In the world of Ethereum layer-2 blockchain, one name stands out for its popularity, big-name support and ubiquity – Polygon.
From entertainment and brand loyalty to games and ticketing, Polygon has become the blockchain of choice for developers looking to connect premium brands, apps, and tools with the security and strength of Ethereum, offering refined developer support, excellence The user experience and speed, affordability and reliability of Ethereum Layer-2 are what you expect.
What makes Polygon the giant it is today, and why should it capture your attention? Here’s our complete guide to Polygon 2024.
Source: PolygonWhat is a polygon?
Founded in 2017 by Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun, Polygon was originally called Matic Network and is an Ethereum layer 2 blockchain.
Launched months before the first wildly popular blockchain game, CryptoKitties, slowed Ethereum to a crawl, Polygon set out to build on Ethereum’s security and decentralization features while providing high-volume applications The program provides a smooth, efficient and stable operating platform.
Polygon was quickly adopted by budding blockchain developers, with companies such as 1inch, SushiSwap and Curve Finance all leveraging Polygon to develop DeFi tools, programs and platforms – and once NFTs hit the market, numerous marketplaces were quick to offer support, such as OpenSea , Elemental and Magical Eden.
Its native token, $MATIC (soon to be $POL), has been a top 50 cryptocurrency for most of its existence, ranking 21st at the time of writing, with a market cap of $4.1B USD. $MATIC is considered a governance token that allows holders to participate and help shape the future of the network.
2024 is a big year for Polygon as it conducts more NFT transactions over Ethereum in a 24-hour period for the first time, injects $100 million into Web3 games with Ethereum Layer-2 Immutable, and commits Issuing $1 Billion in POL Tokens Promising Blockchain Projects in the Next 10 Years – Totaling $410 Million at the Time of Writing.
Source: PolygonWhat makes polygons so unique?
In addition to being one of the pioneers of the Ethereum Layer-2 blockchain, Polygon also stands out due to the large number of well-known brands that provide support for its Web3 products through the Internet.
Many big names, including Starbucks, Warner Music Group, and Square Enix, trust Polygon as the blockchain of choice to enter the Web3 market, and Polygon as the preferred region for mainstream brands looking to grow. Blockchain enjoys a high reputation.
In terms of technology, Polygon utilizes “side chains”. These are independent blockchains that run in parallel with Ethereum and process transactions independently before being pushed to the Ethereum main network, helping to manage the load on Ethereum and ensuring that products and applications on Polygon run smoothly.
Polygon’s fees are a fraction of Ethereum’s fees. As of this writing, ERC-20 token transfer fees on Ethereum are around $1.68, while transfer fees on Polygon are less than 1 cent, making it an attractive option for both users and developers.
Source: PolygonThe history of polygons
Launched in 2017 as Matic Network, Polygon quickly gained traction as one of the first publicly available Ethereum layer 2 blockchains, becoming a staple for developers looking to build quality blockchain applications, games, and tools. gateway.
The launch of the Polygon mainnet in 2020 sparked a surge of interest from developers and users, and when the NFT market hit an all-time high in late 2021, Polygon has firmly established itself as one of the leading Layer-2 players. With hundreds of dApps and millions of users around the world.
Polygon’s influence grew further in 2022 and 2023, with Meta (owners of the Facebook and Instagram social networks) announcing that they would be partnering with Polygon to allow the integration of NFTs into their platform – although this was eventually canceled as an NFT despite Interest has cooled, but it still shows Polygon’s standing in the industry.
During this time, a groundbreaking partnership was formed between Polygon and Ethereum Layer-2 Immutable, long considered a competitor, to spearhead the development and adoption of Web3 games, leading to the development of zero-knowledge technology and enabling The developers provide ample support.
In 2024, Polygon continues to forge new frontiers in the blockchain space—albeit more secretively than before. Their partnership with ChainGPT has allowed them to experiment with artificial intelligence integration in blockchain, while their acquisition of Toposware further enhances their research, development and product capabilities in zero-knowledge technology.
Whether in the front office or behind the scenes, Polygon has been a consistent standard-bearer for blockchain technology, helping countless brands, companies and users join the Web3 camp – and as we end 2024 and enter 2025, Polygon is determined to continue to be a leader in the blockchain industry Leaves quite a mark.
