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Polygon: Changing the crypto game for the better

The crypto industry continues to look for ways to improve the trading experience every day. In the Ethereum blockchain network, cryptocurrencies like Polygon are some of the later developed digital assets that strive to solve existing problems. 

Functioning specifically for ERC-20 tokens, Polygon cryptocurrency was formerly known as MATIC and works hand in hand with the Ethereum network to reduce inefficiencies and other problems investors may be experiencing. Check out more about it and its potential when you read further. 

What is Polygon cryptocurrency and how does it work? 

First launched in the latter part of 2017, Polygon was formerly known as MATIC or Polygon Matic. Its primary objective was to serve as a means for Ethereum scaling architecture. The network operated as such for the next three years. 

In February of 2021, the network went through a rebranding and was officially changed from MATIC to Polygon. It has since held a steady position in the list of top cryptocurrencies in the market. Currently, the cryptocurrency is in the 19th spot in the market.

Aside from being a digital currency in itself, Polygon cryptocurrency also acts as a network that removes issues in the Ethereum network. These include problems like low rates of transactions per second, poor user experience and high transaction fees. 

On its official website, Polygon discusses the capability of the digital currency and network to ‘combine the best of Ethereum and sovereign blockchains into a full-fledged multi-chain system’. It’s built to support Ethereum and vice versa to create a better user experience for investors. 

This digital currency and network also specializes in scalability options. With the Proof-Of-Stake (PoS) system and other side chains, its objective is to lessen the influx of transactions and instead, manage them accordingly to avoid delay or other potential issues. 

Polygon offers lots of different advantages that are designed to make the trading and investing process easier. Delve into the next few sections to see its benefits and how Polygon grew from a simple network to a full-fledged digital currency. 

Understanding MATIC and its relationship with Polygon

MATIC and Polygon are essentially the same. The network and the digital asset is named Polygon, but the native cryptocurrency remains as MATIC. As of now, it has a capped supply of 10 billion tokens, with 6,822,312,959 billion of them currently in circulation. 

As of now, the token is supported by major crypto exchange platforms worldwide. This includes Coinbase, Binance and eToro. It can also be used for the typical crypto functions like trading, staking and governance features. This means investors are able to truly connect with Polygon and establish their position as stakeholders. 

What does Polygon bring to the table? 

Now that you understand the origins of Polygon and what it aims to do for the crypto market, it’s essential to know what this digital currency offers to its users. See the list below to learn more about Polygon and the advantages of using it. 

Polygon is one of the most popular cryptocurrencies 

Ever since the digital currency was launched in 2017, Polygon has been able to maintain a steady climb among the top cryptocurrencies every month. According to CoinMarketCap, Polygon currently has a price of $1.91 and a market cap of $13,038,144,196. 

Moreover, many investors trust Polygon because it’s a part of the Ethereum network and aims to remove many issues in the market. Its continued performance in the market is a testament to how effective the technology truly is. 

Polygon is an ERC-20 token 

An ERC-20 token is a digital currency operating or supporting the Ethereum network. Polygon is identified as such and also works to fix the issues that the network is facing, not just for the Polygon cryptocurrency itself. 

On the other hand, Polygon is also compatible with the Ethereum Virtual Machine or (EVM). This is a kind of software that developers can use to make decentralized applications. It’s considered user-friendly and efficient in terms of building and launching these apps. 

It attempts to reduce scalability problems 

There have been countless instances where traders complain about the speed and efficiency of transactions. However, Polygon is able to address some problems in the Ethereum network like user-friendly interfaces and high transaction fees. More than that, its speciality lies in scalability. 

It seeks to eventually improve the performance of the Ethereum network to make it more welcoming to current and future investors. Other potential roadblocks can be addressed as well to ensure the seamless use of the Ethereum network on all platforms. 

Investors are able to use Polygon for staking 

Polygon is already an excellent network in itself because it can be traded as a digital asset and even used to develop decentralized applications. However, it is also used for staking, the process where investors can lend digital currencies and potentially turn their investments into something more. 

Think of it as lending your investment to the network and receiving interest in return. The rates can vary depending on the performance of the market, but the current annual rate stands at 15% interest. It’s a welcome change to other options in the world of crypto. 

Get your hands on Polygon and everything it offers!

Polygon cryptocurrency has recently risen through the ranks and solidified its position as one of the best digital currencies in the world. As long as it continues to offer the benefits and special features for Ethereum network users, Polygon holds a lot of potential for crypto investments. 

So, take the chance to experience all of the benefits that Polygon cryptocurrency offers! Make use of its features when trading or investing in ERC-20 tokens and eliminate several issues at once. With that, you’ll be left with a trading experience like no other! 

To learn more about Polygon, visit Cryptoshimbun for the low down on all news and feature content about the crypto market. 

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