Exchange Matic

What is Polygon

Matic is a Layer 2 blockchain, aimed at enhancing the scalability and user experience on the Ethereum network. Founded by Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, Mihailo Bjelic, and Sander Denzen, Polygon(Matic) thrives as an ecosystem empowering various decentralized applications (dApps) and cryptocurrencies. The robust project has contributed to streamlining the deployment of these applications in a faster, cost-efficient, and secure manner. 

Polygon's official launch transpired on October 28, 2017. This marked the genesis of a game-changing network designed to tackle the persistent challenges associated with speed, cost, and overall efficiency experienced on the Ethereum blockchain. 

Key Features of Polygon 

Matic offers distinguished features that set it apart on the blockchain landscape: 

• Scalability: By integrating innovative and efficient scaling solutions, it aims to significantly improve the transaction throughput, thereby fostering a seamless and swift network experience. 
• Cross-chain Interoperability: Matic's ecosystem thrives on interoperability, seamlessly connected with various EVM-compatible blockchains. This inclusivity enables smoother interactions between different decentralized applications and assets within the network. 
• User Experience: Matic places a strong emphasis on user experience ensuring low latency and minimal fees, it contributes to creating a more user-friendly environment for both developers and end-users. 
• Security: While prioritizing speed and efficiency, the network employs robust security measures to safeguard transactions and user data. 
• Adoption of Plasma Framework: Matic leverages the Plasma framework to optimize its scalability solutions. This technology enables off-chain transactions, allowing a vast number of transactions to be executed outside the main Ethereum chain, presenting a notable boost in overall network speed. 
• Proof-of-Stake Implementation: Matic has transitioned to a proof-of-stake consensus mechanism, enhancing the network's efficiency and reducing its carbon footprint. 

Polygon Use Cases  

• Decentralized Finance (DeFi): Matic has significantly bolstered DeFi applications by addressing slow transaction speeds and high gas fees. Its scalable infrastructure has contributed to the burgeoning DeFi ecosystem, making financial activities more accessible and efficient. 
• Non-Fungible Tokens (NFTs): Matic's low-cost, high-speed environment has proven particularly beneficial for powering NFT marketplaces and applications. Artists, collectors, and creators have found a welcoming space in Matic, where they can seamlessly engage in NFT transactions and communities. 
• Gaming: Polygon’s scalability and cost-effectiveness have attracted numerous gaming projects seeking to create immersive decentralized gaming experiences. 

Matic Token Utility 

The core token of the Polygon network is MATIC, which plays a pivotal role in both operational and economic facets of the ecosystem. As a utility token, MATIC is utilized for transaction processing, securing the network through staking, participating in governance decisions, and deploying and running various decentralized applications (dApps) within the Polygon ecosystem. MATIC has been instrumental in the growth and development of the Polygon network and is integral in realizing the vision of a more scalable and user-centric blockchain ecosystem.

Average Transaction Fee on the Matic Network 

The average gas fee on Polygon typically ranges between $0.01 which is 0,014 Matic. However, the transaction fees on Polygon, as on any blockchain, may vary depending on the network load.

Matic Token Wallets 

When it comes to managing your Matic tokens, here are three well-regarded wallets used in cryptocurrency transactions: 

• MetaMask: A widely used browser extension wallet that supports a range of Ethereum-based tokens, including Matic tokens.
• Trust Wallet: A secure mobile wallet that enables users to store, send, and receive Matic and other cryptocurrencies.
• MyEtherWallet (MEW): A user-friendly interface that allows users to create and manage Ethereum wallets, supporting CVX and other ERC-20 tokens.