Polygon (MATIC): definition, functionality, purchasing and wallet selection: a comprehensive overview

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Sommaire :

Polygon, originally launched as the “Matic Network” in 2017, is a second-layer protocol and framework designed to solve the scalability and cost issues associated with the Ethereum blockchain.

This article explores the definition and functionality of Polygon, how to acquire it and recommended wallets for storage.

What is Polygon (MATIC) and how does it work?

Polygon is a second-layer solution, often referred to as sidechain, aimed at improving scalability and reducing gas costs on the Ethereum network.

Unlike direct competitors such as Cardano, Polygon’s developers have chosen to integrate with Ethereum, enhancing the user experience and expanding the ecosystem.

Applications using Polygon benefit from its scalability and reduced costs, while taking advantage of the security of the Ethereum blockchain.

Polygon SDK: Transforming Ethereum

The Polygon SDK, the core component of Polygon, serves as a modular and flexible framework for creating various types of applications.

Launched in February 2021, this SDK enables developers to build Ethereum-enabled networks. It represents a major upgrade that impacts the entire Polygon ecosystem.

The usefulness of the MATIC token

MATIC is Polygon’s native token, which performs essential functions within the network:

  • Network fees: MATIC is used to pay transaction fees within the Polygon network.
  • Security: It contributes to network security.
  • Governance: MATIC token holders have a say in network governance.
  • High-yield staking: MATIC enables users to participate in high-yield staking.

Popular decentralized applications using polygons

Several decentralized applications have adopted the advantages of Polygon:

  • Sushi Swap: A decentralized exchange (DEX) operating as an automated market maker (AMM).
  • Curve Finance: A liquidity pool on Ethereum that facilitates low-risk stablecoin trading.
  • 1inch: A DEX aggregator providing liquidity through various DeFi protocols on Ethereum, Binance Smart Chain, Polygon, and more.
  • Aave: A yield aggregation protocol allowing users to borrow crypto-currencies against collateral for flash loans.
  • QuickSwap: A decentralized exchange on the Polygon network, offering fast and profitable transactions.

Where to buy MATIC?

MATIC tokens can be acquired on various crypto-currency exchanges such as Binance, Coinbase, Kraken and Bybit.

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It’s advisable to research each exchange to understand their specific features and user experience.

Recommended wallets for MATIC

Metamask: A secure online wallet available as a Google Chrome extension. It supports a wide range of tokens, including MATIC, Bitcoin and Ethereum.
Download and informations : https://metamask.io/

Trust Wallet: Another renowned online wallet that securely manages several crypto-currencies, including MATIC, Bitcoin and Ethereum.
Download and informations : https://trustwallet.com/

Phantom: This wallet is designed for DeFi and NFT, offering multichain support across Solana, Ethereum and Polygon. It enables users to explore web3 and interact with various applications.
Download and informations : https://phantom.app/

Final thoughts

Polygon is an exciting DeFi project with a promising future, especially when it comes to blockchain scalability and interoperability.

With its innovative developer tools, modules and full support for the Ethereum Virtual Machine (EVM), we could see a resurgence of projects thriving within the Polygon ecosystem.

In conclusion

Polygon offers practical solutions to some of Ethereum’s fundamental problems, making it an important player in the blockchain space.

Whether you’re a developer looking to build on Polygon or an investor interested in MATIC, this platform and its native token present compelling opportunities for growth and innovation.

Please note that this article is for informational purposes only and readers are encouraged to do research before investing in any financial activities related to MATIC

Useful Links

Twitter Unique Face Organic : https://twitter.com/UFONFTs
Twitter SphereMultiversx : https://twitter.com/spheremvx
Official Discord: https://discord.gg/bkqTTvngXY
Register on xPortal: https://xport.al/referral/xr5fvolpf4

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