security, it tries to solve pain points associated with blockchains, such as

high gas fees and slow speeds.

The importance of polygon as it reduces the peak gas price, which is also

helpful for polygon and any other Layer 2 solution provider EIP-15 5 9 is

important for the Ethereum network. One needs to pay a fee for making

transactions and executing smart contracts on the Ethereum blockchain.

This fee is called gas, which is paid entirely in Ether. As polygon wants to

keep the startup as close to the Ethereum network, it is in an advanced stage

of implementing the upgrade EIP-15 5 9 . “It will be overall helpful for

Polygon ecosystem as due to a lot of adoption we are also seeing Gas fees

also going up”, said Sandeep Nailwal, co-founder, polygon.

However, there are apprehensions among investors that with the Ethereum

network itself scaling up, Layer 2 solutions such as polygon might take a

hit.

“Even if ETH 2.0 comes in, which is going to give, let us say, 50–60 times

more scalability, the demand right now for Ethereum is almost 1,000 times

compared with the available transactions per second”, said Nailwal.

Meanwhile, MATIC, which is the native token of a polygon, was trading

over 1%

higher at $ 1.03 and commanded a market capitalization of more

than $ 6.6 billion.

Created to help bring mass adoption to the Ethereum platform, the polygon

is a Layer 2 scaling solution catering to the diverse needs of developers by

providing tools to create scalable dApps that prioritize performance, user

experience (UX), and security. This is achieved in large part by polygon

due to the underlying technical architecture of its Proof of Stake (PoS)

commit chain and its more Viable Plasma (MoreVP) L 2 scaling solution.

Polygon’s PoS blockchain serves as a committed chain to the Ethereum

mainchain, attracting over 80 Ethereum dApps to its platform that transacts

without instances of the network congestion common to Ethereum and

other PoW blockchains.

Polygon functions primarily through commit chains which are transaction

networks that operate adj acent to the main blockchain—

in this case,

Ethereum. Before returning data to the main chain, the commit chains

bundle together batches of transactions and confirm them en masse. When

attached to the main chain like Ethereum, theoretically, the polygon will