Polygon: A way around Ethereum’s high gas fees

If you are a trader of Ethereum or its fan, then you must have heard about Polygon.

What is it? It is a scalable sidechain network that is currently housing several Ethereum-based projects. These projects include Aave, Sushiswap, etc. among others, which uses Polygon’s Plasma PoS chain to store contracts.

Due to its rising popularity, its overall peaked at $600 million.

Ethereum users often complain about high gas fees, a bottleneck that is very real for the network.

Polygon has erased much of this bottleneck, by using the concept of EVM-compatible Blockchain, and PoS (Proof of Stake) Blockchain. This network can process 65,000 transactions per second, within 2 seconds. Apart from Aave, and Sushiswap, the network houses Avegotchi, Decentraland, Atari (Blockchain-based games), prediction markets (Polymarket), NFTs like OpenSea, etc. You can find Chainlink too on this network.

The reason behind its popularity, according to Sandeep Nailwal (co-founder)is its scalability. EVM compatibility and a stunning developer experience are also the reasons behind that.

Anyone can use the Aave protocol on this network for a cheaper price.

The main motive behind Polygon is to establish a well-functioning ecosystem for Ethereum, and Blockchain users.