Our Ranking
What is Polygon?
Simple Explanation - Polygon was created to solve pain points associated with Ethereum. Think of Ethereum as a bank teller, and Polygon as an ATM. Polygon can do everything Ethereum can but faster and with less fees. Polygon connects the blockchain technology that Ethereum is built on with other compatible platforms to allow numerous transactions to occur on the blockchain. Imagine if you were able to transfer your money to any bank through an easy-to-use, fast, and almost free network that connects all banks to each other. This is essentially what Polygon’s service does. With all of these banks being connected, you would have instant access to your money anywhere in the world, it would be almost free to transfer your money, and exchange fees would be negligible. Polygon costs less, and can operate faster.
A crypto experts explanation - The Polygon network was created to improve the infrastructure of Ethereum. Polygon’s developers main goal is to solve pain points that were associated with Blockchains, such as high gas fees, and slow speeds without sacrificing the security. Ethereum is slow and has large fees associated with each transaction. Polygon is built upon Ethereum to allow the facilitation of low-cost transactions upon a decentralized platform. It benefits from Ethereum’s network security while being low-cost and fast. By utilizing proof-of-stake checkpoints, Polygon exists as a protocol and framework for not just building but also connecting Ethereum compatible blockchain networks, which will eventually allow millions of transactions on the blockchain. Polygon is a side chain and their asset’s ticker symbol is MATIC which currently has 6.7 billion shares in circulating supply on the Ethereum network as an ERC-20 token. Future state of polygon: offer a framework for blockchain networks allowing users to create interconnecting networks which would allow for development of standalone, flexible, scalable blockchains. Currently there are 350 applications running on this network, showing a large amount of relevance. MATIC can be staked to increase values of the token, has low transaction fees and is a governance token. These purposes allow MATIC to drive development across the Polygon network. By adding services to the Polygon network, users can earn additional MATIC tokens.
How to Use
Add Polygon to your wallet, bridge ETH or USDC over via the official bridge, and use any DeFi or NFT app that supports the network. Stake MATIC to secure the chain and earn rewards.
Why we like it.
Polygon solves many of the problems that are prevalent in the Ethereum Network. It runs in parallel to Ethereum and is working on allowing all of the tokens on Ethereum to be traded on Polygons network. This means more access for more people. It does everything Ethereum will do, but it will save the user 99% or more per trade. It is also 650% faster than the biggest network in the world. It has also proven itself as one of the leaders in the Web 3.0 world and its Decentralized. Which means, if it manages to maintain its growth, It will be one of the biggest companies in the emerging Web 3.0 world. We recommend holding it as a core piece of your digital asset portfolio that is low risk and high yield. It also is what we have decided to use as the core utility token for trading on our platform.