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Why do investors buy Polygon (POL)? Formerly MATIC, POL is the native cryptocurrency of the Polygon ecosystem.

What is Polygon (POL)?

So what is POL and what is it used for?

How does Polygon and POL work?

Imagine you’re at a busy train station, waiting for your regular local train (that’s Ethereum). But right next to it, there’s an express train called Polygon. It runs on the same tracks but makes fewer stops, so it’s more efficient. That’s what Polygon is: A speedy parallel blockchain that works alongside Ethereum.

This is why it is called a Layer-2 Scaling Solution. Polygon is like a sidekick to Ethereum. It helps increase the speed of transactions and promotes competitive fees. Think of it as a shortcut for crypto transactions.

The Polygon ecosystem offers various fun crypto apps. Some examples are given below.

What is POL? Is it a cryptocurrency?

POL is Polygon’s own cryptocurrency. When you use Polygon, you pay with POL. Holders of POL can become validators, which means they can “work” for the ecosystem, protecting the network by checking transactions. This is called “staking”. In return, they earn more POL tokens.

POL holders also get to vote on changes to Polygon.

Polygon (POL) makes crypto life convenient and efficient. Polygon also claims to be carbon neutral, and hopes to be carbon positive soon.

Fun stuff in the Polygon ecosystem

Blockchain games are popular on Polygon.

At the time of writing, Yuliverse was topping the rankings for Polygon gaming dApps.

Yuliverse operates within a future cyberpunk world. It uses NFTs which players can buy and sell.

Another popular Polygon game is Matr1x Fire. It is a mobile shooting game within the Metaverse that operates on the Polygon network. Matr1x Fire immerses players in a futuristic cyberpunk world with captivating visuals. The game’s art style combines neon lights, advanced technology, and dystopian elements.

Players take part in fast-paced shooting battles and players can combat for NFTs (non-fungible tokens) and digital art assets. These assets include avatars, weapons, profile pictures (PFPs), gloves, and other props. Collecting rare and valuable NFTs adds an interesting layer to the gameplay.

Polygon NFTs

NFTs can be created directly on Polygon or moved there from other blockchains.

Generally speaking, Polygon NFTs have competitive transaction fees and efficient transactions compared to Ethereum’s Mainnet.

More well-known NFT collections include y00ts and Hell Cats. There are NFT marketplaces like OpenSea and Magic Eden on Polygon too. They are like NFT shopping malls where users can buy and sell these digital treasures.

Over 843 million NFTs have been minted (created) on the Polygon blockchain so far.

Spending POL in the Polygon Ecosystem

There are a lot of ways to use POL in the Polygon ecosystem. First, users have to connect to the POL Bridge. This just means that you can move your digital assets between Ethereum and Polygon networks.

Once funds are on Polygon, users can explore over 19,000 decentralised applications (dApps). Users will need POL to pay for transaction fees (gas) within the Polygon ecosystem.

Is Polygon (POL) a good investment?

Polygon is a growing ecosystem of dApps, NFT projects, and DeFi platforms. Many projects are integrating with Polygon to leverage its benefits. In this way, POL is expected to grow in usage.