Polygon Labs Teases Launch of “DeFi Season” on Polygon zkEVM

Polygon Labs DeFi lead Jack Melnick teases “DeFi Season” on Polygon zkEVM.

3D Polygon logo in space with a small supergirl standing on it.
Created by Gabor Kovacs from DailyCoin
  • Polygon Labs teased a significant DeFi development on the Polygon zkEVM.
  • The teaser follows a recent integration of Chainlink Data Feeds.
  • The network has weathered a TVL decline in the past week.

Despite boasting steady user and activity growth, Polygon zkEVM has been overshadowed by rivals like zkSync Era and Arbitrum. But amidst the project’s struggles to create industry-wide buzz, a recent statement from Polygon Labs DeFi lead Jack Melnick has sparked optimism.

Melnick has teased a big unveiling that will spark a rush of DeFi activity on Polygon zkEVM. Could this be the turning point the network has been waiting for?

Time for Polygon zkEVM to Shine?

In an X post on Saturday, January 6, Melnick asserted that developers would kick off “DeFi season” on Polygon zkEVM this week. According to the Polygon Labs lead, developers have been working hard to create something “special and novel.”

“Hopeful we’ve succeeded, and can set a standard for the caliber of builders that you can expect moving forward for Polygon public and CDK chains,” he wrote.

The teaser comes weeks after Polygon Labs announced that it had integrated Chainlink Data Feeds on the Polygon zkEVM to bolster the security of DeFi protocols on the network. At the time, Polygon Labs CEO Marc Boiron had tipped the integration to attract several leading DeFi applications to the network.

Polygon zkEVM’s DeFi Ecosystem 

At the time of writing, Defi Llama data shows that the Polygon zkEVM has processed $9.71 million in DEX volumes in the past seven days. The leading protocols by volume include Quickswap, PancakeSwap, and Balancer, with $5.74 million, $2.33 million, and $739k, respectively. 

Polygon zkEVM DEX Volumes.
Polygon zkEVM DEX Volume. Source: Defi Llama.

L2Beat data shows that the network boasts a TVL of $104 million, representing an 18.67% decline in the past seven days.

On the Flipside

  • The teased announcement may not have the desired effect.

Why This Matters 

Polygon zkEVM has largely trailed the competition since its launch in TVL and activity. The recent teaser suggests that Polygon Labs intends to heat things up in the Ethereum rollup space.

Read this for more on Polygon zkEVM:
Here’s What Chainlink Data Feeds Bring to Polygon zkEVM

Learn about Decentral House:
Here’s How Decentral House Plans to Bolster Web3 Innovation

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Okoya David

David Okoya is a crypto news reporter at DailyCoin based in Nigeria. He covers various topics related to the cryptocurrency industry, including exchanges, regulations, and price movements, and strives to bring fresh angles to breaking news. With experience as a freelance crypto news writer, David upholds the highest journalistic standards, telling complete stories and answering lingering questions whenever possible.