Polygon is a layer-2 solution that is more versatile and capable of hosting a larger number of different Web3 products and services than an average blockchain. Polygon is fully integrated with Ethereum and other EVM-compatible networks. It also smartly makes use of Ethereum’s infrastructure to ensure proper security on its own chain. Polygon acts as a safe haven for most Ethereum-based assets, including USDC, as it offers faster transactions and much lower fees. Polygon also has its own native token called MATIC, which has gained popularity among merchants as an excellent payment method. NOWPayments provides companies and individuals with a wide range of tools for accepting MATIC and USDC payments on Polygon.
Key points:
- Polygon is a layer-2 solution compatible with Ethereum.
- Polygon-based assets such as MATIC and USDC can be transferred nearly instantly between wallets.
- Deploy MATIC and USDC payments via NOWPayments.
What is Polygon?
The sole reason why Polygon came into existence in the first place is the problems with the Ethereum network. Every crypto enthusiast knows quite well that despite being the most advanced blockchain on the market, Ethereum demonstrates poor performance in terms of scalability. This, in turn, has an effect on the cost of conducting transactions on Ethereum and their speed. During periods of extreme congestion, gas fees on the blockchain may climb to hundreds of dollars and, in some instances, may be higher than the amount that is being transferred by the user. In order to solve the issue, in 2017, Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic decided to introduce the Matic Network. In 2021, the project was rebranded to Polygon, yet it kept the original name for the native token, hence, the MATIC cryptocurrency.
In its essence, Polygon maximizes the potential of Ethereum by bringing more scalability to everyone’s beloved blockchain. Thanks to Polygon’s cross-chain bridges, users are allowed to quickly transfer their assets between Polygon and Ethereum, benefiting from both networks. This means that you can use Polygon’s native coin MATIC on both Polygon and Ethereum. Polygon also acts as an efficient platform for dApps deployed on Ethereum. Since Polygon is compatible with EVM, developers can seamlessly transfer their original Ethereum code to Polygon.
Polygon crypto use cases
Here are some of the most notable Polygon use cases:
Uniswap
Uniswap is a decentralized exchange that was initially intended to serve as a platform for trading Ethereum tokens. Uniswap enables users to create pools for any ERC-20 token. At the same time, apart from Ethereum, Uniswap also supports Polygon. Polygon users can enjoy a top-notch decentralized exchange functionality on Uniswap. For instance, if you create your own token, Uniswap can serve as a place where you can offer it for sale. Uniswap is the biggest DEX in both Ethereum and Polygon ecosystems and it is used by hundreds of thousands of users worldwide.
Battleverse
Battleverse is a play-to-earn metaverse. It is a free online game which is powered by blockchain technology. The exclusive feature of the project is its multi-chain capability. Users are allowed to keep their in-game assets on several blockchains, including Polygon. In fact, the core infrastructure of the game exists in the Polygon network. Polygon also powers the process of the initial creation of all assets, as well as P2E battles. Battleverse is an example of how versatile Polygon truly is. The network is capable of acting as a platform for full-fledged metaverses and games which demonstrates its true potential.
Centralized exchanges
Apart from being used on numerous DEXs, such as Uniswap, Polygon is also integrated with many centralized exchanges. For instance, you can find Polygon on Binance, which is, perhaps, the leading centralized exchange on the planet. Apart from Binance, Polygon and Polygon-based assets also can be found on Huobi, OKeX, WazirX, Gate.io, and many other similar websites. The availability of Polygon versions of MATIC and USDC on major centralized exchanges provides great trading opportunities to crypto enthusiasts. Additionally, it substantially facilitates the process of exchanging Polygon assets for any other type of crypto.
Decentraland
Decentraland is one of the largest metaverse projects in history. Decentraland’s scale is truly astounding and the freedom it gives to users is simply impressive. The world of Decentraland is divided into plots of land, which are put up for sale, allowing everyone to claim their part of the metaverse for themselves. Decentraland’s integration with Polygon makes it possible for users to create and utilize different kinds of in-game wearables, unique items that help users stand out from the crowd. The platform’s token MANA is also available on Polygon.
GoDatingFi
GoDatingFi is another example of Polygon’s incredibly flexible nature. GoDatingFi is a decentralized global platform for dating which is deployed on Polygon. It was created by a Japanese team of developers. GoDatingFi boasts a daily audience of 3 million users. GoDatingFi users can utilize Polygon-based NFT cards to access the profiles of other people on the platform. GoDatingFi also has a built-in NFT marketplace, where users are allowed to trade their cards. Since Polygon offers cheap transactions, GoDatingFi users are able to interact with the app’s mechanics almost at no cost.
Instagram NFTs
Instagram is one of the recent additions to the club of Web2 projects that are embracing Web3 technology. It has been testing its digital collectibles functionality since the beginning of the year and now has made it available to millions of users. Additionally, Instagram is planning to introduce a new feature that will enable users to create their own NFTs. Polygon has been chosen by Instagram as the first network to host its users’ NFTs. Such a big use case for Polygon is sure to make a positive impact on the project’s popularity and the price of its native token.
NOWPayments
NOWPayments is an award-winning and trusted Polygon payment gateway. The service allows businesses and individuals to accept Polygon coin payments. By dynamically changing product prices depending on the current exchange rate, NOWPayments assists its clients in the process of collecting $MATIC payments and donations. NOWPayments is a non-custodial system that ensures that its clients always receive their payments promptly. Additionally, you may transfer salaries, bonuses, and other types of payouts in MATIC in bulk via the Mass Payments feature provided by NOWPayments.
How Polygon helps payment processing?
Instant transfers
Thanks to its superior scalability, Polygon manages to process any transaction in its network in a matter of seconds. The speed of transactions on Polygon is comparable to that offered by Visa and Mastercard. Thus, merchants that accept assets such as MATIC or USDC do not need to worry about waiting for hours for their payments to reach them. In fact, by switching to MATIC, businesses can actually accelerate their payment process, making it more convenient for customers.
Low fees
The exceptional speed of transactions does not affect their cost in any negative way. When using Polygon, you will not even look at the gas fee amounts, as they are simply negligible. Merchants can benefit from the low transaction fees of Polygon and save up to thousands of dollars per year. You will be particularly amazed by the price of MATIC transaction fees if you decide to compare it to the fees you get charged by your bank. Your clients will thank you for letting them make payments in MATIC or USDC because it will give them an opportunity to cut their fee expenses.
Unlimited and global transactions
Polygon does not impose any cap on the number of transactions or their size. Therefore, you can accept MATIC payments without any limits and at any moment, as Polygon does not stop its operations for holidays or weekends. What’s more, MATIC transactions are truly global because there are no regional restrictions, meaning that everyone has a chance to use Polygon, irrespective of where they are based. Thus, businesses can deploy MATIC and USDC payments as a way to expand their international presence and allow every person on the planet to buy their products.
How can I accept payments on Polygon?
NOWPayments offers a variety of effective ways to accept MATIC crypto or USDC payments. Here are the tools available for deployment:
- eCommerce plugins: These plugins are compatible with PrestaShop, WooCommerce, Magento 2, WHMCS, OpenCart, Zen Cart, Shopify, and Shopware.
- Payment Link and a PoS terminal: Businesses can use a payment link and a virtual Point-of-Sale terminal.
- Recurring Payments: Some companies may deploy special recurring invoices.
- Custodial Recurring payments: It allows companies to set up separate billing accounts for their customers and let them top up these accounts with the cryptocurrency of their choice.
- API: NOWPayments’ versatile API enables businesses to create custom crypto payment solutions.
- Payouts: You can send mass payouts as a salary, bonus, reward, or rebate automatically to as many addresses as you wish.
Here is a guide on how to deploy USDC payment invoices:
- Provide your USDC payout address.
- Use the Recurring Invoicing API (read the detailed instruction here).
- Set up a recurring payments plan.
Conclusion
Polygon is a fast and low-cost network, which fits perfectly in the payment infrastructure of any company. Start accepting MATIC and USDC on Polygon with the help of NOWPayments.