Polygon was formerly called Matic Network. Polygon (MATIC) is an Ethereum token that powers the Polygon Network, a scaling solution for Ethereum. Polygon aims to provide faster and cheaper transactions on Ethereum using Layer 2 sidechains, which are blockchains that run alongside the Ethereum main chain. Users can deposit Ethereum tokens to a Polygon smart contract, interact with them within Polygon, and then later withdraw them back to the Ethereum main chain. The MATIC token is used to pay transaction fees and participate in proof-of-stake consensus.
How it works
Picture Polygon as being like an express train on a subway — it travels along the same route as the regular train, but it makes fewer stops and thus moves much faster. (In this analogy the main Ethereum blockchain is the local train.) To create new MATIC and secure the network, Polygon uses a proof-of-stake consensus mechanism — which means that one way you earn money on MATIC you hold is via staking.
Validators do the heavy lifting — they verify new transactions and add them to the blockchain. In exchange, they may receive a cut of fees and newly created MATIC. Becoming a validator is a commitment that requires running a full-time node (or computer) and staking your own MATIC. If you make an error or act maliciously (or even if your internet connection is glitchy) you could lose some of your staked MATIC.
Delegators stake their MATIC indirectly via a trusted validator. This is a much lower-commitment version of staking. But it still requires research — if the validator you pick acts maliciously or makes errors you could lose some or all of your staked MATIC.
Keep in mind
The Polygon network allows you to do many of the same things the main Ethereum network allows, but with fees that are often a fraction of a cent. You can try decentralized exchanges like QuikSwap or SushiSwap, yield-generating lending and savings protocols like Aave, NFT markets like OpenSea, or even “no-loss prize games” like Pooltogether.
To try the Polygon network, you need to send some crypto to a compatible crypto wallet like Coinbase Wallet. You can then “bridge” some of your crypto — stablecoins are a popular choice for this — to the Polygon network. You’ll also need to bridge some MATIC to make transactions, but even a dollar’s worth is plenty because fees are so low.
Released: October 2017
Polygon is on the rise this week.The price of Polygon has risen by 3.57% in the past 7 days. The price declined by 3.40% in the last 24 hours. In just the past hour, the price grew by 0.10%. The current price is $1.3633 per MATIC. Polygon is 48.55% below the all time high of $2.65.The current circulating supply is 6,652,300,637.1 MATIC.
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