This article is a complete guide on Polygon (previously Matic Network). In the last 90 days, the Polygon price has increased by more than +1200%. Let’s take a look at what is Polygon crypto and is it a good investment?
What Is Polygon (MATIC)?
The Matic Network is a platform created for Ethereum scaling and infrastructure improvement. Lately, the project changed its brand to Polygon. The important thing to note here is that the trading ticker is MATIC only. This Layer 2 scaling solution exists on Binance and Coinbase, and already supports many projects like Aavegotchi and others.
According to its website, Polygon is a protocol for creating and joining Ethereum-compatible blockchain networks. Its basic element is Polygon SDK, a modular, adaptable framework that encourages creating various types of applications. Polygon completely changes Ethereum into a multi-chain system. The whitepaper further describes that this multi-chain system is similar to other ones such as Polkadot and Avalanche etc. with the benefits and protection of Ethereum’s security, active ecosystem.
The project now aims to solve the issues of slow block confirmations and high gas fees. It wants to solve these issues by analyzing the communication between users and the decentralized system. They want to make communicating with the decentralized system simple and straightforward.
Polygon (MATIC): How does it work?
It solves the above difficulties by developing a decentralized platform utilizing a modified variant of the Plasma framework that gives a solution for more durable and remarkably low-cost transactions with perfection on the main chain.
The system guarantees briskness utilizing PoS checkpoints that shift to the Ethereum mainchain. This allows a single Matic sidechain to probably reach 2 16 transactions per block, and perhaps millions of transactions on various chains in the future.
With Polygon, innovations happen in the current proven technology to develop the strength to provide different requirements from the developer ecosystem. Polygon will proceed to improve the core technology so that it can climb to a larger ecosystem.
MATIC is the native token of Polygon. It is an ERC-20 token running on the Ethereum blockchain. The tokens return services on Polygon and act as a contract currency between users who work within the Polygon ecosystem. The transaction fees on Polygon are paid in MATIC tokens.
How Many Polygon (MATIC) Tokens Are in Circulation?
MATIC tokens are released every month. MATIC currently has a circulating supply of 5,188,388,130 MATIC coins and a max supply of 10,000,000,000 MATIC tokens.
At the time of writing this, the MATIC price is USD 0.582916. The 24-hour trading volume is $1,533,216,430. The current market cap is USD 3,024,396,509 and the circulating supply is 5,188,388,130 MATIC coins with max. supply of 10,000,000,000 MATIC coins.
The outstanding MATIC tokens are distributed out of total supply as follows:
Where Can You Buy MATIC Crypto?
MATIC coin is available on many major exchanges. When purchasing a cryptocurrency from an exchange, it is always necessary to pick a reliable one. In fact, we recommend using Binance to buy MATIC.
