Polygon (MATIC) Exchange Rate
An Ethereum parody or a powerful complementation that will enable the Ethereum 2.0 update to occur? Find out what Polygon is, how it works, its prices, market status, and how to obtain it.
What is Polygon (MATIC)?
Polygon (previously MATIC Network) is a multi-chain network of blockchains. Polygon presents itself as a powerful second-layer scaling solution for the Ethereum ecosystem. Unlike other platforms that try to overtake or replace Ethereum, Polygon works as its extension, increasing the output and efficiency of the network. The Ethereum Virtual Machine (EVM) compatibility allows using Ethereum-based apps, smart contracts, or tools on the Polygon network.
Polygon’s native coin is MATIC. You can use it as a settlement currency within Polygon and for payment services on the Polygon ecosystem. Users pay the transaction fees with MATIC on Polygon and its sidechains. MATIC is an ERC-20 token, which means you can also use it on the Ethereum blockchain.
MATIC was co-founded by Sandeep Nailwal, Anurag Arjun, and Jaynti Kanani in 2017. All three are software developers from India. The Polygon team used Ethereum technical paper as a basis for the creation of their scaling solution called More Viable Plasma (MVP).
To optimize its speed without compromising decentralization, Polygon runs on two principles — Plasma and Proof-of-Stake (PoS). This dual-consensus mechanism enables arbitrary state and specific state transitions.
Polygon is a second-layer scaling platform that means you can create sidechains, rollups, or channels using the platform. Those solutions can have positive effects on blockchains such as faster execution of smart contracts, higher transaction throughput, and higher speed, not to mention the reduction of transaction fees that comes with it.
To increase the popularity of the network, the Polygon team participated in various hackathons and crypto evens. In April 2019, the Binance platform showed interest in MATIC coin and offered to provide the project with a platform for token sale. This was a major turning point for Polygon, as they were able to raise $5.6 million through an initial exchange offering.
In February 2021, the MATIC team announced that they were rebranding to Polygon, Ethereum's Internet of Blockchains. Polygon is working with Ethereum on developing solutions that will leverage zk Rollups, Stand-alone Chains, and Optimistic Rollups. Polygon's software development kit (SDK) will enable the deployment of multiple blockchains with a single click.
Polygon Price Live Data
When Bitcoin and all other altcoins entered a bear market phase in May 2021, MATIC network price experienced an incredible 120% soar. Since April 1, 2021, MATIC price was steadily increasing from $0.37 . Along the way, on May 18, MATIC experienced its all-time highest price of $2.68.
Then, as we can see from our Polygon graph, the price dropped to $1.09 and then rose again to $2.21 on May 23 and May 26 accordingly. Because of such significant changes in price, the Polygon team was accused of intentionally pumping it. However, judging from the company's transparency and Binance support of the MATIC token, it doesn't seem to be the case.
Looking at the Polygon chart, we can notice a downtrend beginning from May 26. It means that right now, MATIC is in the bear market phase.
How to Convert Polygon
Ethereum (ETH) and Bitcoin (BTC) are among the top trading pairs with MATIC.
Godex is one of the most popular platforms for exchanging ETH to MATIC coins. If you want to swiftly and securely exchange your ETH to MATIC tokens, follow this simple step-by-step guide:
- Go to Godex.io.
- In the middle of the page, find two fields with numbers. By clicking on the left side of the "You Send" field, you will be able to enter the number of ETH tokens that you want to convert to MATIC. In the "You Get" field, you will see the amount of MATIC tokens you will receive.
- If you are satisfied with the ratio, click the "Exchange" button. After that, you will need to enter your MATIC wallet address in the "Destination address" field below.
- After you ensure that your input data is accurate, press the "Exchange" button one more time.
- Godex will automatically generate a deposit address with a unique transaction ID. Send the amount of ETH you want to swap to MATIC via the generated link.
- Wait for the confirmation of your transaction. You will find a detailed report of your transactions on the "Completed" page.
Can You Mine Polygon?
Polygon does not implement the PoW protocol. Instead, Polygon uses a PoS timestamping scheme to secure the network. In other words, you cannot mine MATIC, but you can lock its value ('stake' MATIC coins) and earn rewards for it. You can obtain MATIC coins by trading other digital tokens for them on our exchange platform.