It’s been called the “Ethereum killer” by some, and it’s easy to see why. Polygon is a project that’s been gaining a lot of traction lately, and it promises to offer a lot of the same benefits as Ethereum, but with some major improvements.
So, is Polygon really an Ethereum killer Let’s take a look.
What is Polygon
Polygon is a project that aims to build an infrastructure for Ethereum scaling and development. It does this by providing a layer 2 solution that uses Plasma chains and sidechains to provide near-instant transaction speeds and low fees.
This makes Polygon a very attractive option for developers who want to build dapps or games on Ethereum but are put off by the slow transaction speeds and high fees.
Polygon also has its own native token, MATIC, which is used to pay fees on the network. MATIC has already seen some success, with its price rising sharply since the project launched in February 2021.
Why is Polygon gaining traction
There are a few reasons why Polygon is gaining traction at the moment. Firstly, as mentioned above, it provides a much needed scaling solution for Ethereum.
This is something that Ethereum has been struggling with for some time, and Polygon offers a viable solution.
Secondly, Polygon has been endorsed by some big names in the crypto world. These include Binance, Coinbase, and FTX Exchange.
This endorsement from industry leaders has helped to raise awareness of Polygon and increase its adoption.
Finally, Polygon has been successful in attracting some high-profile projects to its network. These include Decentraland, Aave, and Synthetix.
This helps to further legitimize the project and increase its appeal.
Will Polygon replace Ethereum
It’s still early days for Polygon, but the project has certainly made a lot of progress in a short space of time. Whether or not it will replace Ethereum remains to be seen, but it’s certainly making waves in the crypto world.