Polygon, like many other “Ethereum killers” out there, gained notoriety with its promise to solve the Ethereum scalability and fee issue by building a better version of it. Oddly enough, this journey started by making a new blockchain that sits on top of the Ethereum network, the very network it wants to replace. Polygon, formerly known as Matic, does process transactions much faster than Ethereum and can be seen as an alternative “back road” running parallel to a heavily congested highway--for the visual learners out there.
This second layer solution not only helps speed up transactions but also makes it easier for other developers to build on Ethereum and work with other blockchains platforms more efficiently. The Polygon team has mentioned some vague plans to build its own blockchain away from Ethereum but at the moment, the two are very much tied together. Should a competing blockchain like Cardano or Polkadot take Ethereum number two spot, then Polygon may go down with it.
However, many don’t seem to mind that possibility as MATIC continues to be a popular purchase for many token investors. The MATIC token is a pure governance and staking token that lets holders participate in the operation of Polygon. In addition, the token can be staked to earn yields and also pay gas fees on the blockchain. Polygon was first launched in 2017 at Matic but now rebranded itself as Polygon in 2021.
YouHodler aggregates prices from top centralized exchanges to provide an accurate Polygon price and charts.
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