What exactly is a Polygon or Matic Network? Is it true that it is faster and has very low gas fees compared to Ethereum? Read this article to the end to find out why the price of Polygon is likely to explode.
What is Polygon or Matic Network?
Polygon started in 2017 from the former Ethereum developers where the aim of this crypto is to further improve the blockchain technology to make it more efficient and scalable to be more adaptable to more people, it is also a proof of stake consensus models such as Solana and Cardano where you can stake your Matic tokens to participate in the Polygon ecosystem and at the same time earn ewards.
Polygon's solution is important because one of the opponents of large cryptocurrencies such as Ethereum is mass adoption because it is not that scalable, so Polygon Matic can be considered the leader in all layer 2 solutions, compared to the Ethereum network that until now Ethereum 2.0 is still missing.
Features and Advantages of Polygon Matic
1. Speed
So we know that Ethereum is one of the slowest blockchains in the world of crypto, it only has very few transactions that it can process in a second but because of Polygon it can speed up the transaction speed of Ethereum because of its implementation of proof of stake chain or side chain Ethereum.
So in Ethereum, the transaction fees are very expensive every time you use this network, because of the congestion or the number of Ethereum users so I recently noticed that the gas fee has reached $ 100 to $ 200 just for minting NFT or transferring funds to a wallet or exchange, so that's one of the things that Polygon has resolved to make the fee for using their network so cheap and it's one of the reasons why the price of Polygon is likely to increase.
3. Interoperability
Polygon also intends to connect or exchange with other blockchain networks and not just focus on the Ehereum network.
4. Rewards
So because it's proof of stake, it's also possible for you to earn rewards in Polygon and it's much cheaper to enter here compared to Ethereum where you still need to build mining rigs.
So because the fees are faster and cheaper here there are more upcoming projects that can possibly develop applications using the Polygon network.
Why is it possible for Polygon to rise further?
Now you may think that everyone has caught up or the price of Polygon is too high, but as of writing this article, the price of Polygon is less than $ 2 and on January 1, 2021 it was less than $ 0.10 each. According to CoinGecko, if you invested here last month and you had gain 40%, the potential for Polygon to increase is still great because as long as there are more Ethereum users, for sure Polygon will also increase and we know that Ethereum is one of the busiest networks in the entire crypto space, there are many platforms, applications that use it and to further maximize it and for them to scale their service.
Popular or big platforms that already use Polygon
This is one of the largest in the DeFi space. It is like a bank that we can borrow or lend our crypto assets, they also use Polygon to avoid fees.
2. Sushi Swap
This is like Pancake Swap, where you can exchange your cryptocurrencies instantly.
3. Quick Swap
So it's like Sushi Swap too and you can earn Quick tokens.
4. Curve Finance
This decentralized exchange is more focused on stable coins.
5. Adamant Finance
This is also like yield farming so that your tokens can compound even more.
NFT & GAMING
So one of the iconic gaming brands has partnered with Polygon is Atari.
2. Open Sea
This is the largest NFT marketplace in the world and now you can also sell your NFTs without paying for gas and at the same time if you are a buyer you can also bid and buy on NFTs for sale without paying much gas.
3. Decentraland
This is the game that is one of the first to have the concept of the virtual world or metaverse here in crypto.
4. Uniquely
It is also an NFT marketplace but it is possible that the digital assets sold here will be physical products.
So now we turn to the future partners of Polygon who will possibly drive its price up.
1. Coinbase
This is one of the largest crypto exchanges in the world like Binance, so because COINBASE will also release the NFT marketplace or NFT integration and there is a possibility that they will use the Polygon network here to make the transaction faster and less fees in their NFT marketplace.
2. Unstoppable Domains
If Coinbase was just a possibility but this Unstoppable Domains is now official. This is a blockchain domain solution where you can buy or change your very long and random address name in your wallets to become this common name.
3. Draft Kings
So the company Draft Kings has also partnered with Polygon for their upcoming NFT releases. It is a fantasy sport contest and betting website also for sports.
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The information above does not constitute investment advice, financial advice, trading advice, or any sort of advice. I'm not a financial advisor nor an expert in such, so make sure you always do your own research first before investing. Happy Trading, Earning, Playing and Learning everyone!
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