Polygon

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Polygon Overview

What is Polygon?

Polygon, previously known as Matic Network, is a platform built to scale the Ethereum network and foster its infrastructure development. It is Ethereum-compatible, and it's designed to facilitate a future where different blockchains no longer operate as isolated islands but rather as networks that fit into a more connected and interoperable ecosystem. Polygon is used for launching interoperable blockchains that can either be standalone chains or leverage the security of Ethereum's network. It aims to provide scalable and efficient solutions to Ethereum's limitations, including slow speeds and high gas costs.

The native token of Polygon is MATIC, which is used for participating in the network governance, staking, and paying gas fees. The Polygon ecosystem is made up of a diverse range of participants including users, developers, validators, and node operators.

Popular Apps on Polygon

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Frequently asked questions

Polygon provides a wide range of solutions. The main ones include:

  • Public Chains: Polygon offers several public chains including Polygon PoS, which is an EVM enabled sidechain, Polygon zkEVM, an EVM equivalent, open-source zk-Rollup, and Polygon Miden, a zk-optimized rollup with client-side proving that is coming soon.
    
  • App Specific Chain: Polygon Supernets is live and enables the building and powering of App-chains with industry-leading technology & partner ecosystem.
    
  • Decentralized Identity: Polygon ID is a live, blockchain-native identity system.
    
  • PoS Applications Solutions: These include a Wallet Suite for sending and receiving crypto assets, staking MATIC to earn rewards, Polygon Scan for exploring transactions on Polygon, PoS Bridge Explorer for viewing transaction details at the bridge level, and a faucet for getting test tokens to experiment on testnet.
    
  • Developer tooling: These include Polygon Scan, PoS Bridge Explorer, a faucet for getting test tokens, and a Token Mapper.
    

The Polygon network offers a wide range of capabilities similar to those of the primary Ethereum network, albeit at a significantly reduced fee, often just a tiny fraction of a cent. This includes usage of decentralized exchanges such as QuikSwap or SushiSwap, accessing yield-generating lending and savings protocols like Aave, engaging with NFT markets like OpenSea, and even participating in “no-loss prize games” like Pooltogether.

In order to get started with the Polygon network, you first need to transfer some cryptocurrency to a compatible wallet, such as Coinbase Wallet. Subsequently, you can “bridge” some of your cryptocurrency – stablecoins are a common choice for this – over to the Polygon network. Furthermore, you'll need to bridge over some MATIC to conduct transactions. However, even a small amount, like one dollar's worth, is sufficient due to the extremely low transaction fees.