Wat is Polygon (MATIC)?

The Polygon Network, formally known as the Matic Network, is a secondary scaling solution based on the well-known and popular Ethereum Network.

To put it in the simplest terms, the Polygon Network solution works in conjunction with or on top of an existing blockchain network (as opposed to working as its own blockchain) – in this case, as mentioned, on Ethereum.

It is also known in blockchain industry terms as a 'layer 2 solution'.

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How do blockchain bridges work?

Most blockchain bridges work on a mint-and-burn protocol. When a token is transferred from one network to another, the protocol burns the token and mints a similar token on the other network. However, there are multiple functions of the bridge aside from transferring tokens. Blockchain bridges are capable of exchanging any type of data, including smart contract cells, decentralized identifiers, and off-chain information such as stock market price.

There are different types of blockchain bridges, and are broadly classified into federal or centralized bridges and trustless or decentralized bridges. Federal bridges depend on a central authority to function. They work similarly to a permissioned or private blockchain network. To become a part of federal blockchain bridges, people need to meet certain criteria to be selected. The selected individuals will then supervise the transactions of blockchain bridges.

Trustless bridges, on the other hand, are operated by a decentralized network of agents. Anyone can join the trustless blockchain bridge network to supervise transactions. The agents are incentivized for their efforts to validate the bridge transactions correctly. This process is similar to the function of nodes in Bitcoin or Ethereum blockchain networks.

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What Is Ethereum?

At its core, Ethereum is a decentralized global software platform powered by blockchain technology. It is most commonly known for its native cryptocurrency, ether, or ETH.

Ethereum can be used by anyone to create any secured digital technology. It has a token designed for use in the blockchain network, but it can also be used by participants as a method to pay for work done on the blockchain.

Ethereum is the world’s second-largest crypto project by market capitalization and was the first to introduce smart contract functionality to the industry

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Q5. Where do people go when they bridge to Polygon from Ethereum?

Description

The upper left graph shows the percentage comparison of the top 10 contracts that users have interacted with after polygon bridge to Eth, as you can see, most of it is related to the hop contract.

hop :: 29.2

qswap :: 23.8

The upper right graph shows the comparison of the top 10 contracts based on the number of transactions after polygon to eth

==hop: 548.760==

==qswap :: 447.029==

Description

The upper circular bar shows the percentage comparison of the first type of activity after bridging, as you can see in the above diagram, the highest percentage is assigned to the transfer activity.

transfer :: 41.7%

approval ::24.8%

The graph on the right compares the top ten activities after the bridge based on the number of transactions, as you can see the most transactions belong to transfer

transfer :: 4.27m

approval :: 1.19m

Result

Polygon blockchain is one of the main bridges to other blockchains, because it is known for being one of the most original and successful l2 and has a large number of users, it is known as one of the main ways to transfer assets to ==ETH

Description

_The pie chart above shows the transferred volumes of each of the above symbols that have been transferred from Polygon to Ethereum, the largest not belonging to usdc.

usdc :: 94.67m

matic ::19m

_ The top right chart is the daily volume of asset transfers from Polygon to Ethereum, as you can see in the chart the transfer volume has decreased in recent months due to the fall in the crypto market.