What is Polygon (POL)?
Polygon is a protocol and framework designed to connect Ethereum-based blockchains to create a single multi-chain network. Polygon provides multiple scaling solutions to blockchains, minimising transaction fees and development difficulties.
The Polygon network acts as a layer-2 scaling solution alongside Ethereum. Blockchains can scale on Polygon with lower fees. This allows Ethereum to scale easily without the network becoming clogged by excess traffic. This in turn, reduces gas fees and brings more decentralised apps (DApps) to the Ethereum network.
Polygon uses the Plasma Framework to allow for easy execution of scalable smart contracts. The framework is built on a proof-of-stake consensus protocol that can facilitate up to 65,000 transactions per second (TPS).
To learn more about Polygon (POL) check out our guide to Polygon on Swyftx Learn.
Understanding POL (AUD) price chart
The POL (formerly MATIC) price chart displays the real-time price movements of POL in Australian dollars, we have used candlesticks to accurately track the asset price. Candlestick charts are a tool used for crypto technical analysis, they provide traders with a visual representation of an asset's price movements over a certain period.
The candlesticks are presented as either red or green candles, each candle represents a period of time i.e. 1 hour, 1 week or 1 month. The candlestick has two parts, the body and the wick. The body symbolises the open and close price of the specific time period. The wick symbolises the highest and lowest prices of said period. A red candle indicates that the asset's closing price was lower than its opening price. A green candlestick tells us that the closing price was higher, indicating that the asset price has risen.
To learn more about reading candlesticks and using them when trading, check out our guide to candlestick charts on Swyftx Learn.
Who created Polygon?
Polygon was created in 2017 by 3 co-founders: Jaynti Kanani, Sandeep Nailwal and Anurag Arjun. Polygon was originally named the Matic Network; however, its name was changed in 2019.
Many of Polygon’s team were major contributors to the development of the Ethereum ecosystem, playing integral roles in implementing Web3, Plasma and the WalletConnect protocol.
