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You might see Polygon-based tokens in Best Wallet or the option to transact on the Polygon network. But what exactly is it?
Polygon explained
POL is the native cryptocurrency of the Polygon network, a protocol designed to scale Ethereum by offering faster and cheaper blockchain transactions.
Formerly known as MATIC, the token was rebranded as POL following a major upgrade in September 2024. Like Ether on Ethereum, POL is essential for using the Polygon ecosystem.
POL is used to pay gas fees on the Polygon network, power smart contract interactions, and facilitate transactions. It also plays a key role in staking, governance, and accessing the growing ecosystem of DeFi, NFT, and gaming applications built on Polygon.
Unlike Ethereum, which processes around 17 transactions per second, Polygon can handle up to 65,000, and at a fraction of the cost. This makes POL an attractive token for users who want to interact with dApps quickly and affordably.
Key features of POL
Utility in the Polygon Ecosystem: POL is required to perform any action on the Polygon network, from sending tokens to interacting with dApps and smart contracts. It’s used to pay for gas fees, which are typically much lower than Ethereum’s, making Polygon ideal for everyday use. Read our guide on gas fees.
Staking Opportunities: POL uses a Proof of Stake (PoS) system. Token holders can stake POL to help validate transactions and secure the network, and in return, earn staking rewards.
Broad Application in DeFi and NFTs: Polygon has a thriving ecosystem of DeFi protocols and NFT marketplaces, and POL plays a central role across both. From lending and borrowing to minting NFTs and gaming, POL is the fuel behind some of the fastest-growing blockchain applications.
Why hold POL in Best Wallet
Whilst it’s important to Do Your Own Research (DYOR), owning POL in Best Wallet offers several benefits:
Pay Gas Fees: You need POL to cover transaction fees when sending, swapping, or interacting with tokens on the Polygon network. Read our guide on why you need POL to pay gas fees.
Access DeFi and dApps: Best Wallet lets you explore and interact with Polygon-based apps, games, and tools — often at a fraction of Ethereum’s cost.
Participate in Staking: Because Polygon is Proof-of-Stake, you can stake POL tokens to earn rewards.
Buy and Swap with Ease: Buy POL using your preferred payment method and swap it for thousands of tokens directly in-app — all in a few taps.
Can I buy POL in Best Wallet?
You can buy Polygon directly in Best Wallet through trusted third-party crypto purchase providers.
With options like Apple Pay, Google Pay, debit or credit cards, and bank transfers, Best Wallet ensures a smooth buying process with minimal fees.
Can I swap POL in Best Wallet?
Swapping your POL for another cryptocurrency is a straightforward process in Best Wallet. You can swap your Polygon for thousands of other cryptocurrencies on the Polygon blockchain and cross-chain, giving you full control and freedom.
Read our guides on how to swap crypto on the same chain or cross-chain.
Paying gas fees with POL
In the context of blockchain transactions, "gas fees" refer to the cost necessary to perform transactions or execute smart contracts on Polygon.
You need POL to send, swap, or stake on the Polygon blockchain.
This makes POL not only a utility token but also an essential asset for users engaging with Polygon's ecosystem.
Read our guide on gas fees.
Need further support?
Polygon (POL) powers one of the most efficient networks in Web3, and Best Wallet makes it easy to use. From low fees and high speeds to staking and dApps — it’s a powerful tool in your crypto toolkit.
If you need help managing POL or bridging between networks, please contact the Best Wallet support team via [email protected] or open a ticket on our Support site.
Important Reminder: No one from Best Wallet will ever request your private key. Keep this information strictly private and never share it with anyone.