Crypto Geometry: Is Polygon the Next Big Figure in the Crypto Space?
Despite all its technological advantages and prospects, the Ethereum network is experiencing a number of challenges. Crypto users often struggle to use the blockchain of the largest altcoin by capitalization, due to high transaction fees and general network congestion. In anticipation of updates, market participants are looking for alternative options for fast, reliable, and cheap transactions. The Ethereum-compatible Layer 2 network, Polygon, has become one of them.
The History of Polygon (MATIC)
Polygon (previously called Matic) was one of the first initial exchange offerings (IEOs) on Binance Launchpad, which took place in April 2019. The token sale was held in the form of a lottery, in which 16.7 thousand participants were able to take part and receive tokens.💸
In May 2020, the Polygon Mainnet was launched. The project is led by three founders, all of whom were born in India and already have experience in developing blockchain platforms: CEO Jaynti Kanani, COO Sandeep Nailwal, and product manager Anurag Arjun. In December 2020, Ethereum specialist Mihailo Bjelic joined them, after which the rebranding took place with the change of the name Matic to Polygon.
❗ **The main goal of the project is to work on increasing the scalability of the Ethereum network. The Polygon network is an Ethereum-compatible Layer 2 sidechain running on the PoS (Proof-of-Stake) algorithm. **
At the same time, the project seeks to attract developers to the project: to develop decentralized applications on the Ethereum blockchain and increase their scalability and UX / UI. The founders of Polygon believe that although the market for decentralized applications is developing and there are more of them, the existing blockchain structure is too slow and cumbersome for them to scale, and the UX for their implementation is not fast enough.
Polygon’s Tremendous Achievements
Polygon is seen by many as a real alternative to using Ethereum: low fees, and fast transaction speeds are well established in the community. Polygon scales to millions of transactions per second.⏩
Polygon posted incredible growth in 2021, rising 13,000% from less than 2 cents to $2.68 between January and May of that year. After a brief hitch, Polygon rose again, reaching an All-Time High of $2.8768 in December 2021. However, this rise in prices did not last long. Polygon, like most popular cryptocurrencies, went into free fall at the end of December 2021 and still appears to be on a downward trend. As of May 30, Polygon is trading at $0.66.
The main reason why Polygon is so successful is that it is an Ethereum compatible chain. Thus, Polygon attracted a large number of projects on Ethereum to integrate its blockchain. We can mention such projects as Aavegotchi working at the intersection of finance and NFT, Neon District gaming application, Decentraland, Polymarket, and SportX. Other notable applications running on Polygon are Somnium Space, Artvatars, Cryptovoxels, and F1 Delta Time.
An important advantage of Polygon was the ability to integrate with existing DeFi projects on Ethereum. In 2 months of running on Polygon, decentralized lending protocol AAVE has raised over $3.5 trillion in DeFi liquidity on Polygon, according to aggregator DeFiLama.
Fast asset transfers with low commissions between $AAVE, $DOT, and other protocols became possible in the Polygon network. Fee cuts have opened the doors to DeFi for users who have not previously arbitrated and scalped between protocols.
Is Polygon a Good Investment?
According to CoinMarketCap, Polygon is currently the 13th largest cryptocurrency with a market capitalization of $9.4 billion. Although this asset suffered a devastating collapse in May, it is relentlessly striving to become the best solution for scaling Ethereum projects.
Key features of Polygon include: 🔥 Fast, cheap and secure transactions on Polygon sidechains that complete on the main Ethereum chain. 🔥 High throughput and multi-chain transactions. 🔥 Smooth User Experience. 🔥 Public sidechains supporting a range of protocols.
Polygon is as volatile as any other cryptocurrency. If you want to invest in Polygon (MATIC), make sure you follow the golden rule of investing: don't invest more than you can afford to lose.
Polygon (MATIC) at NAGAX
While many blockchains are trying to be the next ‘Ethereum killer’, Polygon is aiming to be the ‘Ethereum saviour’.⛑️
If you have a long-term crypto investment plan with Polygon or just want to trade the token, NAGAX is the best place to invest in it with ease. Moreover, Polygon (MATIC) staking is now available on NAGAX, the world’s leading digital asset trading platform.
Start staking your $MATIC now and earn high APY! 🚀
How to Buy Polygon (MATIC) at NAGAX
Follow the steps below to learn how to buy MATIC on NAGAX:
- Sign up for a NAGAX account.
- Transfer your MATIC from an outside wallet to your NAGAX Wallet or buy it straight from the NAGAX Wallet.
- You secured your new MATIC purchase!
When it comes to buying crypto, you have a lot of options. You can directly purchase $MATIC with a credit/debit card or exchange other cryptocurrencies for it. To learn more about buying crypto at NAGAX, please click here.
Note that since Polygon (MATIC) is an ERC-20 token, it can be stored in the NAGAX wallet, which supports Ethereum tokens.
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