Polygon is a protocol and a framework for building and connecting Ethereum-compatible blockchain networks. Aggregating scalable solutions on Ethereum supporting a multi-chain Ethereum ecosystem. Polygon gives us faster and cheaper transactions on Ethereum as it is based on the Layer 2 sidechains. The layer 2 blockchains run alongside Ethereum main chain.
Due to high demand in the market this year, many exchanges and coin bases have listed polygon currency for trading this year.
Polygon, previously known as Matic, is now among the top 20 global cryptocurrencies with a market capitalization of 13 billion USD, which has surged 10 times since last February. This was seen due to the adoption of its blockchain by players in gaming, non-fungible tokens (NFTs), and Defi. last 2 months the applications based on the Polygon have risen to 400 with 800% increment. The developers aiming at the goal to make polygon the third-most valued crypto project in the world behind the current giant's Bitcoin and Ethereum.
Polygon combines the best of Ethereum and sovereign blockchains into a full-fledged multi-chain system. Let's see some advantages of it over ethereum chain.
- It is able to fully benefit from Ethereum’s network effects.
- It is inherently more secure.
- It is more open and powerful.
- It has better throughput than ethereum.
The polygon price is 1.65USD and shows some impressive growth when other coins perform poorly. With the circulating supply of 6.2B MATIC, this currency will overtake most currencies in the future. Due to many developers shifting toward the Polygon Chain for its services, the demand of the coin is increasing. In future, it is expected to become the next ethereum.
- Ethereum Compatibility