Polygon (MATIC) in Trezor Suite
What is Polygon (MATIC)?
Polygon, formerly the Matic Network, is a framework for building and connecting blockchain projects on Ethereum. The Polygon network aims to address some of the challenges associated with Ethereum scalability—namely high gas fees and slow transaction times—by managing transactions on a separate Ethereum-compatible blockchain. It uses a proof-of-stake (PoS) consensus mechanism for processing transactions, and its native token is MATIC.Some key components and features of the Polygon network include:
MATIC token: The MATIC token (an ERC20 token) is the native cryptocurrency of the Polygon network. It serves various purposes, including paying for transaction fees, participating in governance decisions, and securing the network through staking.
Layer 2 scaling: Layer 2 refers to a network that sits ‘on top’ of the main Layer 1 blockchain. Layer 2 solutions aim to solve scalability issues of the underlying network by processing transactions using sidechains. In the case of Polygon, it aims to reduce the burden on the main Ethereum chain.
Interoperability: Polygon supports a multi-chain Ethereum ecosystem. It enables different blockchains to interact with each other, facilitating the transfer of assets and information across various platforms. This is crucial for a seamless user experience and for enabling complex use cases across the blockchain space.
Proof-of-stake (PoS): Polygon utilizes a Proof-of-Stake (PoS) consensus mechanism to help secure the network and create new MATIC. This is a more energy-efficient alternative to Ethereum's original Proof-of-Work (PoW) mechanism, allowing for faster and more cost-effective transactions. Furthermore, it means you can earn money by staking MATIC.
Bridging: Blockchain bridges connect separate networks, enabling you to move tokens between networks. This means you can bridge some crypto over to Polygon and use crypto apps that were previously only accessible via the main Ethereum blockchain.
Using Polygon (MATIC) with Trezor
Trading MATIC is safer and easier than ever thanks to its native support in Trezor Suite. With your device set up, you just need to follow a few quick steps to get started:
- Open the Trezor Suite desktop application (alternatively you can use the web version of Trezor Suite)
- Connect and unlock your Trezor device
- Click the plus [+] sign in the left panel:
- Then select Polygon PoS and click on Find my Polygon PoS accounts:
- That's it, you're good to go! You'll be automatically redirected to the account Overview, where you can get started immediately with receiving, buying and trading MATIC:
To get started with MATIC, you can:
- Click on Receive MATIC, then verify your MATIC receiving address using your Trezor. Once verified, you can either Copy the address or use the QR code for receiving funds.
- Click on Buy MATIC and follow the general process outlined in our Buy crypto in Trezor Suite article.
FAQs
How do I add Polygon (MATIC) to my hardware wallet?
You can buy MATIC directly in Trezor Suite following the steps above to enable the token, and our general guidance for Receiving or Buying crypto.
How do I send MATIC using my hardware wallet?
You can easily send MATIC from Trezor Suite by following the guidelines given in our Sending crypto article. Again, be careful and make sure you send MATIC only through the Polygon PoS network. The address must be on this network for the crypto to be received successfully.
How do I stake MATIC?
To stake MATIC you will need to use your Trezor hardware wallet with a third party application such as MetaMask.
Are there any differences in speed and transaction fees compared to Ethereum?
Polygon is a scaling solution (often called a ‘sidechain’) running alongside the Ethereum blockchain, designed to offer faster and cheaper transactions. Although it’s tricky to specify exact figures, Polygon can reportedly achieve up to 7,000 transactions per second (tps), whereas Ethereum achieves around only 15 to 30 tps. Fees depend heavily on network demand, but transaction costs on Polygon might be around 0.1-0.5 MATIC (roughly 0.10-0.50 USD at the time of writing), whereas Ethereum fees can easily vary from 2.50-20 USD (ETH equivalent).
What tokens are on Polygon?
A list of tokens can be found on the polygonscan website, which lists 771 Token Contracts in total.
What about POL tokens?
The Polygon Ecosystem Token POL represents the native token upgrade for the Polygon network. The Polygon 2.0 upgrade is designed to improve scalability, security, and sustainability of the Polygon ecosystem. POL is set to replace the MATIC token over the coming years, and will become the native asset used for paying fees, participating in network governance, and securing the network via staking. POL retains many of the same features as MATIC, and supports EIP-2612 for signature-based permit approvals.