Know Your Crypto; Polygon

- Polygon is a decentralized Ethereum scaling platform that enables developers to build scalable dApps
- It aims to provide cheaper and faster transactions on Ethereum using layer 2 sidechains.

Polygon is a decentralized Ethereum scaling platform that enables developers to build scalable decentralized applications (dApps) with low transaction fees and without sacrificing security. (MATIC) is an Ethereum token that powers the Polygon network- the scaling solution for Ethereum. The MATIC token is used to pay transaction fees and validate in proof of stake.

It aims to provide cheaper and faster transactions on Ethereum using layer 2 sidechains. These are blockchains that run alongside Ethereum’s main chain. Investors, traders, and users can deposit Ethereum tokens to a Polygon smart contract, interact with them within the Polygon ecosystem, and then when done withdraw them back to the Ethereum main chain. The Polygon network is committed to enhancing the growth of Web3 applications by providing the infrastructure needed.

Currently, Polygon has a market cap of $6 billion placing it as the 13th largest cryptocurrency while the price of one MATIC is $0.7 after reaching an all-time high of $2.92. There is a total of 8,734,317,475 MATIC in circulation and the maximum supply is 10,000,000,000 MATIC.

To buy the Polygon MATIC you can purchase it through decentralized exchanges like Uniswap, but it can also be purchased with U.S. dollars or other fiat currency through exchanges such as Kraken, Coinbase, and Crypto.com. Also, there are some cryptocurrency exchanges that offer trading pairs, allowing customers to trade and purchase MATIC with other cryptocurrencies.

Polygon Latest Development

Cryptocurrency entrepreneur and Polygon founder Sandeep Nailwal, has raised $50 million for a new startup fund dedicated to Web3 companies, underscoring venture capital’s growing interest in the blockchain-powered internet. Nailwal’s venture firm, Symbolic Capital, which was launched in May 2022, has already invested in three blockchain-focused gaming startups: BlinkMoon, Planet Mojo, and Community Gaming. The initial funding received by these startups was not disclosed. In a statement Nailwal said;

We’re specifically focused on supporting founders from emerging markets that have often been passed over by traditional VC. Starting Polygon in India, we struggled to get connected to VCs that believed in our vision and abilities as founders.

Our mission with Symbolic is to empower the next generation of emerging founders who have historically been overlooked by the VC industry.