In order to solve various issues plaguing the world’s second-largest cryptocurrency, the Ethereum blockchain network, Polygon (MATIC) was built on top of it.
The polygon network is an easy-to-use platform that could scale transactions on the Ethereum network. With the usage of the Polygon software development kit (SDK), Ethereum transforms into a full-fledged multi-chain, in other words, it becomes the internet of blockchain.
To work on Polygon, its native token MATIC is required to secure the system and helps holders to take decisions on its governance purposes.
What is Polygon?
Polygon is a decentralized Ethereum scaling platform that enables developers to build scalable user-friendly dApps with low transaction fees without ever sacrificing security.
Over 19,000 plus dApps have used Polygon to scale their performance built on the Ethereum platform. The company is supported by Binance, Coinbase, and Mark Cuban Companies.
Polygon combines the Plasma Framework and the proof-of-stake blockchain architecture that was proposed by the Ethereum co-founder Vitalik Buterin allowing for the easy execution of scalable and autonomous smart contracts.
The network currently boasts that it can process up to 65,000 transactions per second (TPS) on a single chain and a new block can be added to the network in just two seconds.
Scaling solutions polygon offers
Proof of Stake (PoS): This is an Ethereum Vertical Machine compatible Ethereum sidechain, which is secured by a permissionless set of proof of stake (PoS) validators.
- Hermez: It is an open-source zero-knowledge rollup that offers fully secured, low-cost and usable transfers on the wings of Ethereum.
- Avail: This offers a general-purpose, scalable data availability-focused blockchain targeted for standalone chains and off-chain scaling solutions.
- Edge: Allows a modular and extensible framework for building private or public Ethereum-compatible blockchain networks.
- Nightfall: It is a one-of-a-kind scaling solution that uses optimistic roll-ups along with zero knowledge rollup cryptography.
- Zero: It is a highly-scalable, Ethereum compatible zero-knowledge rollup that uses an incredibly fast recursive proof system that is ETH-friendly.
- Miden: A STARK-based zero-knowledge rollup with support for arbitrary smart contracts.
Who founded Polygon?
Polygon network was founded as Matic Network in October 2017 by Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun.
Before Polygon was formed, the team extensively worked on the Ethereum ecosystem and implemented Plasma MVP, Web 3, the WalletConnect protocol, and the Dagger event notification engine on Ethereum.
While Jayanti worked as a full-stack developer, Sandeep worked as a chief technical officer of Welspun Group, while Anurag was a product manager and has also worked with SNL Financial, Dexter Consultancy, and Cognizant Technologies.
MATIC is one of the top 20 crypto projects in the market today with a market capitalization of over $5.34 billion per MATIC token trading at $0.63 with a 24 hours trading volume of $526 million, as of 25 May 2022, as per CoinMarketCap.com.
MATIC touched its new high on 26 December 2021 when it touched $2.87 per token with a 24 hours trading volume of $3.21 billion, as compared to the new low of $0.0031 per MATIC with a trading volume of $4.59 million on 9 May 2019. With a maximum and total supply of 10 billion MATIC tokens, so far over 7.95 billion MATIC tokens are under circulation.
Trade MATIC on Klever Exchange
Once you have decided to trade MATIC on Klever Exchange, the user needs to first deposit crypto to their account.
- Login to your account
- Go to your profile section
- Click on deposit
- Select the crypto you want to deposit in your exchange account
To own MATIC on Klever Exchange, users need to hold USDT or KLV. If users don’t have the tokens, they can buy them from Klever Wallet with debit & credit cards. Klever Wallet is available on Google Play Store & Apple’s iStore.
Once the user downloads the app, runs it, saves the 12 SEED words, and sets up a six-digit code they enter the portfolio page.
Select USDT in this case and proceed with payments. Payments are processed through Simplex.com, a payment service provider which allows banking channels to buy crypto. Klever had added four more payment gateways that included Mercuryo, MoonPay, Transak, and Banxa.
Once you have your crypto, you are now ready to deposit it to your exchange account.
Get your token address where you want to send USDT and then swap it for MATIC on Klever Exchange.
Remember to send USDT to the Tron address, as it is cheaper to send USDT through the Tron blockchain than through Ethereum or Binance.
Once you have USDT, you can exchange it with CHZ and complete the trade. Users can also exchange KLV with MATIC. You can also use the Swap service to exchange your USDT for MATIC on the wallet.
There are two tokens namely Tether (USDT), and Klever (KLV) pairs which users can trade for MATIC.
- MATIC/USDT: https://klever.io/en/trade/MATIC-USDT
- MATIC/KLV: https://klever.io/en/trade/MATIC-KLV
Trading for MATIC not only offers you complete security but also provides users to hold a pie in the sporting clubs or associations they believe in.
Trading MATIC also has other benefits as every transaction has a unique transaction hash within the block and this can be used to check whether your trade for MATIC was executed.
Klever Exchange also offers 24X7 customer support, where users can raise a ticket if there are any problems they face during trading the pairs.