projects. Here are six notable projects that are built on the Polygon blockchain:
JellySwap
Jelly Swap is a cryptocurrency platform that allows users to swap one type of cryptocurrency for another without going through a centralized exchange. It uses atomic swaps, a type of smart contract that allows two parties to exchange cryptocurrencies without needing a third party.
One of the great value propositions that JellySwap presents is its ability to swap cryptocurrencies associated with other blockchains. As an example, two of the most popular coins on the JellySwap platform are Bitcoin and Ethereum. These two cryptocurrencies live on different blockchain platforms and often make it difficult for holders to swap without going to a centralized exchange. JellySwap solves that problem and allows crypto enthusiasts to remain decentralized!
This means that users can retain control of their private keys and avoid the fees associated with traditional exchanges. Jelly Swap also offers a number of other benefits, including instant confirmations, no chargebacks, and greater privacy. For these reasons, it presents an attractive option for cryptocurrency investors who are looking for an alternative to centralized exchanges.
QuickSwap
QuickSwap is a decentralized cryptocurrency exchange that allows users to instantly trade ETH and ERC20 tokens without the need for an intermediary. By harnessing the power of Polygon and blockchain technology, QuickSwap offers a fast, cheap, and secure way to trade cryptocurrencies.
The platform is designed to be user-friendly, with an intuitive interface that makes it easy for even first-time users to get started. The project was built by a team from UniSwap, (a leading decentralized exchange protocol), which announced they would be hard forking their system to create QuickSwap in mid-2020.
The new protocol would address some issues with UniSwap, including high gas fees and a lack of liquidity. Quickswap’s efficiency first focus allowed them to implement a new pricing model that incentivizes liquidity providers.
The native cryptocurrency of Quickswap is QUICK. QUICK tokens are used to provide liquidity to the Quickswap pool and to earn rewards. In addition to providing liquidity, QUICK tokens can also be used to vote on governance proposals and earn rewards through the Quickswap DAO. The Quickswap DAO is a decentralized autonomous organization that allows holders of QUICK tokens to vote on proposals that affect the operation of the Quickswap exchange.
The role of QUICK tokens is thus twofold: to provide liquidity and to allow holders to participate in governance. As such, QUICK tokens are essential for the functioning of the Quickswap exchange.
With its innovative features and low barriers to entry, QuickSwap has quickly gained popularity as a leading decentralized exchange and is one of the most exciting projects on the Polygon blockchain.
Opacity
Opacity is a decentralized file storage service that was created in response to the increasing centralization of the internet. Using the Opacity protocol, users can unlock their files using their unique Account Handle. Importantly, the Account Handle is produced client-side, which means that not even Opacity has access to your data! If you want to share a file with a friend, you may create a shareable link that gives you control over who sees your file. Opacity’s decentralized approach to privacy makes it a more secure place to store your data.
The native token of the Opacity protocol is OPCT, which serves several functions. For one, it is used to reward users for sharing storage space on the network. Additionally, it is used to pay storage providers for their services. Third, it is used to purchase access to premium features on the Opacity platform. Finally, the OPCT token is also used to incentivize good behaviour on the network, such as cooperating in audits and maintaining high uptime.
By offering a variety of rewards and incentives, the OPCT token helps to ensure that the Opacity network remains secure and efficient. As the protocol continues to grow and evolve, the role of the OPCT token is likely to change. However, it will continue to play an important role in ensuring the health of the Polygon-based Opacity network.
Mai Finance
Mai Finance is a DeFi platform built on the Polygon blockchain that helps users to discover and invest in yield-generating opportunities. The platform was created in response to the problems of high fees and low returns associated with traditional investments.
Mai Finance aims to provide a more efficient way for users to grow their wealth by harnessing the power of Automated Market Making (AMM) technology. AMM technology allows users to trade directly with each other without the need for a centralized exchange. This creates a more efficient market with lower fees and better returns.
An important part of Mai Finance is their native Stablecoin, MIMATIC, which runs on the Polygon blockchain and is heavily integrated with Mai Finance’s products and operations.
In addition, Mai Finance offers a variety of features that make it easy for users to maximize yield earned on their crypto holdings. These features include a user-friendly interface, a curated list of investment opportunities, and a risk assessment tool. By providing a more efficient way to invest, Mai Finance hopes to help users sustainably grow their wealth by providing a more efficient way to invest.
Impermax
Impermax is a platform that lets you earn a yield on your cryptocurrency investments. It does this through a unique method known as Indirect Liquidity Providing. Essentially, this takes the risk away from you as the lender and gives it to the borrower instead.
Through Impermax, your deposited tokens will be loaned out to other yield farmers. To increase yield, those borrowers take their newly borrowed crypto and deposit them into Automated Market Maker (AMM) liquidity pools. Doing this places the impermanent loss risk on them and lets you share a percentage of their yields until the loan is repaid.
The native token of Impermax is called IMX, which manages the Impermax loan markets’ reserve income across all supported networks. Holders of IMX will be able to govern the project’s future and receive passive income worth up to 20% of each interest payment on the platform.
gTrade
gTrade is a decentralized trading platform created in response to the need for a more secure and efficient way to trade digital assets. The platform operates on Polygon and creates a trustless environment where users can trade without relying on third-party intermediaries. This not only reduces counterparty risk but also increases transparency and security. The platform also allows for leveraged trading, which involves gaining lots of exposure to an asset requiring much upfront investment.
gTrade uses a distributed ledger to record and track transactions, allowing all network members to have visibility into the status of each trade. This transparency helps to reduce the risk of fraud and enables members to make informed decisions about their trading partners.
gTrade also uses smart contracts to automate the execution of trades, which reduces the need for intermediaries and helps to speed up the trade process. In addition, gTrade’s decentralized structure allows it to operate independently from any single government or jurisdiction. As a result, gTrade can provide its members with a more efficient and cost-effective way to conduct global trade.
Use Netcoins to Buy MATIC and Other Cryptocurrencies
Polygon has been making waves in the cryptocurrency industry, with some fascinating projects that have decided to build on its blockchain. With evolving partnerships and an emphasis on speed, cost and scalability, the future of Polygon looks exciting.If you’re looking to dive deeper in Polygon, check out its native token MATIC. Buy and sell MATIC with Netcoins easily! Netcoins is Canada’s first publicly owned crypto trading platform to be fully regulated. Simply create an account with Netcoins, fund it with an e-Transfer (more funding options available) and head to the trade page to buy MATIC. Sign up today to trade MATIC and other cryptocurrencies like Bitcoin!