BitPay recently announced our support for Polygon (MATIC), giving you the ability to buy, store, swap and spend even more cryptocurrencies. For those new to Polygon (MATIC), we’ve created this guide to help understand what Polygon (MATIC) is, how it works, how to use it and other common questions.
What is Polygon?
Polygon is a layer 2 solution for the Ethereum blockchain. It doesn’t seek to replace or overtake Ethereum. It was created for the purpose of utilizing the security and functionality of Ethereum, while improving its scalability for faster and cheaper transactions. Whereas Ethereum is only capable of 15 transactions per second, the Polygon network can process 65,000 transactions per second, with the ability to scale even further in the future.
Polygon vs MATIC
Whereas Polygon is the network that operates using the Ethereum blockchain, its native token is MATIC. Adding to the confusion, the Polygon Network was previously known as the Matic Network. Following the rebrand, the Polygon organization decided to keep MATIC is its token ticker symbol. MATIC is an ERC-20 token, making it compatible with other Ethereum projects. Polygon users leverage MATIC to secure and govern the network, as well as pay transaction fees.
How does Polygon work?
As a layer 2 solution, Polygon sits alongside the Ethereum blockchain. Instead of validating every transaction one at a time, batches of transactions are sent to the Ethereum blockchain to speed up the validation process and lower fees.
Polygon uses proof-of-stake consensus. In comparison to proof of work consensus, Polygon users can stake tokens for a set period of time in order to validate transactions. For their staking efforts, stakers are rewarded MATIC.
What can you do with Polygon (MATIC)?
The Polygon chain offers many of the same benefits and use-cases as Ethereum, but at lower fees and faster transaction speeds.
- Buy MATIC and USDC on the Polygon Network
- Store and swap in the BitPay Wallet
- Spend Polygon (MATIC) with BitPay merchants
- Load Polygon (MATIC) onto the BitPay Card and spend like cash
- Stake your MATIC and earn staking rewards
- Experience decentralized apps (dApps) and earn yield through lending platforms
- Pay for NFTs and other metaverse experiences
- Bridge tokens from one blockchain to another
Who created the Polygon network?
The Polygon network was co-founded by Jaynti Kanani, Sandeep Nailwal, Anurag Arjun and Mihailo Bjelic. It was created in 2019 and has since received backing from notable names in the crypto space.
Does Polygon have gas fees?
Yes, transactions on the Polygon network do incur gas fees. However, these fees are typically lower than other networks.
How many MATIC coins are there?
The max supply of MATIC tokens is set at 10 billion.
Where can I buy Polygon (MATIC)?
You can buy Polygon (MATIC) in the BitPay app. Buy MATIC with your credit card, debit card or Apple Pay and store in the BitPay Wallet. No hidden fees and great rates.