In the latest release of Edge, we’ve added support for Polygon (MATIC).
The integration of MATIC in Edge comes in the wake of the token’s impressive performance in 2021, as it became the industry’s 14th largest digital asset in terms of market capitalization at $19 billion as of December 27, 2021.
What is MATIC?
MATIC is the native cryptocurrency powering Polygon, a fast-growing scaling framework for building Ethereum-compatible blockchain networks.
It serves several purposes, such as securing the network through staking and paying fees for transactions occurring on Polygon-based decentralized applications (dApps).
MATIC is also used for initiating Polygon Improvement Proposals (PIPs), allowing users to participate in the network’s governance.
While MATIC has a maximum supply capped at 10 billion, the team behind the project recently set sights on bringing Ethereum Improvement Proposal (EIP) 1559 to the Polygon network.
This means that a specific amount of tokens will be taken out of circulation with every block validated, similar to the ETH burning activated through EIP 1559 (part of the London hard fork) in August 2021. It is projected that, annually, 0.27% of the total MATIC supply will be burnt, making the token deflationary.
What is Polygon?
Formerly known as Matic Network, Polygon is an interoperability and scaling protocol for creating Ethereum-compatible blockchains and Layer 2 scaling solutions.
Initially designed as a sidechain addressing Ethereum’s high fees and low throughput via a technology known as Plasma, Matic Network was rebranded to Polygon in February 2021.
Polygon came up with the new name to reflect a strategic shift to building a multichain system, or Internet of Blockchains, on the Ethereum blockchain.
The new platform promises the ability to build dApps on a scalable and Ethereum-anchored infrastructure without having to choose any technology in particular.
Developers working with Polygon’s growing suite of products benefit from easy access to all major scaling and infrastructure solutions. In addition to Layer 2 solutions such as Optimistic Rollups, these also include sidechains, hybrid solutions, stand-alone and enterprise chains, data availability solutions, and more.
In recent months, the Polygon team has put plenty of focus on Zero-Knowledge (ZK) cryptography, which they call “the end game for blockchain scaling.”
The new tech will allow developers to use a highly praised Ethereum Layer 2 scalability solution called ZK Rollups; however, unlike some other solutions that are compatible with the Ethereum Virtual Machine (EVM), EVM-compatible ZK Rollups are still in the works.
To that end, Polygon announced a $400 million deal with Mir, a startup working on ZK technology, and the launch of Polygon Zero, a highly-scalable, Ethereum-compatible ZK Rollup.
Currently, Polygon accounts for more than $5.5 billion in total value locked (TVL), a metric showing the amount of money flowing through DeFi protocols, including Aave, Curve, and Kyber.
Polygon’s scaling solutions have seen widespread adoption with more than 3,000 dApps, boasting over one billion total transactions processed and about 100 million unique addresses. To Leverage Polygon’s fast and secure transactions for your dApp, get started here.
The protocol has been integrated into major decentralized exchanges, such as SushiSwap, Bancor, and Quickswap. The most recent deployment of Uniswap v3 on Polygon overwhelmingly passed the governance proposal vote, propelling the price of MATIC to a new all-time high.
Create your MATIC wallet in a matter of seconds
To add a MATIC wallet in Edge there’s no adding custom networks with complex chain IDs or anything of the like. Creating your MATIC wallet is only a couple of taps away:
1. On the Wallets screen in Edge, tap “Add Wallet”
2. Choose MATIC as your wallet type
3. Specify the fiat currency denomination of your wallet
4. Name your wallet
5. Confirm details, and your wallet is created
Want to participate in the Polygon network? Try Edge today!
With seamless wallet creation and readily available exchange integrations all inside of an easy to use self-custody application, Edge has now introduced another avenue for Polygon users to participate in the network.
Edge was designed to be easy enough for the everyday user, while including functionality even advanced enthusiasts appreciate. We’re excited to be supporting the Polygon ecosystem as the network implements and tests out innovative Ethereum scaling solutions, helping to propel the whole crypto ecosystem forward.
For those interested in using the Polygon protocol in Edge, click here. To stay up to date with Edge company announcements and the latest developments in the crypto space, be sure to sign up for our newsletter below.