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$ETH Ethereum (ETH) is a decentralized, open-source blockchain platform known for its smart contract functionality. Launched in 2015 by Vitalik Buterin and others, Ethereum allows developers to build decentralized applications (dApps) that run without downtime, fraud, or interference. Its native cryptocurrency, Ether (ETH), is the second-largest by market capitalization after Bitcoin. Ethereum introduced innovations like decentralized finance (DeFi), non-fungible tokens (NFTs), and decentralized autonomous organizations (DAOs). In 2022, it transitioned from Proof of Work (PoW) to the energy-efficient Proof of Stake (PoS) consensus mechanism through โThe Merge.โ Ethereum continues to evolve, aiming to improve scalability, security, and sustainability in the blockchain ecosystem.
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Polygon (formerly Matic Network) is a Layer 2 scaling solution for the Ethereum blockchain, designed to improve transaction speed and reduce fees without compromising security. Launched in 2017 by Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun, Polygon uses a proof-of-stake consensus mechanism and offers infrastructure for building decentralized applications (dApps) like DeFi platforms, NFT marketplaces, and gaming projects. In September 2024, Polygon transitioned from its MATIC token to POL, which now powers transactions, staking, and network governance. With a current market price around $0.23, Polygon continues to play a vital role in expanding Ethereumโs capabilities by offering scalable, efficient blockchain solutions.$POL
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