Polygon is a layer 2 solution that aims to improve the scalability and interoperability of Ethereum
. The blockchain focuses on offering fast and cheaper transactions for decentralized applications (dApps). The platform has several interesting cryptocurrencies on its network. Discover our top 5 Polygon coins.
1. Polygon (MATIC)
First on the list, of course, is Polygon
itself. Polygon wants to solve the problem of Ethereum. They achieve this by using side chains connected to Ethereum's main chain. This allows the network to handle numerous transactions without overloading the main chain. In other words, less network congestion and lower transaction costs.
Polygon also supports many dApps, making it a popular choice for developers who want to leverage the power of Ethereum without its limitations. These decentralized applications are also all interoperable with each other. Users pay MATIC tokens for their transactions, Polygon's native token.
2. QuickSwap (QUICK)
QuickSwap is a layer 2 decentralized exchange (DEX), and Automated Market Maker (AMM) built on Polygon. This DEX is similar to Uniswap, built on Ethereum. The principle and operation are the same, but with higher transaction speed and lower trading costs. QuickSwap is also a bridge between Ethereum's blockchain and Polygon's blockchain. What does this mean? You can also trade ERC20 tokens on QuickSwap.
It is also one of the first decentralized exchanges to support trading NFTs. Farm your favorite coins, add liquidity to one of the pools, and enjoy the world of DeFi.
3. Augur (REP)
is a decentralized prediction platform. Speculate on the outcome of future events through these specific prediction contracts. These smart contracts capture predictions. Users choose what they want to speculate about, such as politics, sports, or entertainment. Did you make a correct prediction? Then you get REP tokens as a reward.
Anyone can thus create their own prediction market for an event. However, this person must provide funding and liquidity. Augur is one of the first dApps to switch from Ethereum to Polygon to enjoy improved scalability and lower transaction costs.
4. Golem (GLM)
is a peer-to-peer platform on which users can buy or sell computer power. Lend reserves to others in the network and receive rewards for doing so. The decentralized network aims to provide secure and reliable storage, competing with other cloud computing companies such as Google and Microsoft.
Do you use graphic design programs and don't have enough computing power on your computer? Borrow computing power from Golem in a relatively cheap way. Do you have unused computing power available yourself? Lend them to others in the network and receive GLM tokens in return. Golem is a decentralized sharing economy of computing power for all its users. This in a secure and reliable way.
5. Render Token (RNDR)
Like Golem, Render
is a computing service, but specifically for 3D rendering and video footage. It is a distributed and decentralized GPU rendering service. Render uses smart contracts to match the right clients with the right GPU owners. Not using your graphics card? Share the unused computing power of your phone or computer with other users in the network and receive rewards for doing so.
The decentralized GPUs make videos and animations load faster. Not only is this 3D footage and animations important for blockchain games, but also for the further development of the metaverse.