Ethereum and Polygon (MATIC) Leverage Trading Volume Passes $50M on Covo Finance

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Apr 26, 2023, 14:39 ET

LOS ANGELES, April 26, 2023 /PRNewswire/ -- Ethereum scaling platform, Polygon recently launched its zero-knowledge Ethereum Virtual Machine (zkEVM) mainnet, sparking explosive growth in the decentralized finance (DeFi) sector. Polygon (MATIC) and Ethereum are recently seeing a surge in traders' interest, with Covo Finance, a popular crypto derivatives exchange, announcing that it surpassed $50 million in trading volume for Ethereum and Polygon (MATIC).

Ethereum and Polygon (MATIC) Leverage Trading Volume Passes $50M on Covo Finance

The robust growth of the DeFi market on Ethereum and Polygon (MATIC), along with the increasing demand for scalable and efficient blockchain solutions, has led to the rapid adoption of Covo Finance. This fully decentralized perpetual exchange, built on the Polygon network, allows users to trade major cryptocurrencies, Forex, and Metals with up to 100x leverage directly from their web3 wallets without risking their funds in third-party custody on CEXs.

Covo Finance offers an intuitive and powerful trading interface, advanced order types, superior order execution, adjustable leverage, USDC collateral, dynamic funding, pooling, and staking. With low trading fees and zero price-impact trades, Covo Finance has become one of the fastest-growing spot and perpetual decentralized exchanges (DEXs) on the Polygon network.

All orders on Covo Finance are settled on-demand through the Pyth Network and Chainlink oracles. In addition to trading, Covo Finance enables users to pool funds and generate real yield. By providing USDC or MATIC as liquidity to traders, pool participants receive trader profits and losses, along with up to 40% of fees. Rewards for the pool are received directly in USDC and MATIC.

Users can also stake COVO, the protocol's native token, to earn up to 30% of fees in USDC and MATIC along with staking rewards in COVO, with a fixed APY of 7-9%. Covo Finance ensures that value is transparently distributed among participants, allowing users to choose their level of risk tolerance. High-risk, high-reward trading is available for active traders, while medium-risk, medium-term rewards are offered to liquidity providers looking for real yield. Staking COVO is an ideal option for investors seeking low-risk and long-term rewards.

Ethereum (ETH) has experienced a significant price surge above the $2,000 mark following the recent Shanghai update and is currently trading around its major support level of $1950. The Shanghai update now allows validators to withdraw their staked ETH. Ethereum's recent shift to a deflationary model, where more ETH supply is being burned than ETH minted for block rewards, has piqued retail and large investor interest. On-chain data reveals that Ethereum remains among the top holdings for retail investors, and the total value locked (TVL) in DeFi for both Ethereum (ETH) and Polygon (MATIC) networks has surged by more than 10% in the past month. Meanwhile, Ethereum supply on centralized exchanges is decreasing, with an outflow of $8.81 billion in just the past week, signaling a decline in the relevance of centralized exchanges.

The positive impact of the Shanghai update and the deflationary model has bolstered investor confidence in Ethereum and Polygon (MATIC). With around 68% of Ethereum holders and 40% of Polygon holders in profit, the market's positive sentiment continues to drive interest in these assets. As retail investors' interest grows, platforms like Covo Finance, a fully decentralized perpetual exchange built on the Polygon network, are expected to gain traction where users can long or short Ethereum (ETH) and Polygon (MATIC) with up to 100x leverage without any risk of centralized exchanges.

Media Contact:

Company: Covo Finance
Email: [email protected]
Website: https://covo.finance
Twitter: https://twitter.com/covofinance

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SOURCE Covo Finance