Polygon Token Development — A Complete Guide
The rapidly changing crypto space reshapes the traditional financial realm through crypto tokens. Consequently, the top blockchains of the crypto space improvise their tokens with new token standards. One such effort from the Polygon blockchain that caters to the business desires of millions of people is ‘Polygon Token’. Owing to higher scalability and quicker transactions, they open up opportunities in diverse crypto industries. If you are a startup or entrepreneur looking to reap unparalleled benefits, Polygon token development is for you.
Polygon tokens are the driving force to push your startup boundaries into possibilities. With the recent upgrade ‘Polygon 2.0’ they are more scalable and adaptable as well. The enhanced POS consensus elevates the token performance to meet your industry demands. But if you question me, do these facts justify polygon token’s significance in business integration? Then the answer is NO. There is a lot more you should know as a startup about creating a token on a polygon blockchain.
So, in this blog, I have covered everything you should know about polygon token development. Here, you will learn about the top 3 polygon tokens, use cases, methods to create polygon tokens, and the associated costs in a detailed manner. Now, let me start with…
Why is Polygon blockchain Best for Token Creation?
For startups, choosing the right blockchain for their crypto project might be a challenging task. Because it is the vital component that decides the future of your crypto business. Polygon token development does not differ in that aspect. So as a startup, you must understand the reasons for creating a token on the Polygon blockchain. Here we go with the reasons.
Scalability
The optimized consensus algorithm helps the polygon network perform highly scalable operations. This boosts the network’s capability to complete more transactions in a fraction of a second.
Interoperability
As I stated earlier, polygon and Ethereum tokens have more similar fundamental characteristics. That means your crypto project built on a Polygon network will work consistently with various blockchains.
Security
Polygon is a decentralized blockchain that has no point of failure in its operation. It has a robust infrastructure that aims to provide a secure platform for applications.
Cost-Efficiency
The polygon token has a simplified framework than its counterparts. So polygon token development is easier with minimal manpower efforts. Also, their intrinsic features help you to provide cost-effective services.
Community Support
Many crypto community projects are now landing on the polygon blockchain. And it brings more innovation like ‘polygon 2.0’ on its blockchain network. In this sense, it would be beneficial to create your token on a polygon network.
These are the reasons why you should prefer creating tokens on Polygon Blockchain. Polygon token suits a variety of use cases due to the advantages of polygon blockchain. So, before creating a token on the Polygon network, you should know their applications to utilize them properly. In this sense, let me explain the…
Use Cases of Polygon Tokens
Generally, polygon tokens are capable of serving different purposes. Before getting into creating polygon tokens, it is essential to decide their role for you. You should be aware of what features you need and how they should function. Here are the use cases of polygon tokens for your knowledge.
Staking — polygon tokens perform well providing high staking rewards to users. Therefore, the polygon network will be more stable and provide better performance.
Governance — Polygon token holders have the governance right to make decisions for the polygon network’s growth. With this governance, the token holders can vote for the polygon blockchain’s improvement. This effort results in platform upgrades and protocol improvements.
Paying Fees — The user can pay the transaction fee directly using the polygon token. Compared to other tokens, polygon tokens are less expensive. And they are significantly accessible to more users.
DeFi Applications — polygon tokens are essential for decentralized platform services. That includes yield farming, liquidity providing, and more.
Gaming Platforms — Polygon tokens facilitate various gaming platforms powered by Web3 technologies. The lower transaction fees and easy interoperability allow them to serve gaming needs efficiently.
Thus polygon tokens are capable of serving various use cases. That means when you use them in your business, you can provide more related services. Polygon token development allows you to connect your business to various business tie-ups. Thus you can ensure a solid future for your business.
Are you curious about creating a token on the Polygon network effectively? If yes, here we explore the top polygon tokens commanding the crypto industry.
Top 3 Crypto Tokens on Polygon Network
Below you will find the dynamic tokens based on the polygon network. They are dominating the crypto space by their market cap and popularity.
MATIC Token
MATIC is the native token of the polygon blockchain. As a utility token, MATIC is used for transaction fees, staking rewards, and governance. Other than that, MATIC tokens serve for Dapps (Decentralized apps), gaming platforms, NFTs, and more. Currently, MATIC has a current market cap of USD $0.84 billion. And they are widely tradeable in the majority of crypto exchanges.
QUICK Token
QUICK is the native token of the decentralized exchange QuickSwap built on the Polygon network. It serves native blockchain services like governance and staking. QUICK is similar to Ethereum’s ERC20 token. But only served the purposes of the platform’s native token. Being a fungible utility token, it records a market cap of $2.84 million.
GHST Token
GHST is the native token of the NFT collectibles game — AAVEGOTCHi. The game component Aavegotchis is the first Pixelart NFT running on the Polygon token. GHST token is used to collect game assets and for platform staking. This token can be traded in inbuilt dapps — P2P marketplace and auction house. With serving the platform purposes, GHST records a market cap of $4.5 million.
These are the top trending crypto tokens on the Polygon network. With incredible market potential, the demand for these tokens is skyrocketing in the crypto space. The progressive token value and increasing market make them ideal for investment. All these significances are valued as they have polygon blockchain characteristics. So creation of Polygon Tokens is a perfect decision to keep your business growing. Let me reveal…
How to Create Polygon Tokens?
Many of you think that creating a token on a polygon blockchain is a challenging task. Yes, it might be challenging if you do not follow the required procedures correctly. Furthermore, you should have in-depth technical knowledge to overcome the technical flaws. Here are the simplified steps involved in creating a polygon token,
- Preparing for Development
- Smart Contract Creation
- Token Creation
- Token Testing
- Deploying the Token
These are the steps to create polygon tokens. As you have seen, the Polygon Token Development involves technical aspects. Also, proper upgrades and maintenance lead your token to greater heights. So creating a token on a polygon blockchain in your own knowledge might be a misery. Also, it involves big challenges like financial and security risks.
So my recommendation will be to seek professional assistance from a reputed Polygon token Development Company. They have skilled and experienced developers who can handle technical requirements efficiently. Furthermore, they will conduct thorough testing to check your token functionalities and performance. As a result, your token would be technically strong, secure, and adaptable for your business.
Now you may have a clear understanding of polygon token development. However, when you start, development cost is paramount. Therefore, here we have a quick overview of…
Cost of Creating a Token on Polygon Blockchain
Every development strategy involves a certain cost. It doesn’t matter whether it is simple or complex. Polygon Token Development is not an exception to this. Generally, the cost to create polygon tokens starts from $10,000. However, it is not a fixed term and varies according to certain factors. Here we go with the factors for better understanding.
- Token features
- Technical requirement
- Complexity of smart contracts
- Security auditing
- Legal compliances
- Testing and quality assessment
- Marketing and promotion
- Maintenance and ongoing support
These are the factors you should consider when estimating the cost to create polygon tokens. However, the original cost will vary as per your business requirements. A well-experienced team of professionals could help you with this. With incredible market understanding, they can guide you in choosing relevant features. Their technical expertise limits the overall cost of Polygon token Development. If you are close-knit with your budget, their cost estimation may help you plan for financial proceedings.
Final Thoughts…
Polygon tokens are consistently acquiring greater position in the emerging crypto space. With greater scalability and visible advantages, they attract business minds to create and utilize them for businesses. The growing market cap of the top 3 polygon tokens also witnessed the same. So for startups concerning revenue, development cost, and business future, creating a token on Polygon is paramount. Choosing a reputed Polygon token development company assists you in meeting your expectations. A dynamic polygon token developed under their technical fluency can lead your crypto business against your counterparts. So leave your worries away and fuel your business with feature-rich and customizable Polygon tokens.
