Polygon, previously known as Matic Network, is a platform designed to scale Ethereum and develop its infrastructure. Its core component, the Polygon SDK, is a flexible framework that supports the creation of various types of applications. It effectively transforms Ethereum into a multi-chain system, akin to other systems like Polkadot, Cosmos, and Avalanche, but with the advantages of Ethereum’s security, vibrant ecosystem, and openness.
Polygon was launched in October 2017 by co-founders Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun. The team has made significant contributions to the Ethereum ecosystem, including implementing the Plasma MVP, the WalletConnect protocol, and the widely-used Dagger event notification engine on Ethereum. Kanani, a full-stack developer and blockchain engineer, currently serves as the CEO of Polygon.
The native tokens of Polygon, known as MATIC, are ERC-20 tokens running on the Ethereum blockchain. The tokens are used for payment services on Polygon and as a settlement currency within the Polygon ecosystem. The current circulating supply is 4,877,830,774 MATIC tokens, out of a maximum supply of 10,000,000,000 MATIC tokens.
MATIC tokens can be purchased, sold, and traded on various online exchanges that focus on decentralized finance (DeFi). Some of the top exchanges include Binance, Coinbase, and Kraken.
Polygon is primarily used for creating and executing scalable and autonomous smart contracts. It supports a variety of decentralized finance (DeFi) protocols available in the Ethereum ecosystem. It also allows for the creation of globally available decentralized financial applications on a single foundational blockchain.
Recently, Polygon announced the London Hard Fork and Ethereum Improvement Proposal (EIP) 1559 upgrade, which went live on the mainnet on Jan. 18, 2022. This upgrade changes the fee mechanism on the Ethereum network, making it more stable and allowing users to estimate costs better.
Polygon has also committed to achieving carbon neutrality as part of its Green Manifesto. The initiative focuses on sustainable development for blockchain. Polygon has committed $20 million for various community initiatives to utilize Web3 technology to build a sustainable future for all.
Polygon has been making significant strides in expanding its partnerships and adoption. Okcoin, a global cryptocurrency exchange, has announced support for MATIC tokens for trading. In addition, BitPay, a leading crypto payment service provider, has also added support for Polygon. These developments are likely to increase the accessibility and usability of Polygon, making it easier for people to buy and trade.
Polygon is also focusing on environmental initiatives and technological advancements. Sushi, a popular decentralized exchange, has partnered with KlimaDAO to offset carbon emissions for transactions on Polygon. In terms of technology, Polygon has embraced ZK Testnet, a technology that could usher in a vibrant season for crypto. Furthermore, Polygon has announced a security audit, demonstrating its commitment to providing a secure platform for its users.
Recent news about Polygon indicates a surge in user activity and engagement. The number of daily active addresses on Polygon's PoS chain reached a new all-time high, showing increased usage of the platform. Additionally, Reddit users have created 3 million crypto wallets to scoop up Polygon NFTs, indicating a growing interest in Polygon's NFT offerings.
Polygon's corporate collaborations and innovations have also been noteworthy. Starbucks has partnered with Polygon to launch its "Starbucks Odyssey" Web3 program, allowing users to earn digital collectible stamps. Moreover, Brazil's largest digital bank, Nubank, plans to launch its native crypto on the Polygon blockchain, further validating Polygon's potential for mainstream adoption.