How to buy Polygon (MATIC) in Canada

What is Polygon?

Polygon is a software platform that executes transactions more quickly and cheaply than Ethereum alone. Polygon’s proof-of-stake (PoS) architecture was designed to enhance Ethereum’s scalability and infrastructure. Polygon is a “Layer 2” chain—a blockchain built on top of Ethereum’s blockchain, which is “Layer 1.” Layer 2 solutions handle smaller transactions off the main blockchain, helping Ethereum expand in size, security, efficiency and usefulness—which in turn incentivizes developers to build their products on its ecosystem.

What is MATIC?

MATIC is Polygon’s native cryptocurrency, and it underpins the network. As of mid-May 2022, MATIC is in the 18th spot on the crypto coin chart, with over US$5 billion in market capitalization, and one coin is valued at US$0.75. MATIC racked up a whopping 13,426% gain in 2021, rising from US$0.019 to US$2.57 by year’s end, handily outperforming such crypto heavyweights as bitcoin (575%) and ether (375%).

Polygon, the company, was founded in India in 2017. Its co-founders include entrepreneurs Jaynti Kanani, Sandeep Nailwal and Anurag Arjun and engineer Mihailo Bjelic. Polygon counts billionaire entrepreneur Mark Cuban and renowned serial entrepreneur and angel investor Balaji Srinivasan among its key investors.

As an Ethereum sidechain, Polygon is plugged into a host of decentralized applications (dApps) ranging from NFTs and DeFi to smart contracts and the metaverse. DApps are applications that run on a blockchain network of computers instead of depending on just one computer.

In the world of blockchain, Ethereum has been the go-to ecosystem for developers looking to launch dApps; however, high demand has made the network costly and slow. The Polygon network helps developers to overcome transaction logjams on the main Ethereum blockchain. “Polygon works on top of Ethereum, enhancing scalability and throughput while still benefiting from Ethereum’s security properties,” says Shiv Madan, co-founder and CEO of Moonwalk, an NFT and Web3 platform for brands, creators and communities.

Polygon and DeFi, NFTs and Web3

The Polygon blockchain’s speed, scalability and low fees have made it an attractive destination for DeFi app builders. Currently, there are 481 DeFi apps listed on Polygon, with total value locked of more than US$215 billion as of April 21, according to Defi Llama.  

NFTs have grown in popularity, driven partly by celebrity endorsements and stratospheric prices paid for in-demand specimens—and Polygon is well positioned to benefit from this boom. Over 400 NFT projects have been built on Polygon, including offerings from heavyweights such as Adidas, Prada, Decentraland, Draft Kings and Crypto Punks 2. This number is expected to rise. Polygon enables much cheaper transactions and minting of NFTs, which can be sold to collectors. 

In December 2021, NBA icon Steph Curry released a collection of almost 3,000 NFT sneakers on the Polygon network. Polygon also powered luxury brand Dolce & Gabbana’s NFT auction last year. 


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