What is Polygon? (MATIC)

The Beginner’s Guide to Polygon MATIC

Polygon, formerly known as the Matic Network, is a scaling solution that aims to provide multiple tools to improve the speed and reduce the cost and complexities of transactions on blockchain networks. \n   \n At the center of Polygon’s vision is Ethereum, a platform that is home to a range of decentralized applications, ones where you can join virtual worlds, play games, buy art, and participate in a range of financial services. However, this much activity on its blockchain has rendered Ethereum almost unusable, as the cost of transmission is rising and traffic is becoming clogged.

Enter Polygon. In a nutshell, Polygon bills itself as a layer-2 network, meaning it acts as an add-on layer to Ethereum that does not seek to change the original blockchain layer. Like its geometric namesake, Polygon has many sides, shapes, and uses and promises a simpler framework for building interconnected networks.

Polygon wants to help Ethereum expand in size, security, efficiency, and usefulness and seeks to spur developers to bring enticing products to market all the quicker. 

After the rebranding, Polygon retained its MATIC cryptocurrency, the digital coin underpinning the network. MATIC is used as the unit of payment and settlement between participants who interact within the network. 

This diagram shows the first action of users after bridging to the Polygon network from Ethereum.

• 41.9% of the users have done the "transfer action".
• 24.8% of the users have done the "approval action".
• 11.7% of users have done the "swap action".
• 7.93% of users have done "sync action".

This diagram shows the first destination of users after the bridge to the Polygon network from Ethereum.

29.2% of users have chosen "hop protocol".

23.8% of users have chosen "quickswap".

14.2% of users have chosen "aavegotchi".

8.86% of users have chosen “uniswap".

4.71% of users have chosen “balancer".

2.68% of users have chosen “metamask".

Q. Where do people go when they bridge to Polygon from Ethereum? What are the 10 most popular first destinations for Polygon addresses that have just bridged from Ethereum?

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This diagram shows the first destination of users after the bridge to the Polygon network from Ethereum on a daily basis since June 6, 2022.

On June 13, 2022:

• hop protocol used more than 14.9 thousand times
• quickswap used more than 14.8 thousand times
• aave used more than 8720 thousand times.
• Metamask has been used 1287 times.