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Polygon (POL)

What is Polygon?​

Here are five key points about the Polygon PoS chain:

Polygon is a layer 2 scaling solution for Ethereum, designed to reduce fees and improve transaction speed.

It uses a Proof of Stake (PoS) consensus mechanism to validate transactions quickly and securely.

Polygon provides interoperability, allowing assets and data to move between Ethereum and other chains seamlessly.

Transactions are confirmed almost instantly and cost a fraction of Ethereum mainnet gas fees.

A vibrant community supports a growing ecosystem of dApps, DeFi projects, and Web3 services built on Polygon.

Tip: Learn more by reading our guide: What is the Polygon blockchain?

Polygon on Wraith Wallet​

Wraith Wallet fully supports Polygon. You can:

Buy Polygon (POL) with debit or credit cards.

Store POL and ERC20 tokens.

Send and receive POL and ERC20 tokens.

Swap POL to ERC20 tokens and vice versa.

ERC20 tokens on Polygon​

ERC20 tokens on Polygon are often called POL tokens but follow the same ERC20 standard as Ethereum.

This compatibility allows developers to easily deploy Ethereum-based tokens and apps onto Polygon.

The main advantage of Polygon is significantly reduced gas fees for ERC20 transactions.

Receiving POL and ERC20 tokens​

Tap Receive in Wraith Wallet to copy your Polygon address.

The same address is used for both POL and ERC20 tokens.

Example: Adding USDC-ERC20 on Polygon will display the same Polygon address as your POL account.

Sending POL and ERC20 tokens​

Tap Send in Wraith Wallet.

Enter the recipient’s Polygon address or scan their QR code.

Input the amount of POL or ERC20 token.

Ensure you have enough POL for gas fees.

Adjust gas if necessary, then confirm.

Transaction fees on Polygon​

Polygon’s gas fees are far lower than Ethereum’s, often less than a cent.

All fees are paid in POL, the native token of Polygon.

Fees are generally stable and predictable.

You can check live fees on the Polygon Gas Tracker.

Checking balances​

In Wraith Wallet, tap the three dots and select View address on PolygonScan.

PolygonScan is the default explorer for Polygon.

Key points for using Polygon on Wraith Wallet​

No limit on the amount of POL or ERC20 tokens you can receive.

Always double-check recipient addresses before sending.

Receiving tokens is free, but senders must cover gas.

Sending and swapping require POL for gas.

Add tokens to your wallet through Manage token list under the Polygon network filter.

Why use Wraith Wallet for Polygon?​

Simple to use: Manage POL and ERC20 tokens with a clean interface.

Secure: Full self-custody, with encrypted keys and biometric access.

Efficient: Take advantage of Polygon’s speed and low fees for DeFi, NFTs, and dApps.

Conclusion Polygon (POL) provides a fast, low-cost environment for Ethereum-compatible apps. With Wraith Wallet, you can send, receive, and swap POL and ERC20 tokens seamlessly, giving you full control over your assets.

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