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What is Polygon(Matic) Wallet?

| November 17, 2023

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You might be struggling to find a polygon matic wallet, but it is important to note that polygon (previously Matic Network) does not have a native wallet. Several wallets are available in the market that allow you to store all types of cryptocurrencies, including $MATIC. You can access these wallets across multiple platforms and computing devices.

Key Takeaways

  • Polygon wallets help you track and manage your polygon-based crypto assets.
  • Using a polygon wallet, you can swap, purchase, transfer, deposit, and withdraw funds.

What is polygon Blockchain?

Polygon blockchain is a Layer 2 scaling solution for Ethereum Blockchain that provides faster and cheaper transactions and a more efficient ecosystem for decentralized applications. 

Polygon’s blockchain network enables the creation of custom sidechains that operate in parallel with the Ethereum network, allowing developers to build and deploy decentralized applications with lower gas fees and higher throughput. 

A network of validators secures Polygon’s sidechains and can communicate with the Ethereum mainnet through the use of Polygon’s Plasma Bridge technology.

Polygon blockchain has gained popularity in the decentralized finance (DeFi) due to its low transaction fees and fast confirmation times, making it a popular choice for DeFi applications.

What is MATIC?

The Matic token (MATIC) is the native cryptocurrency of the Polygon blockchain, which is a Layer 2 scaling solution for Ethereum. The token has several use cases, including:

Transactions: MATIC can be used as a medium of exchange for transactions on the Polygon network, including payments and transfers.

Gas fees: Users can pay for gas fees on the Polygon blockchain using the native MATIC tokens. This makes transactions cheaper and faster compared to the Ethereum blockchain.

Governance: MATIC holders can participate in the decision-making process for the Polygon blockchain by voting on proposals and changes to the network.

Staking: Users can stake their MATIC tokens to help protect the network and earn rewards in return.

Liquidity provision: MATIC is used as a liquidity provider on decentralized exchanges, allowing users to trade tokens and earn rewards for providing liquidity.

What is a polygon wallet?

The polygon wallet is a web3-compatible cryptocurrency wallet. It enables you to store your crypto assets, tokens, and cryptocurrencies securely. It is used to send and receive cryptocurrency. It allows you to manage your holdings and adjust your crypto-asset portfolio per your objectives.

What can you do with a Polygon Matic Wallet?

  • You can balance your crypto portfolio.
  • You can bridge transfer assets between protocols.
  • You can swap tokens on the polygon.

Types of wallets

There are three major types of polygon crypto wallets:

Desktop polygon wallet

Polygon wallets installed on different computing devices, such as desktops or laptops, are termed desktop polygon wallets. With a desktop polygon wallet, you get complete control over your wallet keys since private keys get stored on your device – note: if you’re using a non-custodial polygon wallet. Interface experience often differs across platforms. In a desktop environment, you get a much larger UI and a brief overview of your digital assets stored in the wallet. Apart from that, you also get access to more advanced features and functionalities. For instance, you can operate a complete node on a desktop polygon wallet or else leverage full crypto-exchange integrations to perform better trades.

Mobile polygon wallet

The polygon crypto wallet that is built for native android and IOS environments are termed mobile polygon wallets. The core functionality of the polygon wallet, which is to store and secure assets, remains the same on every computing platform but with a mobile polygon wallet, you get some additional features. In comparison to desktop polygon wallets, mobile wallets are more convenient. This is because you can carry your keys and assets anywhere without hassle – the portability factor. Mobile-based polygon crypto wallets also support quicker transactions using QR codes. Such functionalities make transacting cryptocurrency easier and make it convenient for you to exchange tokens with your partners and merchants.

Web polygon wallet

The polygon crypto wallets that exist in the form of a website or an online service and can be accessed using browsers are termed web polygon wallets. Generally, most web-based polygon wallets are custodial in nature – which means you can store your digital assets online as well as transact tokens over the internet. To access a web-based polygon wallet, you just need to have a computing device with a browser and an internet connection. But the biggest concern with web-based polygon wallets is the security of the coins. Often, web-based wallets get hacked, which eventually leads to a significant loss of funds. To mitigate such threats, you must ensure that the wallet you’re opting for has a good history, is reliable and offers robust security as well as insured.

Features of polygon crypto wallet:

Intuitive UI

Polygon wallets offer an intuitive interface. In order to make navigation easy, wallets provide custom token symbols. Custom tokens symbols help differentiate between tokens that are live on the main net and other test-net tokens. For instance, you hold two different types of AAVE tokens. The polygon wallet will display two different icons with custom symbols – one that represents the AAVE token on the main net, Ethereum and another one that is built on the polygon.

Access Tokens

The polygon crypto wallets make accessing polygon-based projects and exchanging tokens seamlessly. For instance, there are polygon crypto wallets that auto-populate all kinds of ERC-20 and ERC-721 tokens on polygon and directly display them on your wallet. This reduces the multiple steps involved in the setup process. Thanks to features such as auto-populate, you don’t have to manually enter every single, smart contract address to add all of the tokens.

Exchange integration

Polygon crypto wallet also allows you to track price movements with in-depth charts. As an asset-holder, you get clarity over net asset value in the market and control over your trades. Using a polygon wallet, you can select any token and swap it over exchange without friction.

Access Dapps

To access a wide range of Dapps, you just need to connect the polygon wallet to the web3 browser. The polygon crypto wallet will automatically curate your home page with trending Dapps. Or else you can visit the dapp’s website and connect your wallet to access their features and tools further.

Conclusion

Cryptocurrency markets are highly volatile. There are different types of cryptocurrency projects and tokens getting listed on exchanges every single day. As an investor, you can choose among various types of cryptocurrency projects – specifically the one that suits your long-term financial objective. Cryptocurrencies as an asset class can be an excellent diversification instrument since there are periods when it’s least correlated to the rest of the asset class available in the financial market.

Frequently Asked Questions (FAQ’s):

Is Polygon an L1 or an L2 chain?

Polygon is an L2 scaling solution built on top of Ethereum, not a standalone L1 chain.

What type of wallet is best to store $MATIC?

The best wallet to store $MATIC is an Ethereum-compatible wallet that supports ERC-20 tokens, such as MetaMask or Ledger Nano S.

What type of token is Matic?

Matic (now Polygon) is a native utility token used for transactions, staking, and governance within the Polygon ecosystem.

Is Polygon blockchain a decentralized public blockchain?

Yes, Polygon is a decentralized public blockchain that aims to improve Ethereum’s scalability and efficiency through its L2 solutions.

What is the TPS for the Polygon chain?

Polygon aims to achieve millions of transactions per second (TPS) by scaling together thousands of chains, significantly increasing throughput.

Can I send ERC-20 to Polygon?

Yes, you can bridge ERC-20 tokens from Ethereum to Polygon using the available bridging tools and protocols. It allows you to use them on the Polygon network.

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