A Comprehensive Beginner’s Guide to Buying Polygon (MATIC)

Polygon is one of the many Ethereum scaling solutions launched in recent years. The network has grown in popularity among Web3 developers due to its ability to process cheap and fast transactions. MATIC, the native token of Polygon, is also a go-to cryptocurrency for many investors. But should you buy it?

In this article, we will explore Polygon’s ecosystem and determine whether MATIC is worth buying.

Unpacking Polygon

Polygon was developed to address the issue of slow transaction speed experienced on Ethereum. As of October 2023, this decentralized blockchain is able to process over 60,000 transactions per second, while Ethereum can handle only 17. Polygon has attracted the interest of many prominent crypto players, including Binance and Coinbase. The two have injected millions into the project.

Polygon hosts multiple decentralized apps, which use its native token MATIC as the mode of payment.

What Makes the Polygon Blockchain Unique?

• It is considered one of the most secure scaling solutions due to its high-level security features.
• Being a Proof-of-Stake blockchain, Polygon consumes less energy.
• Polygon allows users to stake MATIC in exchnage for yield.
• The blockchain has quick transaction finality, usually within two seconds.
• Polygon’s bridge lets Ethereum users transfer their ERC-20 tokens to the scaling solution.

How Polygon Compares to Its Competitors

Polygon versus Loopring

While Loopring uses zk rollup technology to process transactions, Polygon, on the other hand, employs Plasma. In terms of adoption, Polygon is the most preffered between the two by many Web3 developers. That explains the multiple decentralized apps running on the blockchain.

Polygon versus Arbitrum

The big difference between these two is the technology used to scale Ethereum. By now, we know that Polygon uses Plasma. As for Arbitrum, the layer-2 network adopts Optimistic Rollups.

The Polygon Ecosystem

Polygon was created by prominent Indian software engineers Sandeep Nailwal, Anuurag Arjun, and Jaynti Kanani. Along with decentralized apps, its ecosystem comprises several NFT collections.

MATIC Wallets

Where do you store your MATIC tokens? MetaMask is the most used crypto wallet for storing Polygon’s native token. However, there are other options available, including Rainbow Wallet, ZenGo, and Wirex. If you wish to store your MATIC in a hardware wallet, go for Trezor or Ledger.

Earn With MATIC

We all know by now that Polygon uses the Proof-of-Stake consensus. This makes it possible for MATIC owners to stake their holdings for rewards. You can do this through yield farms such as Aave and SushiSwap or stake directly on Polygon.

Where Can You Buy MATIC?

Being a ten-top cryptocurrency, MATIC is listed on multiple exchanges, both centralized and decentralized. If you are just getting started with crypto, using a centralized exchange to acquire MATIC is advisable. That’s because the process of buying it on such platforms is straightforward. Here is how you can buy MATIC on Binance:

1. Register an account and provide government-issued documents like an ID card to verify it.

2. Deposit USDT into your Binance account. You can do this via the P2P platform or buy it with your Visa-issued credit/debit card.

3. Head to the Spot market and look for the MATIC/USDT pair.

4. Now, place a buy order to purchase MATIC using your USDT.

The digital currency will be available in your Binance wallet shortly. If you wish to sell it, use the “Sell” functionality to exchange your MATIC for USDT.

If you have a funded non-custodial crypto wallet and understand how decentralized exchanges work, you can connect the wallet on PancakeSwap or UniSwap to buy MATIC.

Is MATIC Worth Buying?

MATIC is a good investment for those who don’t mind holding the token for a long time. Based on the latest price projections by various crypto analysts, the token may trade between $40 and $50 in 2030. But these are just predictions, so there is a chance that they may not come to pass. Therefore, it is wise to invest an amount of money that will put your financial health in danger.