Polygon is a Layer 2 scaling solution designed to improve Ethereum’s efficiency. By processing transactions off-chain before finalizing them on Ethereum, it significantly reduces costs and speeds up operations. This approach maintains Ethereum’s security while offering a smoother experience for developers and users.
What is Polygon
Polygon is an Ethereum-based solution that has improved speed and reduced costs. Its scalability, security, and interoperability make it a preferred choice for developers and users seeking efficient blockchain solutions. Here's how it works:
- High-Performance Layer 2: Polygon speeds up Ethereum by using sidechains, which are separate chains that run alongside the main network. It processes up to 65,000 transactions per second (TPS) per chain, making it much faster than Ethereum’s 15 TPS. Despite using separate chains, Polygon stays secure by regularly syncing back to Ethereum’s main network, ensuring transactions remain safe.
- Support for Decentralized Applications (dApps): Developers can create dApps for finance, gaming, and digital assets with ease. Since Polygon integrates directly with Ethereum, it ensures security and compatibility with existing Ethereum-based applications.
- POL Token Utility: Polygon’s native token, POL, is essential for transactions and staking. Users pay fees in POL and can stake tokens to help secure the network while earning rewards.
- Advanced Bridging Tools: Polygon connects different blockchains through Plasma and zero-knowledge (zk) rollups, including zkEVM. These technologies bundle many transactions together and send a single proof to Ethereum for verification. This speeds up transfers and reduces costs while keeping Ethereum’s security.
- User-Friendly Integration: Many wallets, such as MetaMask, support Polygon, making it easy to use. Setting up and interacting with the network requires minimal adjustments for existing Ethereum users.
Team of Polygon
Sandeep Nailwal
Co-Founder
Sandeep Nailwal is a co-founder of Polygon and has been actively involved in the cryptocurrency and blockchain space for several years. Sandeep has a deep understanding of decentralized systems and has been focused on driving the adoption of blockchain technology. He has been instrumental in building partnerships, fostering developer communities, and promoting the growth of Polygon ecosystem.
Jaynti Kanani
Co-Founder
Jaynti Kanani has a strong background in computer science and blockchain technology. With his expertise, Jaynti has been instrumental in the technical development and strategic direction of Polygon. He has played a crucial role in driving innovation and scaling solutions for the Ethereum network.
Antony Martin
Co-Founder & Business Development Lead
Antony Martin is a Co-Founder and Business Development Lead at Polygon Hermez. He has extensive experience in Digital Asset Development as a Finance professional with over 14 years experience in Deutsche Bank and self taught software development skills. He has tested expertise in global coordination of teams and project management.
Polygon review
Pros
Scalability and Lower Fees
Polygon processes transactions on its own network before linking them to Ethereum. This reduces congestion, lowers fees, and speeds up confirmations, making it more practical for high-volume applications.
Seamless Asset Transfers
Users can move assets between Ethereum and Polygon efficiently. This interoperability allows for cost-effective transactions on Polygon while retaining access to Ethereum’s broader ecosystem.
EVM Compatibility
Polygon fully supports the Ethereum Virtual Machine (EVM), which is the environment where Ethereum smart contracts run. Developers can use the same coding language, Solidity, and familiar tools like Metamask and Truffle without learning anything new.
Flexible Design
Polygon offers multiple solutions like Proof of Stake (PoS), zkEVM, and Supernets, allowing projects to choose the best setup for their needs. Some businesses prefer private blockchains, while others need public, decentralized networks.
Strong Ecosystem
Polygon supports over 37,000 decentralized applications (dApps), showing that it’s a trusted platform. It also holds $1-2 billion in total value locked (TVL), meaning users actively store assets on its network. Big names like Aave, Uniswap, and OpenSea use Polygon, bringing in even more developers and investors.
Cons
Limited Validators
Polygon’s Proof of Stake (PoS) system runs with only about 100 validators, far fewer than Ethereum’s thousands. Since so few participants secure the network, it’s more vulnerable to centralization risks.
zkEVM Challenges
Ethereum Dependency
Polygon depends on Ethereum for security and upgrades. If Ethereum delays improvements like sharding, Polygon’s performance may suffer. Unlike Layer 1 blockchains such as Solana or Avalanche, Polygon cannot operate independently.
Opportunities
Staking
APY: 4-5%
Polygon
Learn how to use your wallet to stake Polygon (POL) and potentially earn APY this way!