![]() ![]() For example, using the PoS bridge, the withdrawal will take roughly three hours using the Plasma bridge, this could increase to seven days. On Polygon, token withdrawals take from several hours to a week depending on the chain bridge being used. The MATIC tokens are then destroyed while ETH is released from the smart contract. Once it gets locked in the smart contract, Polygon mints you an equal amount of MATIC tokens when going through the chain bridge the other way, from MATIC to ETH. ![]() To use Polygon, you will need to swap ETH for MATIC over a chain bridge that leverages a lock and mint mechanism allowing you to deposit your ETH. The platform has its native token, called MATIC. ![]() Polygon also applies a layer 2 scaling technology named Plasma, as well as ZK-rollups and Optimistic Rollups, the scaling solutions that allow the platform to validate transactions almost in real time. For instance, Polygon has the capacity to process up to 65,000 TPS, outperforming Ethereum by a factor of five. ![]() When it comes to Polygon, it is based on the Proof of Stake (PoS) consensus mechanism, which has multiple benefits over PoW - such as faster transactions and lower gas fees. So, sidechains are independent, EVM-compatible solutions that run in parallel with the mainnet. The difference is that Layer 2 solutions are fully secured by the Ethereum platform, while side chains use their own consensus algorithms. It’s important to differentiate Polygon from other Layer 2 solutions like Arbitrum and Optimism since Polygon is technically a sidechain. Polygon, formerly known as Matic Network, is a Layer 2 scaling solution that runs alongside Ethereum and enables the connecting and building of networks compatible with Ethereum. Need a more detailed explanation of what Layer 2 is? Check out our comprehensive article on this topic This combination of Layer 1 and Layer 2 means you can benefit from scalability and increased throughput while retaining the integrity of the Ethereum network, allowing for complete decentralization and better security. Meanwhile, as the transaction data is placed on Layer 1, it is secured by the same Layer 1 security measures. This way the Ethereum blockchain can ensure better scalability, higher transaction processing capacity, and lower gas fees. That is why users like to search for new platforms that don’t impose such a heavy financial burden on them.Įthereum Layer 2 scaling solutions help free up the platform by taking transactions off the main chain, offloading them to Layer 2, and then posting transaction data back to Layer 1. On average, Ethereum processes about 13-15 transactions per second (TPS), while the cost for the transaction could reach $200. When a transaction occurs on the platform, each node in the network has to process it, which ultimately results in a scalability bottleneck. Based on the Proof of Work (PoW) consensus algorithm, the platform suffers from inefficiencies such as slow transactions and high gas fees. Why exactly does Ethereum need scaling protocols? Ethereum is known to be a secure solution, but this security comes at a cost. So, while Layer 1 apps and smart contracts deal directly with the main chain, Layer 2 solutions operate on top of the core Ethereum blockchain. Layer 2 refers to a series of different protocols that are designed to facilitate the creation of smart contracts on the Ethereum main chain, commonly known as Layer 1. Read on to discover the key advantages and disadvantages of all three platforms, and, to help you come to a conclusion, check out our Polygon vs Arbitrum vs Optimism comparison. But the question is this: which of the three does so in the most efficient way? Layer 2 solutions like Polygon, Arbitrum and Optimism were designed specifically to address all the challenges of Ethereum. The result has been poor scalability and enormous transaction fees. However, the platform clearly was not ready for this uptick in the number of users and transactions. Each year more and more decentralized applications, or dApps, are built on top of it. Ethereum is currently the most popular blockchain in the crypto community, with a market cap of more than $200 billion. ![]()
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