{"description":"<div>Polygon (ex-MATIC) was launched in October 2017 and is backed by Binance and Coinbase. It is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development.<br />\n<br />Polygon aims to provide faster and cheaper transactions on Ethereum using Layer 2 sidechains, which are blockchains that run alongside the Ethereum main chain with pretty much the same functionality such as smart contract support. Users can deposit Ether to a Polygon smart contract, interact with them within Polygon, and then later withdraw them back to the Ethereum blockchain. <br />\n<br />POL, the native tokens of Polygon, is an ERC-20 token running on the Ethereum blockchain. The tokens are used for payment services on Polygon and as a settlement currency between users who operate within the Polygon ecosystem. The transaction fees on Polygon sidechains are also paid in POL tokens.<br />\n<br />Polygon transforms Ethereum into a full-fledged multi-chain system akin to other networks such as Polkadot, Cosmos or Avalanche while benefiting from Ethereum&rsquo;s security, ecosystem and openness.<\/div>","rankedCrypto":[{"coingeckoId":"polkadot","sortingRank":5},{"coingeckoId":"chiliz","sortingRank":3},{"coingeckoId":"apecoin","sortingRank":2},{"coingeckoId":"decentraland","sortingRank":1},{"coingeckoId":"internet-computer","sortingRank":0}],"cryptoCategories":{"Decentralized Finance (DeFi)":["uniswap","compound-governance-token","aave"],"Entertainment":["decentraland","chiliz","axie-infinity","apecoin"],"Currency":["stellar","ripple","litecoin","dogecoin","bitcoin-cash","bitcoin"],"Smart Contracts":["polygon-ecosystem-token","tezos","solana","polkadot","ethereum","cosmos","cardano","avalanche-2","algorand"],"Computing":["filecoin","chainlink"]},"region":["CH","DE","AT"],"sophisId":158038589,"coingeckoId":"polygon-ecosystem-token"}