Polygon (MATIC) is growing fast and that is partly due to the problems that Ethereum (ETH) struggles with. The high transaction costs on that network ensure that Polygon as Ethereum layer-2 solution can benefit. But what is the actual difference in transaction costs and times? In a recent interview with Cointelegraph, Polygon founder Sandeep Nailwal shows that Polygon is many times faster than Ethereum.
MATIC is faster and cheaper
Nailwal shows with current costs and processing times that Polygon is indeed way above Ethereum when it comes to those two factors:
“In the Polygon Scan Explorer you can see that the average block time is about 2.3 seconds. As for Ethereum, that’s 15 seconds. And then the transaction fee, that’s just 0.001 MATIC tokens; this is a fraction of a cent.”
To clarify: According to this data, it would cost only $0.0022 to send a transaction through Polygon. That is indeed literally a fraction of a cent. It is not surprising that MATIC is growing in popularity and has even increased by 14,360% since the beginning of this year.
Does ETH 2.0 spoil Polygon’s diet?
Polygon is currently helping Ethereum with its excessive transaction costs and taking advantage of the problems Ethereum is facing. However, Ethereum itself is working hard to fix these issues. Met ETH 2.0 and the switch to proof-of-stake The developers of Ethereum hope to solve most of the problems.
But even then, Polygon still has a place on the network, Nailwal explains to Cointelegraph:
“Even if 2.0 is here, it won’t provide enough scalability. Next year, the PoS upgrade will keep everything the same; as Ethereum currently has 13 transactions per second, maybe it will go to 20 TPS then. […] Even if sharding coming up, we have a projection of 64 shards, each with 20 transactions per second. But that’s still a total of 1,280 transactions per second, right? That is still not enough for the whole world.”
read it full interview op Cointelegraph.
© Cover image door Shutterstock
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