Polygon MATIC
$0.99244 3.07%
Latest Updates
Updated at 09:15$9,831,726,306.63
#17
$338,346,554.62 38.18%
-$0.03048 3.07%
-$0.01644 1.66%
What about Polygon?
Polygon is a DeFi platform that enables users to earn interest on their digital assets. It offers a variety of lending and borrowing products, staking pools, and options exchange. MATIC, a native token used to pay fees on the platform, provides holders with voting rights and governance privileges. There is a lot more to explore about it.
A team of experienced developers works on Polygon. Its co-founder Sandeep Nailwal has already received backing from the crypto community.
The project is still in its early stages, but the team is confident that they will be able to bring Polygon users a simple, user-friendly interface.
Polygon has the potential to become the go-to platform for crypto users. That’s why they can help to increase the adoption of the Polygon protocol.
Recently, the platform has attracted over $1 billion in TVL and continues to gain popularity in the DeFi space.
Buy Polygon Without Any Hassle
Polygon, formerly known as Matic Network, is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. It effectively transforms Ethereum into a multi-chain system (aka Internet of Blockchains), by providing a flexible framework that supports building multiple types of decentralized applications (dapps). Polygon aims to solve the scalability issues faced by Ethereum by enabling faster and cheaper transactions, making it easier for developers to create user-friendly dapps.
Polygon effectively transforms Ethereum into a comprehensive multi-chain system, similar to Polkadot, Cosmos, and Avalanche. It retains the advantages of Ethereum's security, thriving ecosystem, and openness.
The project is currently undergoing a serious upgrade. Polygon 2.0 is a modification to the Polygon (previously “Matic Network”) blockchain network. It is designed to improve the core technology and promote the growth of Polygon, so that it can scale to a larger ecosystem.
Polygon 2.0 introduces a novel software stack called "Avail" that offers modular architecture, allowing developers to customize and optimize their dapps. It also integrates with the Ethereum Virtual Machine (EVM), enabling compatibility with Ethereum-based projects. Polygon 2.0 plans to introduce new features like optimistic rollups, file storage, and more, to enhance the capabilities of the network.
Polygon Labs is a division of Polygon (formerly Matic Network) that focuses on developing software and tools for the Polygon ecosystem. It provides solutions for developers, enterprises, and users to enhance their experience on the Polygon blockchain. Polygon Labs creates products such as Polygon Studios, a suite of development tools, and other innovative solutions to promote adoption and growth of the Polygon network.
Polygon Ecosystem
The existing ecosystem built on Polygon (formerly known as Matic Network) includes a variety of projects and applications. It features decentralized finance (DeFi) protocols like Aave, SushiSwap, and Curve Finance.
There are gaming platforms, such as Decentraland and Sandbox, as well as non-fungible token (NFT) marketplaces like OpenSea. Other notable projects include QuickSwap, Polycat Finance, and the Polygon Bridge for interoperability with other blockchains.
Polygon SDK
The project offers several Ethereum scaling solutions, the more remarkable of which is Polygon SDK. It is a modular and flexible framework that provides developers with the tools and resources to create a wide range of applications. With its versatile architecture, Polygon SDK supports the development of various types of applications, from blockchain-based decentralized finance (DeFi) platforms to gaming applications and non-fungible token (NFT) platforms.
Its modular design allows developers to easily customize and adapt the SDK to suit their diverse needs, making it an ideal choice for building innovative and unique applications. The flexibility of Polygon SDK enables developers to seamlessly integrate with existing blockchain networks and take advantage of its scalability and low transaction fees.
Using the Polygon SDK, developers can create any kind of infra required for their projects. This includes optimistic rollup chains, which are layer-2 solutions that batch multiple transactions together to reduce fees and increase throughput.
Developers can also utilize ZK rollup chains, which use zero-knowledge proofs to bundle transactions and perform computations off-chain, resulting in improved scalability.
The Polygon SDK allows the creation of standalone chains, which are independent blockchain networks with their own consensus mechanisms and rules. This versatility empowers developers to tailor their infrastructure according to their specific application requirements, whether it is optimized scalability, privacy, or other functionalities.
What Problem Does the Polygon Network Solve?
Polygon (formerly known as Matic Network) addresses the scalability challenges of the Ethereum network. Ethereum, while being a robust and widely adopted blockchain platform, struggles with high transaction fee costs and limited scalability. These issues hinder the user experience and make it challenging for decentralized applications to handle heavy transaction loads efficiently.
Polygon solves this problem by providing a layer 2 scaling solution that offers faster and cheaper transactions. By utilizing different scaling techniques like optimistic rollups, ZK rollups, and standalone chains, Polygon enables dapp developers to build applications that can handle a large number of transactions without burdening the Ethereum mainnet.
This scalability improvement leads to better user experiences and opens up opportunities for the development of complex decentralized finance (DeFi) protocols, NFT marketplaces, and other blockchain-based applications. Ultimately, Polygon aims to make decentralized applications more accessible, user-friendly, and cost-effective for both developers and users.
What Technologies Does Polygon Use?
The Polygon blockchain utilizes a combination of the Plasma Framework and a proof-of-stake (PoS) blockchain architecture. The Plasma Framework, initially proposed by Vitalik Buterin and Joseph Poon, is a second-layer scaling solution for the Ethereum main chain. It is a core component of the system because it provides scalability by batching multiple transactions together and submitting them as a single proof to the main Ethereum blockchain. This reduces costs and improves transaction throughput on the Ethereum network.
In addition to the Plasma Framework, Polygon implements a PoS blockchain architecture. This involves the use of validators who secure the network and validate transactions, replacing the energy-intensive proof-of-work (PoW) mechanism used by Ethereum. The PoS consensus mechanism offers faster block confirmation times, improved security, and reduced energy consumption.
With the Plasma Framework and a PoS blockchain architecture, Polygon (Matic) achieves high scalability, fast transaction processing, and cost-effectiveness. This Plasma PoS Chain technology stack allows developers to build decentralized applications and infrastructure that can handle a large volume of transactions while leveraging the security and compatibility provided by the Ethereum mainnet.
How Does Polygon Work?
Polygon (Matic) is a layer 2 blockchain that operates on top of the Ethereum network. By leveraging the underlying Ethereum blockchain, Polygon ensures the security and settlement of transactions. However, what sets Polygon apart is its focus on designing second layers that enhance the scalability and processing speed of the network.
In the context of an "Internet of Blockchains," Polygon aims to connect various blockchain projects on Ethereum, which may possess unique features but lack interoperability. This distinguishes Polygon from other blockchain projects like Polkadot and Cosmos, which also attempt to solve similar problems. By embracing compatibility with Ethereum, the second-largest blockchain in terms of size and ecosystem, Polygon seeks to build upon the successes and resources of its parent blockchain.
To secure its network and generate new tokens, Polygon (Matic) employs the proof-of-stake (PoS) consensus algorithm. This method requires users to lock up their tokens to be randomly selected for validating new blocks of data. By utilizing PoS, Polygon enhances network security while ensuring the creation of new tokens over time.
What is The Matic Token?
Matic is the native token of Polygon, a blockchain platform that enhances the user experience by enabling seamless interaction with tens of thousands of decentralized applications within Polygon's vibrant ecosystem. Also, Matic plays a crucial role in securing the network through staking and enabling governance.
The Matic cryptocurrency is required to pay gas fees when using the platform. These fees incentivize validators to process and verify transactions and actions conducted on Polygon PoS.
Polygon utilizes a proof-of-stake mechanism, where staked Matic is employed to achieve consensus on the network. By locking Matic for a certain period, users can secure Polygon PoS and receive staking rewards, while ensuring validators are discouraged from participating in malicious activities.
Validators on the Polygon PoS network possess exclusive privileges. They play an important role in the decentralization of the network by implementing Polygon Improvement Proposals (PIPs). These PIPs are proposals for enhancing the functionality and efficiency of the Polygon PoS ecosystem. Validators actively contribute to the growth and development of Polygon by participating in consensus and maintaining the integrity of the network.
Where to Buy Polygon (Matic)?
Matic can be easily bought and sold on various leading centralized and decentralized exchanges worldwide. Changelly is a reputable crypto exchange platform where you can buy Polygon (Matic), using USD, EUR, and 80+ more national fiat currencies.
You can easily pay with your credit card, debit card, bank account, Apple Pay, or Google Pay because our versatile crypto exchange service eagerly supports classic payment systems. Alternatively, you can use your cryptocurrencies like USD Coin, Binance Coin, or Bitcoin Cash to exchange for Matic coins, as well.
How Does Polygon Staking Work?
Staking on the Polygon network is similar to other proof-of-stake blockchains, but it has unique features:
Polygon uses a PoS mechanism, where validators produce blocks based on their staked Matic tokens.
Validators stake Matic tokens to become validators and confirm transactions honestly, as malicious actions result in token slashing.
Delegators can participate in staking by delegating their tokens to a validator and earning a portion of the rewards.
Rewards for staking are in Matic tokens, determined by factors such as total staked Matic, validator performance, and staking duration.
Staked tokens are locked for a specific period and cannot be accessed until the staking duration is over.
Slashing is a punishment mechanism for validators who act maliciously, and it can result in the loss of staked tokens for both validators and delegators.
Various platforms and wallets support staking on the Polygon network, simplifying staking processes for users.
The staking mechanism ensures security and decentralization on the Polygon network by incentivizing participation.
How Does Polygon (Matic) Differ From Other Blockchains?
Polygon (Matic) differentiates itself from other blockchains in several ways:
Scalability. Polygon focuses on addressing the scalability challenges of the Ethereum network. While Ethereum faces limitations in terms of transaction throughput and high fees, Polygon offers layer 2 scaling solutions, like optimistic rollups, ZK rollups, and standalone chains. These solutions enable faster and cheaper transactions, making it more scalable and efficient for decentralized applications.
Ethereum Compatibility. Polygon is specifically designed to enhance and complement the Ethereum ecosystem. It is built as a compatible scaling solution, allowing seamless interaction with Ethereum's smart contracts and assets. Developers can easily migrate or deploy their existing Ethereum-based dapps to Polygon without significant modifications.
Flexibility. Polygon offers developers the flexibility to choose the type of infrastructure they require. Whether it's optimistic rollup chains, ZK rollup chains, or standalone chains, Polygon allows developers to customize their infrastructure according to their specific needs. This versatility makes it suitable for a wide range of use cases and applications.
Ease of Use. Polygon prioritizes user and developer experience. Its developer tooling, documentation, and ecosystem support make it easier for developers to build and deploy scalable and efficient decentralized applications. Additionally, Polygon provides better user experiences by reducing transaction fees and improving transaction speeds, thus enhancing the overall usability of blockchain applications.
Community and Adoption. Polygon has gained significant community support and adoption. It has a thriving ecosystem of developers, projects, and users, with popular applications and protocols already leveraging Polygon's scalability solutions. The strong community and adoption contribute to the network's growth and sustainability.
Who and When Founded Polygon (Matic)?
Polygon (formerly known as Matic Network) was founded by Jaynti Kanani , Anurag Arjun and Sandeep Nailwal. The project was launched in October 2017.
Together, they co-founded PolymerChain, which later rebranded to Matic Network and eventually became known as Polygon. Polygon’s team initially focused on contributing to the Ethereum ecosystem, offering solutions such as Plasma MVP, the WalletConnect protocol, and Dagger event notification engine on Ethereum.
Over time, the project gained significant recognition and successfully evolved into a leading scaling solution for decentralized applications on Ethereum, attracting a large user base and developer community.
Matic Tokenomics
Matic tokens are regularly distributed on a monthly basis. Currently, there are 4,877,830,774 Matic tokens in circulation out of a max supply of 10,000,000,000 Matic tokens.
During the private sale in 2017, only 3.8% of the maximum supply of Matic tokens was issued. In the April 2019 launchpad sale, an additional 19% of the total supply was sold, generating $5 million at a price of Polygon being $0.00263 per token.
The remaining Matic tokens are allocated as follows:
Team tokens: 16% of the total supply.
Advisor tokens: 4% of the total supply.
Network Operations tokens: 12% of the total supply.
Foundation tokens: 21.86% of the total supply.
Ecosystem tokens: 23.33% of the total supply.
According to the planned release schedule, all tokens are expected to be fully released by December 2022.
Polygon Live Price Today
Changelly, a well-established cryptocurrency exchange, provides an interactive chart on the Polygon Matic price today, offering users valuable insights into this innovative digital asset.
Our Matic price chart displays essential data, such as the current price of the Polygon today, the asset’s market cap (market capitalization), 24-hour trading volume, current circulating supply, total supply, live Matic price change updates, and the Matic to USD price.
All our data and Polygon price changes are updated in real time, so you can instantly see how the asset’s value is fluctuating right now, and whether the crypto asset is on the rise or decline trend.
If the current Polygon (Matic) price appeals to you, and you want to buy Matic through our service, here is a useful USD converter to let you easily calculate how many Polygon tokens you will get based on your US dollar investment.
Our comprehensive Polygon price chart can help you make a more accurate Matic price prediction, so you can anticipate future cryptocurrency price movements and potentially capitalize on investment opportunities.
You can utilize our blog's articles and guides to expand your knowledge of the crypto space and stay updated on the latest trends and developments in the industry.
The Polygon price prediction for different years to come is also available on Changelly, so read this Polygon forecast to get a better understanding of how this crypto coin may behave in the crypto market in the future.
With Changelly, you have the necessary resources related to the Matic price statistics to perform a technical analysis and compose your own Polygon forecast. If you consider the current price of Polygon appealing, you can buy crypto instantly and securely using your favorite fiat currency right – Changelly facilitates exactly that.
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