- Polygon claims to handle up to 65,000 transactions per second.
- Scaling solutions like Polygon reduces costs by rerouting transactions.
Polygon is an Ethereum secondary scaling solution. These solutions use an existing blockchain network rather than creating their own. In this case, Polygon runs on Ethereum, which has gotten more sluggish and costly to operate.
As of December 2021, the Ethereum blockchain could perform 14 transactions per second at the cost of roughly $25 apiece. This means that excessive network congestion makes everyone except the wealthiest users’ lives unpleasant and unpredictable. The average Ethereum cost hit $71 in May.
Using Ethereum-based decentralized finance (DeFi) protocols and non-fungible token (NFT) exchanges or transferring tokens across the network may rapidly add up to hundreds of dollars in fees. Moreover, scaling solutions like Polygon reduces costs by rerouting transactions. Polygon processes batches of transactions on its own proof-of-stake blockchain.
Read More: Polygon Price Prediction
Polygon Catching Up on ETH
This saves time and money by paying a portion of a single Ethereum transaction. Polygon claims to handle up to 65,000 transactions per second for a meagre cost per transaction. Polygon will go beyond Ethereum. But Polygon isn’t the only project trying to ramp up Ethereum transactions. Rival blockchains also offer “bridges” and allow the trading of Ethereum tokens.
#5. In the past week, 1.8 million smart contracts have been deployed on $MATIC by developers compared to 105k for $ETH — suggesting Polygon is the preferred chain for web3 experimentation. pic.twitter.com/C6Rdn5bmWr
— Spencer Noon 🕛 (@spencernoon) December 29, 2021
Developers have deployed 1.8 million $MATIC smart contracts in the last week compared to 105k $ETH, indicating Polygon is the favored chain for web3 experimentation. Ethereum 2.0 launch will help boost the Ethereum blockchain. It will speed up and become cheaper. Furthermore, scheduled to be fully operational within a few years, despite several delays. Nevertheless, ETH 2.0 may render scaling methods obsolete or less necessary.
Read More: Ethereum Price Prediction
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