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Exploring EVM Blockchain network Polygon by alokkumar121

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hive-167922 · @alokkumar121 ·
$12.02
Exploring EVM Blockchain network Polygon 
[Ethereum Virtual Machine](https://leofinance.io/@leoglossary/leoglossary-ethereum-virtual-machine-evm) aka EVM is the term used for the [blockchain](https://leofinance.io/@leoglossary/blockchain) that is capable of running the applications compatible with the Ethereum Network and this is called EVM. Ethereum is a very popular chain on the blockchain network and it has got quite a big number of projects running on its network. There was a time when the [transaction fee](https://leofinance.io/@leoglossary/leoglossary-transaction-fee) was an issue on this chain because of the increased number of transactions. It is understood that when the demand is high then it will attract more transaction fees because validators will prefer to have more rewards for validating the transactions and the same was happening on the Ethereum chain. It was the time when [DeFi](https://leofinance.io/@leoglossary/leoglossary-decentralized-finance-defi) was there And because of this investment protocol lot of people were investing in such projects which were generating more transactions on the blockchain as a result, we have seen the transaction fee going very high.


![SEO FOR HIVE.png](https://files.peakd.com/file/peakd-hive/alokkumar121/23vsqxA85LzDVu86UNs3SrGPyK1Qyr3KHzVHj51Nju1zcyVV1aK5NKMYgvH6wbRWBswKf.png)


This was a problematic situation because not everyone is fine to pay the higher amount just for the transaction fee hence it was a need for an alternate where the same project can run but the transaction fee should be reasonable. There are many other chains including the [Binance Smart Chain -BSC](https://leofinance.io/@crypto-guides/what-is-binance-coin-bnb) which is also cost-effective in terms of transaction fees but it is not built to run the Ethereum application. 

#### What is  Ethereum Virtual Machine (EVM)?

Below is the definition I got from the Internet and I believe it is easy to understand what is EVM and how it works. Also, we can understand that this is the network that can run the ethereum application. Polygon is an EVM blockchain and in this post, I am sharing more about the same. 

> Ethereum Virtual Machine (EVM) is a computation engine that acts like a decentralized computer that has millions of executable projects.


#### Polygon Blockchain

[Polygon](https://leofinance.io/@crypto-guides/what-is-polygon-matic-crypto) is the blockchain that is capable of running ethereum [application](https://leofinance.io/@leoglossary/leoglossary-application) on a scale while keeping the transaction fee low which is the use of this blockchain network. This is a chain that got more attention during the days when the transaction fee was very high on the Ethereum chain and so far we have not come across any scenario where the chain was not working or down. It is scalable and it has got its native token called Matic. This chain works on PoS (proof of stake). The team behind this project is focused on innovation and they keep on building things that are good for the project as well as the community. They offer a decent amount of returns for staking [matic](https://leofinance.io/@leoglossary/leoglossary-usdmatic) [tokens](https://leofinance.io/@leoglossary/leoglossary-token) and even the project is moving towards the eco-friendly environment. 


> Polygon is the most proven way to build and scale your projects on Ethereum, the world's largest blockchain ecosystem.



![SEO for hive.png](https://files.peakd.com/file/peakd-hive/alokkumar121/23tH85dQadKL9JgZu4xVqLG9h3UuDADLdiMPMDSrrRu8L5t7kWdygf6TUYHwhWrgme7Na.png)

[src](https://images.app.goo.gl/UgqjR5PQP8LtY5L19)

#### Polygon Founder

Sandeep Nailwal is the name that is popular on social media known as the polygon founder and he is quite active in social media. There are some more co-founders including Jayanti Kanani, Mihailo Bjelic, etc but out of all Sandeep is more active on the public front end. I have watched some of his interviews and he seems to be a focused guy with a long-term vision for the project. It is good that a team is there which is focused on the development and trying to build something that can be a good solution for the projects as well as users who are in the crypto market.


![SEO for hive.png](https://files.peakd.com/file/peakd-hive/alokkumar121/23vhq365gQpQ5LnZRcHhPu3Vdy1inQZwVAVniNrVfgWqUNGfL5uFa7fGfxrfoTqgQYUfd.png)

[src](https://images.app.goo.gl/vF9vbrW4NsQo5T468)

#### Token Economy

MATIC is the native token of this project and this is ranked 10th place in the coin market cap website as per [market cap](https://leofinance.io/@leoglossary/leoglossary-market-capitalization). The current [price](https://leofinance.io/@leoglossary/leoglossary-price) for matic token is $0.82 with a drop of approx 7% because of some negative news in the [market](https://leofinance.io/@leoglossary/leoglossary-market). The entire market is down and the same impact is seen on matic as well this token is listed on various leading crypto exchanges worldwide. The deposit [APR](https://leofinance.io/@leoglossary/leoglossary-annual-percentage-return-apr) is pretty good with the matic token because in most of the [exchanges](https://leofinance.io/@leoglossary/leoglossary-centralized-exchange-cex) this option is provided and the APR is somewhere around 12% which I think is decent. one can also go out on their website and take the token to be part of the ecosystem and earn reward while trying to help the system by making it more secure. There has been significant growth in the token price in the last couple of years and it is because the project has grown and gotten more attention from the community and various projects. 

![SEO for hive.png](https://files.peakd.com/file/peakd-hive/alokkumar121/23tHbFP1GyKG1uH5zdrwyxR3unhNoYNcCXtcvXULsAcALbuvi2KPrDk65eSA1WNq7zass.png)

[src](https://coinmarketcap.com/currencies/polygon/)

This project is good in terms of the technological advancement and the use case but keeping the transaction fee on the lower side is the best part that they have managed while keeping the Ethereum apps running on the chain. As a user I would never prefer to use a network via the network fee is quite high for the transactions and this is the reason why more people moved towards the polygon network. For example, Hive is great as we don't have transaction fees and this makes it a leading and better blockchain. Similarly, the chains where the transaction fee is not high are also preferred by the projects and users. 

#### Polygon Wallet

Getting started with polygon is easy I agree just need a wallet and there we can buy the matic token that can be received or sent through the [wallet](https://leofinance.io/@leoglossary/leoglossary-wallet). With Polygon Wallet Suite we get the option to check the portfolio along with bridge and swap functions. With Bridge, we get the option to transfer digital assets from one chain to another and this is available between Polygon and ethereum only. Some people call it Ethereum killer but I don't think it is going to happen because Ethereum itself is a very big chain and they have thousands of projects built on their network. It is good that we have some alternative that can keep us running while keeping the transaction fee minimal but at the same time, we also need to understand that Ethereum is on top and it will take a very long time to replace. 


![SEO for hive.png](https://files.peakd.com/file/peakd-hive/alokkumar121/23xouiCJYpY8GJTW2jHnqWSKrm7awE4iRsuox5RFnRkYNeCNXU8mkj3YCyi1Vawe2Hz3z.png)

[src](https://images.app.goo.gl/i6DJFy913vNLWo337)

The comparison between Ethereum and Matic is not fair because Ethereum is the very expensive token in the market whereas the matic price is not even $1 at the moment. The token value is determined based on supply and demand so if the price is high then we can calculate that the demand is high as well and considering this polygon has got a long way to cover. We also have the option to swap the assets in a wallet on Plyogon and this is helpful because we can do it all in one place. 


#### Staking on Polygon

It is available for anyone to be part of and by following this we can support the network while earning some rewards on the stake. The project has allocated 12% of the token supply for the people who stake the token on the network and I believe this is a very good amount to encourage more people to be part of the program. With [staking](https://leofinance.io/@leoglossary/leoglossary-staking) we lock our tokens in the network and this also reduces the selling pressure. Less Circulation supply means the price is going to be higher because the selling pressure will be low and this is how this economy works on the project. In my opinion, going for this option where we can generate a return after twelve percent on the holding in terms of token count is very good and worth considering. There can be dual benefits if the price appreciates because we are ultimately getting 12% of the tokens in a year along with the possibility to grow the price which will appreciate the overall holding value. these days when people prefer tokens that are good for passive income so I believe this can be a good option where a good amount of passive income can be generated by locking the tokens.


![SEO for hive.png](https://files.peakd.com/file/peakd-hive/alokkumar121/23t756cv4Q386Dia8zyWYNDFW1ijimmrd52CyM57p6QjuogphTNmAzB5tvdNs5pbrE6ME.png)

[src](https://polygon.technology/staking)

It is difficult to predict how things will be in the coming years in terms of growth as well as the token value but if things go well then probably the token can be worth a few dollars. Now when the token price is less than $1 could be a good opportunity for those who are looking for options to invest in Crypto projects. As of date, we can say that project looks good and solid in terms of the resources available however things may not be the same in the future. This can be good or not good depending upon how things turn out to be in the future However the probability is to see some positive momentum in the crypto segment in the coming years.

** **
** **

#### Conclusion
Ethereum is one of the projects that most of us are aware of but from the user point of view who is more active on the network and doing a lot of transactions this chain is not good. This is just because of the transaction fee and now since we have got the alternate in the form of the polygon which is good. Even Leofinance has got its second defi project built on polygon and this protocol is called CubDeFi so I can say that the chain is reliable as it was chosen by the most trusted team on hive known as Leofinance. 

Reference used in this post from below -
https://coinmarketcap.com/
https://polygon.technology/

***Thank you***


Posted Using [LeoFinance Alpha](https://leofinance.io/@alokkumar121/exploring-evm-blockchain-network-polygon-)
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@ecency · 
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@georgxs · 
Great post
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@poshthreads ·
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https://leofinance.io/threads/alokkumar121/re-leothreads-qcu25cs1
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@rafzat · 
Well, I still believe that a lot of people are still having some issues with the transaction fees and that is why we see them switching to the Polygon chain
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@alokkumar121 · 
right and transaction fees should be reasonable.  I am not in favour of higher fee

Posted Using [LeoFinance Alpha](https://leofinance.io/@alokkumar121/re-rafzat-d821ekzc)
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