Polygon (formerly known as Matic Network) is a Layer 2 scaling solution for Ethereum, designed to provide faster and cheaper transactions on the Ethereum network. Polygon aims to address the limitations of Ethereum, such as high gas fees, slow transaction speeds, and poor user experience.
This blockchain network is a network of sidechains that are connected to the Ethereum network, which enables developers to build and deploy decentralized applications (dApps) on a fast and scalable infrastructure. These sidechains are interoperable with each other, allowing for the seamless transfer of assets and data across the network.
Polygon is powered by the Polygon token (MATIC), which is used to pay transaction fees, secure the network through staking, and participate in governance decisions. Additionally, Polygon supports other tokens, including stablecoins, to facilitate transactions and interactions within the network.
Due to such enhanced popularity of Polygon, entrepreneurs are more inclined regarding developing tokens on the Polygon network. If you are planning to develop a token on Polygon (Matic) network, you must be looking for its associated cost. Although the exact price depends on various factors, the cost to develop a token on Polygon will be between $500 to $2000.
Want to know more about Polygon tokens and their development process? Looking to hire a Polygon Token Development Company? The answers to all your queries are here in this blog. So let us start our discussion to explore more about Polygon.
Features of Polygon Tokens
There are various unique features equipped in Polygon Tokens. A few of those features are listed as follows:
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- Fast and Cheap Transactions
Transactions on the Polygon network are faster and cheaper compared to the Ethereum network, which makes MATIC an attractive option for users who want to avoid high transaction fees and slow confirmation times.
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- Staking and Governance
MATIC can be staked by users to become validators on the network and earn rewards for securing the network. Additionally, MATIC holders can participate in the governance of the network by proposing and voting on changes to the network.
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- Liquidity
MATIC can be used as a liquidity provider on decentralized exchanges (DEXs) and automated market makers (AMMs) on the Polygon network, enabling users to earn rewards for providing liquidity.
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- Interoperability
MATIC is interoperable with other tokens and networks, allowing for the seamless transfer of assets and data across different blockchains.
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- Scalable
The Polygon network is designed to provide a scalable infrastructure for Ethereum-based dApps, and MATIC plays a critical role in powering this infrastructure.
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- Ecosystem Development
The Polygon team is actively working on building an ecosystem of dapps, services, and tools on the network, which is expected to increase the demand for MATIC as the network grows.
Steps to Develop Token on Polygon
Some certain steps or stages need to be followed while developing a token on Polygon. Before going to these steps, we want to tell you that such stages require expertise in the blockchain industry as well as efficient technical knowledge. Hence, we recommend you not to do it on your own and hire a Token Development Company to get the desired outcomes as a single mistake can cost you a lot.
So let us give a brief view of the steps involved.
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- Step 1: Choose the Development Platform
This would be the initial & foremost step where the development platform will be chosen by you. You can either choose Remix, Hardhat, or Truffle as your token development platform.
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- Step 2: Define the Features & Specifications of the Token
Here in this step, you will be required to determine the specifications of the token such as token name, token symbol, total distribution & supply, token decimal, etc. At this stage only, you must also decide what features you want to incorporate in your token.
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- Step 3: Creation of Smart Contract
Use a programming language like Solidity to write the smart contract code for your token. The smart contract will define the token’s behavior, such as how it can be transferred, how it can be burned, and how it can be used.
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- Step 4: Testing
In this step, you must test the smart contract whether it is working appropriately or in the expected manner and not having any issues or security vulnerabilities.
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- Step 5: Deploying & Distributing the Token Along with its Marketing
This would be the final stage where you will be deploying the token and distributing it in the market through damp so that crypto enthusiasts can start trading with your newly developed crypto token. Also, to reach your target audience, you must be marketing your token.
Factors Impacting the Cost to Develop a Token on Polygon
As we have already mentioned the approximate cost to develop a token on Polygon at the start of our article, various variables impact the exact price. Below is the list of those factors that impact Polygon Token Development Cost:
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- The industry or domain in which your business operates.
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- The features you want to incorporate in the token.
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- The UI/UX design of your token.
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- The number of tokens you want to employ.
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- The geographical location where your business is established.
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- The token development company you hire
The above-mentioned factors are just indicative and the list is not conclusive as any other factor not included above can also impact the overall cost to develop & deploy tokens on the Polygon blockchain network.
Why Choose Coin Developer India as Your Polygon Token Development Company?
There are lots of key players in the blockchain sector however, you must hire a token development company. They offer exceptional blockchain solutions at less cost and deliver their services in prompt time.
Coin Developer India is a leading Polygon Token Development Company at the global level having clients in different parts of the world. The expert team of blockchain developers is our major plus point as all the members of our team are highly experienced and skilled in offering customized Polygon Token Development Services.
We are known for developing secured tokens using the latest technologies that will surely assist you in achieving your business objectives.
Hire us as your token development company and enjoy a competitive advantage in your respective domain.
Wants to Hire Polygon Token Developer? Contact us to get a free quote: +91 7240607737 | Mail Id: [email protected]
