DinoSwap, which is positioning to become the next PancakeSwap but on Polygon (MATIC), raised $4.7 million from leading DeFi funds.DeFiance, Hashed, Spartan Group, and DFG are some of the top venture capital funds that invested in DinoSwap ahead of its launch on July 17.
Sandeep Nailwal, the co-founder of Polygon, also invested in DinoSwap as an angel investor, along with notable names such as Terra co-founder Do Kwon.
DinoSwap is conceptually similar to PancakeSwap’s farming pools. It allows users to use the DINO token to earn various tokens of projects operating on top of Polygon.
Projects such as Aavegotchi and Cometh moved to Polygon. The new update of MetaMask, the crypto web browser wallet loved by millions of users, made using Polygon even easier.
When a new layer one blockchain protocol emerges, the total value locked, or how much value in tokens are staked, usually goes up significantly.This is because when new projects launch, they implement strategies to distribute their tokens to the community, incentivizing users to stake their crypto assets.
But the key is whether the TVL of a blockchain protocol or a DeFi application is sustained over the long term.In DeFi, this is often called TVL stickiness and user retention.
For Polygon, this statistic has been extremely high. In fact, since April, the TVL of Polygon has increased from $1 billion to nearly $9 billion.
Despite the struggle of the crypto market in the past month, Polygon’s TVL has continued to climb upwards.
Source: Forbes.com
Crypto Industry keep welcoming new business trends and cryptopreneurs, you can also get in to the crypto market with trending business models like Defi, NFTs. Yeah, Pancakeswap Clone Script lets you launch an Crypto Exchange Instantly and easily.
