BigONE exchange now supports the Polygon mainnet and offers a MATIC/USDT trading pair. As a prospective first-time buyer of Polygon, BigONE feels you should know a few things.
Polygon (MATIC), an Indian cryptocurrency, intends to make Ethereum blockchain transactions faster and cheaper. Anyone who has recently utilized Ethereum recognizes its significance. It is currently the most popular location for decentralized applications. However, this popularity has resulted in severe network congestion, and users frequently complain about its transaction consumption, long processing time, and expensive cost. Polygon has piqued the interest of many investors due to its possible applications. It is now ranked amongst the top 20 in terms of market value. Although Polygon is popular, BigONE advises investors to buy only after thoroughly researching all relevant issues. These decisions are necessary for investors to assess their prospects and ups and downs.
Polygon provides performance-enhancing blockchain technology Polygon
A side chain is one of the first products offered by Polygon. The side chain links to the blockchain and improves its performance, resulting in faster transaction processing and lower costs. Polygon has created a blockchain for Ethereum; however, this does not limit it to Ethereum. Its side chain is compatible with all blockchain technology.
Polygon aims to provide a framework for blockchain networks
Polygon has lofty goals for the future. Its purpose is to establish a foundation for blockchain networks in the future, where users will create connections to each other rather than exist on fully independent blockchain networks. This can provide developers with the best of both worlds. They can create their own independent blockchain and take advantage of all its advantages, including scalability and flexibility.
Polygon is compatible with the Ethereum virtual machine
The Ethereum Virtual Machine (EVM) is a software framework that allows developers to create their own decentralized apps. Ethereum has become the most popular platform for decentralized apps due to its ease of usage. Polygon is compatible with EVM, so developers can easily port Ethereum applications to Polygon. Several well-known Ethereum applications have been deployed on Polygon, including Aave and SushiSwap.
Potential obstacles to Polygon
When considering investing in bitcoin, it is critical to understand the uses of cryptocurrency and the potential problems that may arise in the future. In the case of Polygon, we can see that it is not the only inter-blockchain network project; others enable interconnections, such as Polkadot and Avalanche. Projects like this may eventually co-exist, or a better solution can be created, and others can be left behind.
Ethereum has also been releasing a series of updates to Ethereum 2.0, popularly known as Eth2. One of the goals of these modifications is to make Ethereum more scalable, which may render Polygon’s efforts there obsolete.
Polygon tokens can be used for fees, governance, and collateral
Polygon’s cryptocurrency MATIC has the following use cases:
Gas fees: These transaction fees on the Polygon network are paid in its cryptocurrency.
Governance: Polygon is a governance token, which means that token holders help influence the project's future by making and voting on proposals.
Staking: Staking is when you lend out cryptocurrency. With Polygon, you can stake tokens and use them in exchange for interest. Currently, you can get a staking Polygon annual interest rate of more than 15%, although the interest rate often changes every day.
Polygon increased by more than 13000% at the beginning of the year
Polygon holders ran wild in 2021. In January, the value of a single Polygon token was slightly less than $0.02. On May 18, 2021, the value rose to 2.68 US dollars, increasing more than 13,000%. With the gradual cooling of the cryptocurrency market, the current price of Polygon is about US$0.94, which shows the volatility of this cryptocurrency and its profitability. Polygon, like all cryptocurrencies, is risky yet has potential. BigONE believes it is worthwhile to make a reasonable investment if you appreciate the direction in which it is headed. When investing in cryptocurrencies, the golden rule is never to invest more than you can afford to lose.
BigONE is a global cryptocurrency exchange that provides a platform for trading various cryptocurrencies. It was founded in 2017 and registered in the Netherlands. The group operates in Russia, Brazil, Vietnam, Seychelles, Singapore, Japan, and Indonesia, providing marketing, investment, and blockchain technology research & development.