Understanding Polygon (MATIC)
Rank: 15
Polygon (MATIC) is a cryptocurrency and a platform for building and connecting decentralized applications and solutions.
It aims to solve the scalability and development challenges faced by Ethereum, and provides a fast, secure, and low-cost alternative to the Ethereum network. Polygon uses a multi-chain architecture and proof-of-stake consensus mechanism to deliver fast and low-cost transactions. The MATIC token is used as a means of exchange and as a store of value within the Polygon ecosystem.
Polygon has a different goal than many other blockchain platforms that aim to replace Ethereum. Instead, Polygon strives to be an “Ethereum saver” by offering a solution to the scalability issues faced by Ethereum, allowing users to continue taking advantage of all that Ethereum has to offer with faster and more affordable transactions.
History of polygon
Polygon (MATIC) was originally launched in 2017 under the name “Matic Network” as a scaling solution for the Ethereum network.
The goal was to provide a fast and low-cost alternative to Ethereum that could handle the growing number of decentralized applications (dapps) and users.
In 2021, the project rebranded to Polygon, and it has since grown to become one of the largest and most active Ethereum scaling solutions. The platform has attracted a large community of developers, and it has been used to build a variety of decentralized applications, including DeFi projects, gaming platforms, and more.
In recent times, Polygon has experienced significant growth, both in terms of its user base and the value of its native token, MATIC. The platform has been praised for its fast and low-cost transactions, as well as its support for Ethereum compatibility, which allows developers to easily migrate their existing dapps from Ethereum to Polygon.
Polygon projects
Polygon (MATIC) has a growing ecosystem of decentralized projects and applications built on its platform. Here are a few notable Polygon projects:
Aavegotchi – A blockchain-based collectible game built on Polygon where players can collect, raise, and battle ghost-like creatures.
QuickNode – A fast and low-cost infrastructure for developers to deploy and run their decentralized applications on Polygon.
Quickswap – A fast and low-cost decentralized exchange built on Polygon that supports trading of a wide range of assets.
Polygon Finance – A DeFi platform built on Polygon that provides a range of financial services, including yield farming, lending, and borrowing.
Reef Finance – An ecosystem of decentralized financial applications built on Polygon, including a stablecoin platform, DeFi dashboard, and NFT marketplace.
These are just a few examples of the diverse range of projects being built on Polygon. The platform’s fast, secure, and low-cost infrastructure has attracted a growing community of developers and users, and it is expected to continue to play an important role in the development of the decentralized web.
Polygon vs. Ethereum
Polygon (MATIC) and Ethereum are both blockchain platforms that enable the creation and deployment of decentralized applications (dapps). However, there are several key differences between the two platforms:
Scalability: One of the main reasons for the creation of Polygon was to solve the scalability issues faced by Ethereum. Polygon uses a multi-chain architecture and proof-of-stake consensus mechanism to deliver fast and low-cost transactions, making it a more scalable solution than Ethereum.
Cost: Polygon is designed to be a more cost-effective alternative to Ethereum, with lower gas fees for transactions and smart contract executions.
Compatibility: Polygon is designed to be fully compatible with Ethereum, allowing developers to easily migrate their existing dapps from Ethereum to Polygon, and making it easier for developers to build dapps on Polygon that can interact with the Ethereum ecosystem.
Focus: While Ethereum is a general-purpose blockchain platform, Polygon is specifically focused on providing a fast and low-cost infrastructure for decentralized applications.
Ultimately, the choice between Polygon and Ethereum will depend on the specific needs and goals of the user or developer. Both platforms have their strengths and weaknesses, and both are likely to play an important role in the development of the decentralized web.
What is total supply of Polygon (MATIC)?
The total supply of Polygon (MATIC) tokens is currently capped at 10 billion MATIC. The exact number of circulating MATIC tokens can fluctuate as tokens are traded on exchanges, locked in staking or used for various purposes within the Polygon ecosystem.
The MATIC token is a standalone cryptocurrency with its own unique use cases. Like ETH in the Ethereum network, MATIC is used to cover transaction fees on the Polygon platform. Additionally, MATIC also serves as a tool for staking and governance, which are functions that are not yet available with ETH in the Ethereum network.
It’s important to note that the supply of MATIC tokens can be affected by various factors, such as network upgrades, token burns, and other events, so the exact number of circulating MATIC tokens can change over time.
Wrapping up
Polygon aims to be a leading cryptocurrency platform that enhances the Ethereum ecosystem by providing fast, secure, and affordable infrastructure for decentralized applications. While Ethereum’s developers work on refining the main chain, Polygon offers a solution for users who want to take advantage of Ethereum’s offerings without experiencing high gas fees and slow transaction speeds.
