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✔️ Bitcoin 4 Year Cycle Explained
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Remember that DeFi can be highly volatile — so start small and don’t invest more than you can afford to lose, especially as a beginner.
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Low fees and near-instant transactions make the Polygon network an excellent way to gain some real-world experience trying out DeFi protocols.
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You’ll also need to bridge some MATIC to make transactions, but even a dollar’s worth is plenty because fees are so low.
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You can then “bridge” some of your crypto — stablecoins are a popular choice for this — to the Polygon network.
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To try the Polygon network, you need to send some crypto to a compatible crypto wallet like Coinbase Wallet.
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You can try decentralized exchanges like QuikSwap or SushiSwap, yield-generating lending and savings protocols like Aave, NFT markets like OpenSea, or even “no-loss prize games” like Pooltogether.
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The Polygon network allows you to do many of the same things the main Ethereum network allows, but with fees that are often a fraction of a cent.
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How do you use the Polygon network?
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But it still requires research — if the validator you pick acts maliciously or makes errors you could lose some or all of your staked MATIC.
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Delegators stake their MATIC indirectly via a trusted validator. This is a much lower-commitment version of staking.
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If you make an error or act maliciously (or even if your internet connection is glitchy) you could lose some of your staked MATIC.
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Becoming a validator is a commitment that requires running a full-time node (or computer) and staking your own MATIC.
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Validators do the heavy lifting — they verify new transactions and add them to the blockchain. In exchange, they may receive a cut of fees and newly created MATIC.
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To create new MATIC and secure the network, Polygon uses a proof-of-stake consensus mechanism — which means that one way you earn money on MATIC you hold is via staking.
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Polygon uses a variety of technologies to create this speedy parallel blockchain and link it to the main Ethereum blockchain.
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You can picture Polygon as being like an express train on a subway — it travels along the same route as the regular train, but it makes fewer stops and thus moves much faster.
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How does Polygon work?
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After launching as Matic Network in October 2017, developers rebranded as Polygon early in 2021.
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The name MATIC comes from an earlier stage in Polygon’s development.
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