Polygon: faster transactions at reduced costs

In the fourth installment of our series on networks supported by 1inch, we’re talking about Polygon, a prominent blockchain facilitating faster transactions with significantly reduced costs.

What is Polygon?

Polygon, previously known as Matic Network, is a sidechain to Ethereum, designed to enhance the Ethereum ecosystem. By addressing Ethereum’s scalability challenges, Polygon has become one of the most prominent networks in the blockchain space, facilitating faster transactions with significantly reduced costs. 1inch gladly supports Polygon, enabling users to enjoy seamless, cost-effective and highly efficient DeFi transactions.

Key features of Polygon

Polygon, a layer 1 blockchain with bridges to Ethereum, provides a framework for building interconnected blockchain networks, offering developers flexibility and scalability while leveraging Ethereum’s security. Some of its standout features include:

• Low transaction costs: Polygon’s gas fees are a fraction of those on the Ethereum mainnet, making it an attractive option for both developers and users.
• Compatibility: Fully compatible with Ethereum’s ecosystem, Polygon supports existing dApps and smart contracts with minimal adjustments.
• Decentralization and security: By utilizing a Proof-of-Stake (PoS) consensus mechanism and Ethereum’s security features, Polygon ensures robust decentralization and protection against malicious activities.

Popular use cases on Polygon

• DeFi applications: From decentralized exchanges (DEXes) to lending and yield farming platforms, Polygon hosts a thriving DeFi ecosystem. Popular dApps like Aave, SushiSwap and Curve have deployed on Polygon, taking advantage of its low-cost infrastructure.
• NFT marketplaces: Polygon’s low fees and fast transactions make it ideal for NFT platforms, enabling users to mint, trade and purchase NFTs without incurring exorbitant costs.
• Gaming and Metaverse projects: Blockchain-based games and metaverse platforms are increasingly leveraging Polygon to provide smoother and more affordable user experiences.
• Growing ecosystem: Since its rebranding to Polygon, the network has experienced rapid adoption. Thousands of dApps now operate on Polygon, contributing to its reputation as a major Ethereum sidechain. With strategic partnerships, such as those with OpenSea and Mark Cuban, Polygon continues to expand its ecosystem and drive innovation in the blockchain space.

1inch on Polygon

1inch integrated with Polygon in 2021. Since then, 3.3 mln users have made over 25 mln swaps with a total value of $27.9 bln on Polygon. Currently, 1inch supports 40 protocols on Polygon.

Using 1inch on Polygon

1inch’s support for Polygon ensures that users can seamlessly swap tokens and participate in DeFi activities without worrying about high fees. By connecting wallets like MetaMask or WalletConnect to the Polygon network, users can instantly access 1inch’s features and take advantage of its powerful aggregation protocols.

Get started with 1inch on Polygon today and experience the future of DeFi firsthand!