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    Info of Polygon

    Polygon, formerly known as Matic Network, is a scaling solution that provides multiple tools to improve the speed and reduce the cost and complexity of transactions on the Ethereum blockchain network. Polygon's native token is MATIC, which is used to pay for transactions, secure the network, and participate in governance. In short, Polygon defines itself as a layer 2 network, meaning to acts as an additional layer to Ethereum without seeking to change the original blockchain layer. Like its geometric namesake, Polygon has many faces, shapes, and uses, and promises a simpler framework for building interconnected networks.

    Polygon's platform allows developers to create and connect Ethereum-compatible blockchain networks, using various modules and tools. Polygon's networks can process transactions faster and cheaper than Ethereum, while still benefiting from its security and ecosystem. Polygon's platform supports various applications, such as decentralized finance (DeFi), non-fungible tokens (NFTs), gaming, and social media.

    Polygon's platform can handle up to 65,000 transactions per second, compared to Ethereum's 15 transactions per second. Polygon's platform also has a faster confirmation time of about two seconds, compared to Ethereum's 15 seconds.

    Compared to Ethereum's high gas fees, Polygon's platform reduces the transaction fees significantly, the average transaction fee is about $0.0004, compared to Ethereum's $6.

    Polygon's cryptocurrency, MATIC, is the second-largest Ethereum token by market capitalization, after Tether. MATIC has a fixed supply of 10 billion coins, of which about 6.3 billion are in circulation. However, MATIC is subject to high price fluctuations, which can be influenced by various factors, such as supply and demand, news and events, regulations, hacks, and market sentiment. MATIC can experience significant drops or spikes in value in a short period, which can result in losses or missed opportunities for investors. Polygon's platform faces strong competition from other blockchain platforms, such as Ethereum, Binance Smart Chain, Solana, and Cardano, which also offer scalability, flexibility, and interoperability solutions.

    Polygon was founded in 2017 as Matic Network but rebranded in 2021 to expand its scope and vision.