Redditors are Buying These 5 Cryptocurrencies After The Merge

3. Polygon (MATIC)

Market Cap as of August 31: $7 Billion

Polygon is a proof-of-stake blockchain network that uses a series of side-chains to validate transactions. With the main chain unoccupied, once transactions are validated a block can be readily added to the main chain, therefore promoting scalability and speed. Ethereum applications can also run on the Polygon blockchain network as the blockchain has its own Ethereum Virtual Machine. Polygon has a transaction speed of 65,000 transactions per second. As of August 31, Polygon has a market cap of roughly $7 billion and 8.68 billion MATIC tokens in circulation.

Redditors see upside for Polygon after the Merge due to Ethereum’s dependence on the network’s scaling capabilities. While the Merge will reduce Ethereum’s carbon footprint and make it more energy efficient, the gas fees are expected to remain roughly the same. This is why individuals staking Ethereum will flock to the Polygon network to utilize its scaling solutions.