What is Polygon?
Polygon is a decentralized Ethereum scaling solution aiming to improve speed and reduce blockchain network's transaction costs and complexities.
As a Layer 2 network, Polygon enables developers to securely build user-friendly dApps with low transaction fees.
MATIC is the network’s native cryptocurrency, which is used for staking, paying transaction fees, and network governance. It is an ERC-20 token with a max circulation of 10 billion coins.
Fundamentally, Polygon promises a simpler framework for building interconnected networks to improve Ethereum security and efficiency. It does this by running next to the main Ethereum blockchain and allowing users to bridge their crypto to Polygon to interact with a variety of NFT marketplaces (OpenSea, Refinable, Tofu NFT) and a burgeoning DeFi ecosystem. This bridge also allows users access to apps previously exclusive to the Ethereum blockchain. Referred to as “Ethereum’s internet of blockchains.” Polygon is known for its high scalability, security, and low fees, Polygon’s popularity amongst developers has skyrocketed.
Originally launched as Matic Network in 2017 by co-founders Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun after Vitalik Buterin and Joseph Poon released a whitepaper on the Plasma framework, Polygon sought to solve the problems traditional blockchains such as Ethereum face of slow development and high transaction fees. Kanani, Nailwal, and Anurag believed these issues would hinder mass adoption and a Layer 2 scaling solution such as Polygon was necessary in order to scale towards adoption. Polygon SDK allows developers access to Layer 2 infrastructures such as validium, Plasma, Optimistic Rollups and zkRollups, as well as Matic Proof of Stake (PoS). Matic Network rebranded to Polygon in February of 2021.
Polygon has been seeing a slew of adoption and partnerships with some of the world's most well-known brands such as:
Instagram, Adidas, and Prada all launched NFTs on Polygon
Stripe launched global payouts in crypto using Polygon
Disney chose Polygon as one of six companies to be a part of their program centered around the development of AR, NFT, and AI experiences
The future of Polygon looks bright as the project continues to collaborate with more top-tier brands and companies. Polygon has forwarded the goal of mass adoption as a result of its ability to allow dApps, merchants, and users to instantly accept or pay in crypto assets. Due to its quick transaction speeds, low fees, and scalability, Polygon is quickly becoming a favorite of Web3 network users
Many Polygon holders prefer to not sell their MATIC and find MATIC staking to be a great way to passively earn more MATIC. Learn more about how you can earn more MATIC from staking MATIC or from liquid staking MATIC.