The entire worth locked (TVL) in Polygon’s (POL) DeFi ecosystem is up almost 43% for the reason that begin of this 12 months.
In line with DefiLlama data, the community recorded $864 million in TVL on Jan. 1, and added roughly $400 million in the next months to hit $1.23 billion as of Aug. 18.
Moreover, the POL worth mirrored the TVL development in the previous 30 days, rising above the sector’s common.
Development pushed by conventional protocols
Previously 30 days, Polygon’s TVL elevated 7% and reached its highest level since mid-December. The community’s flagship DEX, QuickSwap, and the prediction market Polymarket have been the 2 principal drivers behind the $80 million enhance.
QuickSwap registered roughly $52 million in TVL inflows in the previous 30 months, rising 13.4% in the interval. The rise marked the primary time QuickSwap has surpassed $440 million in whole deposits since Might 2022.
Moreover, Polymarket drew round $28 million in bettors’ cash in its 30.2% development registered in the previous 30 days.
Notably, there’s potential for extra TVL development. Information from Artemis reveals $123 million in netflows directed to Polygon in the previous 30 days. The motion means that funds are transferring on the blockchain that might nonetheless be allotted to decentralized purposes.
POL outperforms friends
POL’s worth elevated 6.6% in the previous 30 days. Though the quantity will not be a typical two-digit run seen in tokens with small market caps, it was sufficient for POL to outshine its friends in the sector.
Artemis teams tokens such as POL, Solana, Sui, and different sensible contract-focused blockchains in the “Good Contract Platform” class. Among the many 46 tokens tracked in this class, the common weighted efficiency was 4.5% in the previous 30 days.
Because of this, POL’s efficiency stands almost 50% above the sector’s month-to-month common acquire. Moreover, contemplating the 22 sectors tracked by Artemis, along with Bitcoin and Ethereum, the common efficiency was lower than 0.5%.
Regardless of the tough worth motion POL skilled since 2024, the previous 30 days have been comparatively ok, probably fueled by on-chain motion.
