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Polygon Token Development - Create your Own Token on Polygon Blockchain

Polygon Token Development - Create your Own Token on Polygon Blockchain

Polygon Token Development

Are you looking for easy ways to get started with your Polygon Token Development? Then you may be the person who is intrigued to start projects in areas like DeFi, NFT marketplace, gaming, or raising funds through ICO/IDO/IEO. 

It’s not a big deal whether you have the developer knowledge or not, you can still develop the Polygon token and add your own parameters and make it live. Follow the step by step guide to launch your polygon token instantly or get help from Hivelance, Polygon token development company.

Polygon Token Development Steps

Step 1 - Connect to the polygon node

The first and foremost step in developing a polygon token is connecting to the polygon node. Polygon node is nothing but the polygon blockchain network that can run the EVM based smart contract codes. 

Open metamask wallet and head to settings, then add a polygon mainnet & testnet networks by giving the required parameters asked as shown below. 
 

Field Name

Polygon Mainnet

Polygon Testnet (Mumbai)

Network Name

Polygon

Mumbai

New RPC URL

https://polygon-rpc.com/

https://polygon-mumbai.infura.io/v3/4458cf4d1689497b9a38b1d6bbf05e78

Chain ID

137

80001

Currency Symbol

MATIC

MATIC

Block Explorer URL

https://polygonscan.com/

https://mumbai.polygonscan.com


Source

Step 2  - Develop or import Smart contract on Remix

Then open www.remix-project.org to start developing smart contract codes for EVM based blockchain networks. Remix is available as web based, desktop app, integration into VScode extension, CLI tool. 

Use it according to your convenience then develop a smart contract for the Token. The basic token standard is available in third party solutions like Openzepplin where you can import the contract and adjust the parameters.

Step 3  - Change the parameters

The token ticker, symbol, name can be modified in the remix with the successful constructors functions. The smart contract can be programmed using solidity language.

If you’re not familiar with solidity, hire a developer to cross check the code functionality. You should define the token supply for the minting process. 

Step 4 - Compile the smart contract on Testnet

As we have already added polygon testnet in the first step itself, we can compile the contract now and run on testnet. To compile the code on testnet you need Matic testnet coins which you can get from faucet.polygon.technology

Deploy the code on testnet using Test matic coins and ensure if there are any code errors. 

Step 5 - Deploy token contract on mainnet

After the successful verification, you can initiate deployment on polygon mainnet. To do that, you need real Matic coins which you can buy from popular exchanges and add to your metamask wallet. 

When you are ready to make the token live on the polygon blockchain, deploy the smart contract code on Mainnet. Your token will be launched in a couple of minutes. All the token supply you mentioned will be transferred to the wallet address of who created it. 

Step 7 - List your Token on Exchanges

Your token is ready and you need to make it available for public sale. This can be achieved through listing your token on crypto exchanges. If you feel tired of the coin listing process, get help from the Hivelance team. We assist token developers to create their polygon tokens as well as listing the same coin on popular exchanges. 

Benefits of Polygon Token Development

The token development on polygon can give you competitive advantages over Ethereum. Some of the significant benefits are as follows.

1. Low transactions fee

The polygon can handle transaction confirmation in a single block at the faster rate of 2.1 seconds. Thanks to its consensus mechanism, the transaction fee is relatively lower than ethereum. The average transaction fee levied by the polygon network is $0.01. Due to the aggressive gas fee of ethereum charged for NFT transactions, users are switching over to polygon for reducing their gas fee.

2. Preferred by DeFi apps

DeFi applications have found polygon as the best alternative for Ethereum. It is cutting down the gas fee, improving the transaction speed thereby empowering best user experience for its users. Many DeFi projects have been moved to polygon network and developers can easily develop dApps on the polygon chain as it is similar to Ethereum protocols. 

3. Staking rewards

Polygon provides maximum staking benefits for its users who hold the tokens for a fixed period. Those staking users are responsible for the liquidity of the matic tokens which is the native token of Polygon network. The incremental ROI advantage triggers the crypto community to buy the matic tokens in large numbers. 

4. Highly scalable 

The polygon chain is interoperable with EVM based networks. By gaining access to EVM networks, polygon can be available to a large number of developers making the system scalable. Any new apps or projects deployed on the polygon chain can be scalable with open contribution from EVM networks.

Polygon Token Development Services we offer

1. Polygon Smart contract creation

We can develop a new smart contract for your token or audit the existing code and ensure its vulnerability. With proven knowledge in solidity language, our smart contract developers can assist you in every step of smart contract creation.

2. Polygon Wallet Bridging

We can connect the decentralized wallet to create your tokens or create a new wallet that is catering only to your tokens. Institutional investors and big organizations will prefer to have their tokens in the wallet they are compatible with. 

3. DeFi integration using Polygon

DeFi apps can be interconnected to the polygon blockchain by migrating from other blockchains. We can do cross-chain bridge and import the funds from the previous blockchain that can be able to operate inside the DeFi apps seamlessly.

4. Token Deployment and testing

If the token deployment and testing process seems tedious to you, our expert developers can do it irrespective of many times. The tokens can be carefully deployed using secure protocols.

Use-cases of Polygon Token 

1. DeFi 

As said before, DeFi has been posing a remarkable welcome for Polygon based tokens. The three biggest DeFi giants Aave, Uniswap, and Compound have adapted polygon blockchain in their operation. This is due to the major fact of lower transaction fees that can be achieved by Polygon’s layer 2 protocol. Layer 2 is the blockchain protocol that can run in parallel networks and performs the operation in a different scenario.

2. NFT 

NFT has the biggest advantage to win using the Polygon blockchain network. NFT users usually carry a lot more transaction fees called gas fees. This is different in terms of what NFT marketplace we are using. But when NFT is minted using the polygon chain, users can greatly reduce the gas fees since the network congestion is the major drawback for Ethereum. 

NFT Marketplace Opensea already implemented a polygon chain in their operation. The marketplace says it can achieve every NFT transaction with minimum transaction fees.

3. Gaming

Most of the in-game assets are available as NFT. As the NFT trading overflows with the help of polygon blockchain, more web3 games can be incorporated in the future. Polygon can greatly contribute in making the assets interoperable on other NFT games. The adoption of polygon can improve the entry barriers of most of the newbie gamers. 

Why Choose Hivelance for Polygon Token development?

Throughout these years, Hivelance has been the reliable polygon token developers for many noteworthy projects. We are preferred by our clients for many reasons such as follows.

  • In-house smart contract developers with many years of experience.
  • Certified solidity programmers in-hand.
  • Best price in the market(guaranteed).
  • Post launch support and maintenance.
  • Add-on services like Token listing available.

Need more information? Drop us a message, we'll get back to you shortly.

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