Polygon (formerly known as Matic Network) is a protocol and framework consisting of an ecosystem of scaling solutions. Ethereum faces challenges like high transaction fees and slow transaction turnaround, due to the network being highly congested. Scaling solutions are technologies that aim to solve these problems by building on top of the parent blockchain. Polygon is primarily a side chain that offloads transactions onto a blockchain that runs parallel with the Ethereum blockchain but is also developing various scaling solution technologies including plasma chains, optimistic rollups, and ZK Rollups.
The Polygon Network has adaptations resulting in faster and cheaper transactions that settle on the parent chain. There has been notable success in their first venture onto the Ethereum blockchain, boasting instant ERC-20 exchanges on the network.
The MATIC token will continue to exist and also plays a pivotal role in securing the Polygon platform and enabling governance. MATIC currently sits in the top 20 biggest digital currencies by market cap.
You can buy MATIC token in Australia on the Swyftx Crypto Exchange.
You can buy Polygon on the Swyftx Crypto Exchange in Australia. First, you’ll need to sign up by providing your name, email address and phone number. To activate your account, verify your email address, phone number and identity. This step can usually be completed in a few minutes and you won’t be required to submit any documents.
Once your account has been verified, you can then deposit funds into your account via one of the following payment methods: bank transfer, POLI, PayID or debit card. Deposit times may vary depending on which option you choose, however, most deposits are received instantly. Once the deposit is received, you can buy MATIC instantly.
Polygon is a layer 2 scaling solution which means it improves the efficiency of a layer 1 blockchain (i.e. Ethereum). Its main focus is to improve its scalability and user experience and allow for instant transactions, all challenges that Ethereum currently faces. It is unique because it is the only scalability solution that supports the Etherum Virtual Machine (EVM).
When you buy MATIC on our trading platform, it will be automatically stored in the crypto wallet integrated with your account. A crypto wallet is required for sending, receiving and storing your digital assets. If you would like to withdraw your assets and send them to an external wallet like a hardware wallet, you can do so via the withdraw tab in your Swyftx trading app.
The best place to buy Polygon is right here at Swyftx! Swyftx offers a fast, secure, and user-friendly platform that allows traders to easily deposit Australian dollars to trade Bitcoin and other cryptocurrencies instantly. We offer competitive fees and excellent customer support and we are proud to be Australia's highest-rated crypto exchange as per our Trust Pilot Reviews.
Yes, Swyftx is a safe and secure platform to buy and sell Polygon (MATIC). Swyftx employs a range of advanced security measures to protect user funds and personal information and has been awarded ISO27001 certification for information security.
Swyftx is a AUSTRAC registered exchange that conducts regular security audits and maintains strict compliance with Australian Anti-Money Laundering and Counter-Terrorism Financing Laws.
You can find more information on our security practices here.
The price of MATIC is determined by the forces of supply and demand in the market. Similar to other assets, the price of Bitcoin is determined by the number of buyers and sellers in the market at any given time.
Some significant factors that can influence the demand for Bitcoin are adoption rates, Macro economic factors, News events, upgrades and advancements in its tech and investor sentiment.
You can deposit Australian dollars (AUD) into Swyftx via a number of methods including:
Swyftx also allows you to deposit cryptocurrency from another wallet into your account.
Swyftx does not allow you to directly buy Polygon with credit card, however, we do support credit and debit card deposits. Once your deposit has arrived in your account, you can then buy MATIC instantly.
Swyftx has a trading fee of 0.6% for all buy and sell orders. In addition to the trading fee, Swyftx applies a spread to each cryptocurrency trade.
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