Polygon – MATIC
Polygon has shown tremendous growth since the network first launched.
It’s only right that we take a deep dive…
This is a Project Review on MATIC.
The Polygon network was first launched in 2017, it is a ‘Layer 2’ network that was created by a team in India with a mission to scale the Ethereum Network.
The network currently consists of four main Ethereum Scaling Solutions that are currently live and with some still in development, these are:
Firstly, Polygon has its main network which uses the Proof-of-Stake (PoS) consensus mechanism. This network can be used to interact with native DApps, stake and vote on governance proposals, all using the $MATIC token.
Polygon Edge is an extensive structure to build and run your own public or private Ethereum-compatible network, with cross-chain capabilities and custom features that make it easy for developers of all levels.
Then we have Polygon Supernets which are powered by ‘Polygon Edge’. Supernets are essentially there for those looking to develop or build their own app chain, as Polygon offers high security, decentralisation and interoperability with any EVM-compatible blockchain.
In a previous article, we have spoken about Avalanche and the use of their ‘Subnets’. The technology and use cases slightly differ, for example, AVAX requires all validators to validate the Mainnet as well as the Subnets, however, Polygon Supernets do not have to do this.
Polygon’s zkEVM is a new scaling solution which is a Layer 2 construction built on top of Ethereum which solves their biggest hurdle, scalability. It does this by “rolling” and bundling up many transactions into one single executed transaction.
More on zk-Roll up technology can be found on our website.
The team are forever upgrading and releasing new technology that can further advance Ethereum and any EVM-compatible blockchain. Here’s what’s to come:
As we can see, Polygon is driving towards ultimate scalability especially by focusing on zero-knowledge rollup technology.
Polygon is on a mission to allow a borderless and permissionless ecosystem of decentralised applications that any blockchain can connect and take advantage of.
Users can expect to pay $0.002 per transaction and has a TPS (Transactions Per Second) rate of 7,000, making Polygon one of the fastest and most scalable blockchains in the world.
The network consists of many interactive, entertaining and profitable protocols within its ecosystem. There is a dApp for everyone…
The network has seen a huge spike in the number of DApps, with a +400% rise since the beginning of 2022, Polygon has over 37,000 DApps on the network!
The Polygon Mainnet is home to some of the largest and upcoming Web3 protocols, such as:
Many protocols from other blockchains are now integrating over to the Polygon network and have also become a first-choice blockchain for most developers.
Recently, Coca-Cola has revealed they are releasing a collection of NFTs to celebrate ‘International Day of Friendship’. This is major news for Polygon, as they partner with one of the largest corporations in the world!
It doesn’t stop there, Coke isn’t the only major company choosing Polygon as their gateway to #Web3, but so are Dolce & Gabbana, Meta, Adobe and many more.
There are three main utilities that the $MATIC token has on the Polygon network, these are:
The Polygon network uses $MATIC as the governance token which allows users to participate in governance voting on improvement proposals. $MATIC holders have the privilege to dictate Polygon’s future.
The Polygon chains are all powered by the $MATIC token which is used to facilitate any transactions or interact with any decentralised applications (dApps). Gas Fees are extremely minuscule.
If you are looking to earn extra MATIC by supporting the network, you can either become a ‘Validator’ by setting up a node that requires 20,000 $MATIC, or become a ‘Delegator’ by delegating however many tokens to an existing Validator node.
You can earn up to 6.58% APR!
There are currently over 100 Validators, with over 16,050 Delegators on the Polygon PoS network. Over $3.5B worth of $MATIC is locked up in the network.
The Polygon $MATIC token is available on the Ethereum, Solana, Moonbeam & BNB Smart Chain as well as most of the largest centralised exchanges, making $MATIC one of the most popular and easiest cryptocurrencies to get your hands on.
There are two main ways to buy $MATIC, but either way, you will always go through a centralised exchange (CEX). Here are the options:
The $MATIC token is one of the easiest obtainable cryptocurrencies. 99% of all centralised exchanges (CEXs) allow you to buy or trade $MATIC.
Here are some Centralised Exchanges we recommend for you to buy or trade the $MATIC token:
To get started you will need a DeFi wallet and make sure to secure your seed phrase with a hardware wallet (Trezor):
Once you have your wallet and have deposited $MATIC tokens from your centralised exchange (CEX) to your DeFi wallet, you can freely swap/trade your $MATIC tokens for any other cryptocurrencies on the network using a decentralised exchange (DEX), here are some recommended Polygon DEXs:
There are multiple decentralised exchanges on the Polygon network, all of which have different advantages so choose the best one for you!
Using the Network is very easy. Just set up a Metamask wallet, add the Polygon network, and send $MATIC tokens from a CEX (any of the listed above) to your Wallet Address found in your Metamask wallet.
You can check out our YouTube video which guides you every step of the way!
You can be set up and ready to go in 10 minutes!
Polygon $MATIC has grown to extraordinary heights since its birth and with the partnerships and backing it has, it will continue to do so. As we move closer to crypto adoption, Polygon will be a first-choice blockchain for most large companies and users looking to start on their crypto journey.
At the time of writing, MATIC is sitting a price of $0.7312, with an incredible market cap of $7.3B+. When $MATIC peaked, it hit an ATH of $2.92 with a market cap hitting over $20B!
Twitter – @0xPolygon
Website – polygon.technology
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