Articles on: Blockchain & Security Tokens

What is Polygon?

Polygon is a “Layer 2” scaling solution (or “sidechain”) that was developed to provide faster transactions and lower costs for users as Ethereum became congested and transaction "gas" fees become increasingly expensive. Polygon acts as a fast, parallel blockchain running alongside the main Ethereum blockchain.

Polygon is built on top of Ethereum, and is fully Ethereum Virtual Machine (EVM) compatible, which allows you to continue using the same wallet and other apps with Polygon that you may have used with Ethereum, such as MetaMask.

To use Polygon, you can “bridge” some of your ETH or other tokens over to Polygon, and then interact with a wide range of popular crypto apps that were once exclusive to the main Ethereum blockchain. The native or gas token for Polygon is MATIC. You will need to add the Polygon network to you wallet and have MATIC in your wallet in order to interact with the Polygon blockchain and pay gas fees.

Enegra migrated EGX from Ethereum to Polygon in order to take advantage of the faster transaction speed and lower transaction costs that Polygon provides.

Updated on: 23/08/2023

Was this article helpful?

Share your feedback


Thank you!