The largest cryptocurrency exchange platform, Binance, has implemented the Polygon (MATIC) mainnet token. Binance users can now transact Polygon (MATIC) using the mainnet following the successful network implementation of Binances’ wallet service. They can now buy and sell Polygon (MATIC) without having to use the Ethereum (ETH) network or Ethereum Matic bridge which typically costs participants a higher gas fee. This would also apply to Polygon’s DeFi and dApp services.
The rise in Polygon’s popularity is evident through its extensively used blockchain, which is one of the busiest networks despite compatibility with the considerably more saturated Ethereum network. Polygon’s interoperability has exceeded its plans to address the blockchain trilemma for the Ethereum network following its integrations with brands including Trust Wallet and Coinbase Wallet.
The recent collaborations and upgrades to the Polygon network has provided access for developers to access millions of users and has attracted some of the industry’s best developers in the process. Polygon provides crosschain compatibility to networks and aims to assist Ethereum with its Blockchain trilemma of addressing the three key issues for the networks security, scalability and decentralisation. Furthermore, the protocol offers apparatus for building blockchains under one network and Polygon’s PoS commitchain even having framework in place to support brands such as Infura, Etherscan and Alchemy.
The multi-cross-chain approach that the Polygon network provides will facilitate the development of a more robust ecosystem and community. The system replaces the dynamic of having different chains to compete with the Ethereum network itself and alternatively, continues to harbour a unity within the ecosystem to encourage an optimal outcome for networks and participants.
With over $8.5 billion in total market capitalisation, the polygon network is a proven scalable system shown to be the missing piece to the Binance platform. As one of the favourite crypto investments in 2021, the platform allows DeFi users to save money on fees while continuing to experience the benefits of DeFi.
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