How has the development of Polygon’s zkEVM ecosystem progressed in the two months since its launch?

This article is written by encryption researcher 2Lambroz.eth, mainly discussing the current Dapps and on-chain asset overview on Polygon zkEVM, as well as potential opportunities in the future. The Chinese version is compiled and released by White Tusk Research Institute.

There is a high yield for liquidity mining on Polygon zkEVM. QuickSwap has a TVL of approximately $7 million on the zkEVM chain, with APYs of 173%, 146%, and 63% for the USDC/DAI, USDT/DAI, and USDC/WBTC trading pairs, respectively, and a high ratio of actual trading volume to liquidity. Dovish Finance and Mantis Swap are also worth keeping an eye on.

Overview of on-chain assets: The current TVL of Polygon zkEVM is only about $10 million, with USDT at $700k, USDC at $2.3 million, DAI at $80k, BTC at $700k, WETH at $2.3 million, and Matic at $3.5 million. Interestingly, the Frax ecosystem has been around for a while, with sfrxETH at $475k, frxETH at $455k, FPIS at $469k, and FXS at $180k. NFTs have not yet been heavily minted, but it appears that some projects are positioning themselves.

Dapps: QuickSwap is currently the largest DEX on Polygon zkEVM; Dovish Finance is about to launch perpetual contract functionality, but the current liquidity mining lacks appeal; the on-chain vote to launch Uniswap V3 on Polygon zkEVM has been passed; LeetSwap is a Swap built on both Canto and Polygon zkEVM, but the UI cannot currently connect to zkEVM; Antfarm Finance is a Swap that prioritizes LPs, aiming to provide LPs with more profit and security through market price changes, with a current TVL of $1.07 million…

Advantages of Polygon zkEVM: 1) Backed by Polygon, it is easy to attract more protocols to develop; 2) The team has strong business development skills, which can invite more protocols to migrate; 3) Active community. Challenges: 1) Polygon is trying to do many things, including DeFi, Web3 games, and Web2 adoption; 2) DeFi has slowed down a lot, and they believe “the king” is QuickSwap; 3) The number of users who are truly interested in ZK technology is limited. 4) The current user experience is poor, with low liquidity for most cross-chain bridges, and basically, only ETH can be bridged from the Ethereum mainnet to here.


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