Price for today
0,378 USD -2,81%
0,00000668 BTC -2,81%
Name: Polygon
Symbol: MATIC
Circulating supply: 0 $
Max supply: 0 $
Price: 0,3784 $
Volume 24h: 5481703 $
Market Cap: 902.321 M $
Percent change 24h: -2,8 %
Polygon is an innovative scaling solution supported by the top-rated cryptocurrency exchanges that aims to create a Layer 2 project. The platform will allow Ethereum users to scale their decentralised applications for broader usability. For the primary stage, Matic has already introduced its hybrid blockchain solution based on Ethereum. Matic has a potential to become one of the most progressive scaling second-layer platforms on the cryptocurrency market. Founded by Sandeep Nailwal in 2019, Matic prioritizes creating high-quality scalability solutions for the world of decentralised applications.
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.
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.
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.
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:
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.
Polygon incorporates two types of chains. The first one is based on the MVP solution. It creates so-called child chains. Child chains are the copies of the Ethereum blockchain. These child chains send data to the parent chain (usually, it is the Ethereum network, but also potentially any other network).
The second blockchain is called Heimdall, and it uses Delegated PoS. To earn rewards, you have to stake the MATIC coins.
There are two main ways of scaling in the Polygon system:
Second-layer scaling depends on the security mechanisms of the main layer of the Ethereum blockchain, like Plasma, and rollups. Secured chains present a higher level of safety but sacrifice flexibility and independence of the system.
Sidechains utilize their own security models by having a separate consensus mechanism such as Delegated PoS chain or xDai. They are independent and flexible. However, it is more challenging for them to establish a credible security model.
Polygon is the only robust scaling solution that supports EVM and allows sidechains to have their own security mechanism, while also ensuring the interoperability of each chain.
Here are some of the other advantages of Polygon:
As of June 17, 2021, there are 6.29 billion MATIC tokens in circulation. The current MATIC crypto supply is only 63 percent of its max supply of 10 billion tokens.
Experts like Tim Frost suggest that after the Ethereum 2.0 update, MATIC will lose its grounds on the crypto market. Polygon CEO Sandeep Nailwal dismisses these claims and says that the layer-2 solutions will be relevant even after the Ethereum update.
MATIC coin price predictions vary from source to source. As long as we look at the daily MATIC chart, the MATIC progression is not going to be impressive. However, if we look at the bigger picture, we will see that MATIC price steadily increases. It is the reason why some sources predict MATIC hitting $15 per token at the end of 2022. Due to its complex ecosystem and cooperation with the platforms such as Ethereum and Binance, we believe that MATIC prices will continue to rise.
