Polygon (MATIC) Live Price

What Is Polygon (MATIC)

Polygon, also known as the Matic network, is a pioneer Blockchain project built on the Ethereum main chain as a sidechain. The layer two solutions aim to interlink Ethereum-compatible blockchain and projects. 

It ensures that Ethereum-based apps can interoperate among themselves and other Blockchain platforms. It also helps increase the scalability functions of Ethereum, where new features and more people can easily use the platform.   

Interoperability: MATIC sidechain allows DApps on the Ethereum ecosystem to interact, share data, and exchange tokens with one another. 

The sidechain also helps developers to create and connect their blockchains to make them compatible with Ethereum Blockchain. Thus, building a small Blockchain-based internet in the process. 

Project Development: The Polygon PoS Chain has various development frameworks. Polygon SDK, a tool on Polygon Mainnet, helps developers create different types of decentralized applications and smart contracts on the network. 

The SDK framework also uses off-chain transaction modules like optimistic roll-up, ZK rollups, and stand-alone chains, which fastens transactions using the Ethereum Mainnet security standard. 

Scalability: Polygon introduces a multi-chain system to ensure the scalability and security of the network. It uses a Proof of Stake consensus algorithm facilitated by the Plasma Framework. Its network of Proof of Stake validators confirms transactions and adds new blocks to the Blockchain.  In the process, they earn MATIC tokens. The network can process up to 65,000+ transactions per second. 

The Plasma-PoS combo also ensures that the Polygon network can adjust to every scalability demand. That is otherwise non-existent in Proof of Work systems. The core technology is easily expandable to satisfy new developer needs, new feature sets, and a larger community. It can also house as many Dapps as possible without any side effects. Today, over 37,000 dApps sit on Polygon. 

History

Indians; Anurag Arjun, Jaynti Kanani, and Sandeep Nailwal launched Polygon in 2017. It was first known as the MATIC network before being changed to Polygon in 2021. After the 2021 rebranding, the network changed its scaling method to an Ethereum-based interoperable sidechain. Which stays on Ethereum's current basic blockchain layer

While Anurag was a business consultant, his co-founders were Blockchain developers. Jaynti previously worked with Ethereum. And he was a prominent team member that installed the Web3, WalletConnect protocol, Plasma, and Dagger event notification engine on Ethereum. Sandeep and Anurag also had stints with various top companies. 

Polygon also had its fair share of advisors. Ethereum co-founder Vitalik Buterin proposed using the Plasma Framework to enhance the network's scalability. EthHub co-founder; Anthony Sassano and former member of the Ethereum Foundation; Hudson Jameson, were also well-known advisers to the project. 

How To Use Polygon 

Polygon allows interoperability between Ethereum and decentralized applications. However, it's essential to use a compatible dApp that can easily connect to Polygon without charging extra fees. Decentralized financial applications like Aave, SX Bet, Curve, ApeSwap, and Dawnstar Finance are compatible with Polygon. 

Bridging is easy once you have a Polygon-compatible wallet like Metamask or Coinbase Wallet. You can choose Polygon bridge on these cryptocurrency wallets and link your Ethereum assets accordingly. 

After bridging, you can easily deposit Ethereum token or ERC-20 tokens from your Ethereum Mainnet to Polygon Blockchain. Here is a quick guide to bridging your network and transferring funds. 

Read more on how to move funds here. 

MATIC Asset Price 

MATIC cryptocurrency is Polygon's native token based in the Ethereum ecosystem. The token was launched in 2019, two years after the kickstart of the MATIC foundation. The project got its first funding via a crypto exchange launch on Binance. Its initial Exchange Offering (IEO) earned the project more than $5 million. 

The initial token distribution went as follows 

At $0.00263, the initial supply of MATIC when starting was 3.23 billion tokens. MATIC tokens are released monthly with a maximum supply of 10 billion tokens. The token rise to an all-time high price of $2.92 in 2021. However, its price had been under $0.04 for two years prior.

According to the 3commas rate converter page, MATIC costs $0.856223 today. It has a market cap of $6.35 billion, ranking 12th amongst all cryptocurrencies. It had a 24-hour trading volume of $457,574,120 and a total supply of 7,441,499 in circulation. 

Where Can I Buy MATIC 

MATIC is a frontline ecosystem token that adds innumerable value to Ethereum. It makes Ethereum functions more scalable while providing an alternative to creating smart contracts. Thus, it has a wide usage among decentralized applications, especially Defi platforms. Therefore, top-end cryptocurrency exchanges support trading MATIC. They include 

You can check MATIC's live price on our exchange rate converter page. It allows you to compare MATIC tokens with a range of popular crypto and fiat currencies. Which, in turn, helps you make an informed buying decision.

What Makes Polygon Unique? 

Polygon is highly interoperable and scalable, a glaring deficiency in first-generation blockchains like Bitcoin and Ethereum. Plus, it offers an inexhaustible work tool for developers to create high-performance and scalable smart contracts. 

The network is very accessible, flexible, and intuitive. It fully supports Ethereum Virtual Machine (EVM) and uses a Solidity programming language to build solutions. Connected systems enjoy full interoperability with Ethereum using either Polygon's security protocol or their native security standard.

We're in an age of rapid development in technology. Polygon has an encompassing and dynamic scaling model that makes it adapt to every technological advancement. Thus, the network isn’t at risk of getting outdated anytime in the future. 

What is more, Polygon supports only Ethereum base chains. But when the Polygon community votes in favor of the idea, the network plans to provide support for base chains on other networks. This will make Polygon even more relevant among different blockchain projects