Polygon (MATIC) Wallet

Usually, on the Polygon network it is necessary to have MATIC, the native token of the Polygon Network, to cover the gas fees. However, Monitok uses an account abstracted wallet, which simplifies gas fee payments. To do a transaction on Monitok, all you need is USDC, which is the main coin on the platform, regardless of the network or type of transaction.

The gas fees on Polygon are lower than on the Ethereum mainnet due to its Layer 2 scaling solution. The estimated cost for Polygon gas fees starts at 33 GWEI on Polygon and can increase depending on the demand for network resources. When converted to U.S. Dollars, 1 GWEI is $0.12. According to transaction data the average gas fee price on Arbitrum is $5.05.

Polygon is a Layer 2 scaling solution for Ethereum, designed to improve its scalability and usability without compromising on security. It uses various technologies, including sidechains and zk-Rollups, to process transactions off the main Ethereum chain, reducing congestion and lowering fees. Polygon maintains compatibility with Ethereum, allowing developers to use existing tools and infrastructure seamlessly. Additionally, it supports a thriving ecosystem of decentralized applications (dApps) and decentralized finance (DeFi) projects, fostering innovation within the blockchain space.

You can keep your assets safe on Polygon using these tips

• Using reputable and secure wallets.
• Enabling two-factor authentication (2FA) where possible.
• Keeping your private keys and seed phrases secure and offline.
• Regularly updating wallet software to the latest versions.
• Avoiding sharing sensitive information online or with unknown parties.

To conduct a transaction on Monitok, all you need is USDC, the platform’s native coin, regardless of the network, coin, or transactions you’re engaging with. To access your USDC, essential for covering transaction costs, simply navigate to the Monitok app, tap ‘Wallet’, and find USDC listed alongside your other coins.

To conduct a transaction on Monitok, all you need is USDC, the platform’s native coin, regardless of the network, coin, or transactions you’re engaging with. To access your USDC, essential for covering transaction costs, simply navigate to the Monitok app, tap ‘Wallet’, and find USDC listed alongside your other coins.

If the receiving wallet/exchange does not support the Polygon network you are sending funds through, unfortunately, there’s nothing that can be done to recover your funds from the Polygon side. You would need to contact the wallet/exchange support for assistance​.

No, once a Polygon transaction is included on L1, there is no way it can be reorged unless the L1 itself reorgs. A “dispute” involves Validators disagreeing over execution, but the inputs can’t be disputed as they are determined by the Inbox on L1.

A Polygon Wallet is a type of cryptocurrency wallet that supports the Polygon Layer 2 ZK-Rollup, which is built to empower Ethereum with scalability. You can create a Polygon Wallet on various platforms, including Monitok.

Polygon enhances the capabilities of Ethereum by providing high-performance smart contracts and lower fees compared to the Ethereum mainnet. It utilizes a unique Layer 2 architecture that leverages off-chain computation and state transitions to address Ethereum’s scalability challenges.