Polygon (MATIC) is growing rapidly due in part to problems that Ethereum (ETH) struggles with. The high transaction costs on that network ensure that Polygon is like Ethereum Layer 2 The solution can benefit. But what is the actual difference in transaction costs and times? In a recent interview with Cointelegraph, Polygon founder Sandeep Nailwal showed that Polygon is several times faster than Ethereum.
MATIC is faster and cheaper
Nailwal shows with current costs and processing times that Polygon is indeed well above Ethereum when it comes to these two factors:
“In Polygon Scan Explorer, you can see that the average block time is about 2.3 seconds. For Ethereum, that’s 15 seconds. Hence the transaction fee, that’s just 0.001 MATIC tokens; that’s a fraction of a cent.”
To clarify: according to this data, sending a transaction through Polygon will cost only $0.0022. This is actually a fraction of a cent. Not surprisingly, MATIC has grown in popularity and has even increased by 14,360% since the beginning of this year.
Does ETH 2.0 spoil the Polygon Diet?
Polygon is currently helping Ethereum with its increased transaction costs and taking advantage of the issues facing Ethereum. However, Ethereum itself is working hard to fix these issues. ETH 2.0 . met and switch to proof of stake The developers of Ethereum hope to solve most of the problems.
But until then, Polygon still has a place on the network, as Nailwal explains to Cointelegraph:
“Even if version 2.0 was here, it wouldn’t provide enough scalability. Next year, the POS upgrade will keep everything the same; since Ethereum currently has 13 transactions per second, it might move to 20 TPS after that.” […] Even if Retail Coming in, we have a drop of 64 blocks, each of 20 transactions per second. But that’s still a total of 1,280 transactions per second, right? This is still not enough for the whole world.”
Read it full interview Op Cointelegraph.
© cover photo door stock struggle
“Coffee buff. Twitter fanatic. Tv practitioner. Social media advocate. Pop culture ninja.”