Polygon is the top Ethereum Layer-2 solution with less gas fees that is gaining popularity last month. Core network token $MATIC reached its historical high of $0.9459 on April 30 🚀
Polygon’s high-speed and low-cost infrastructure is the perfect portal in DeFi for players with deposits lower than $100!
Network can process from 7.000 to 14.000 transactions per second ☄️
According to data from Defipulse, Polygon’s TVL is $3,7 billion. Network’s daily transactions have grown in 4 times in the last month to more than 1 million TPS 🔥
Growth Drivers
Polygon’s ascension began when the top DeFi lending platform Aave switch to this network🤑
The Polygon version of Aave reached more than 1.6 billion in liquidity within a few weeks of launch. Curve, top DEX, also started Polygon adaptation recently. Then reported about $100 million TVL within a week.
Additionally, its native DEX Quickswap is also growing fast. The number of users on the platform has increased by over 210% to almost 27,000 within last week 🦆
How Polygon Works?
Tokens transferred from the Ethereum network to Polygon are locked and newly minted in 1:1 ration🔐
Minted tokens, that used as collateral for Ethereum network tokens, are burned when the user moves back to Ethereum
Unlike the PoW consensus Ethereum utilizes, which is costly in terms of computing resources and less scalable, Polygon utilizes the PoS mechanism📈
It shows much more efficiency unlike traditional proof-of-work blockchains. In Polygon block producers are chosen randomly from network validators.
Ethereum blockchain aims to achieve PoS consensus sometime this summer📆
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How to Use Polygon Network?
Everybody can transfer funds from the Ethereum network to Polygon (Matic). It can be done in several clicks using the Web Wallet⏱
You need $MATIC and $ETH on wallet balance. Without paying a gas fees you can not send transactions🤑
Look for Detailed Guide Here.
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Keep up to date all updates here:
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