Price (USD)$ 0.9293
Circulating SupplyMATIC 8.86874B
Volume (24h)$ 405.28202M
Market Cap$ 8.23384B
Low/High 24h$ 0.9041 - $ 0.931
Change (24h)$ 0.008563
Polygon, formerly known as the Matic Network, is a blockchain solution. It’s essentially a Layer 2 blockchain built on top of Ethereum. The main goal of the network is to provide multiple tools to improve the speed and reduce the cost and complexities of blockchain transactions. In a nutshell, Polygon is a decentralized scaling platform that enables developers to create scalable user-friendly dApps and build bridge infrastructure between blockchains.
Polygon originates from India. It was created in 2017 by Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic. Polygon developers claim to be able to process up to 65,000 transactions per second within their network.
Rather than running on its own blockchain, Polygon tokens are traded on the Ethereum blockchain. That’s because Polygon was developed to help scale Ethereum through side chains. Polygon can be compared to a fast train with fewer stops on the way. Even Polygon’s website describes the network as ‘Ethereum in the fast lane.’
The native token used to pay for transaction fees on Polygon is called MATIC, which has a maximum total supply of 10 billion. MATIC is an Ethereum-based ERC-20 token, but it can also be bridged to the Polygon network. A user can pay gas with MATIC as well as send MATIC to other accounts the same way as they use ETH to pay gas fees on Ethereum and send ETH to others.
Polygon network offers a number of benefits for every crypto user and developer:
As mentioned before, Polygon uses side chains that run alongside the Ethereum main chain and handle off-chain computations. Side chains can be built using one of three construction scalability methods. First of all, Plasma Chains bundle transactions into blocks and batch them into a single submission on the Ethereum blockchain. Secondly, there are zk-Rollups; these allow multiple transfers to be bundled into a single transaction. Lastly, Optimistic Rollups which resemble Plasma Chains, however, they can scale Ethereum smart contracts.
Polygon uses a Proof-of-Stake consensus mechanism to create new MATIC and secure the network. Users can earn money on MATIC they hold via staking. Validators verify new transactions and add them to the blockchain and in exchange, they may receive a cut of fees and newly created MATIC. Becoming a validator on Polygon requires a full-time node (or computer) and staking your existing MATIC. Additionally, there are delegators who stake their MATIC indirectly via a trusted validator. This is a much lower-commitment version of staking but it requires research into the validator selected: errors made by a validator may result in the loss of part of all of the tokens.
Here are a few examples of the network’s applications:
In 2021, the company behind Polygon, Polygon Technology, raised $450 million last year by selling its Matic token to several investors, including Reddit Inc. co-founder Alexis Ohanian.
In July 2021, Polygon launched the Polygon Studios division. The goal was to transition from Web 2.0 to Web 3.0. The new division focuses on supporting developers interested in creating games by using Polygon. Polygon Studios can guarantee support for developers in the form of marketing assistance, support from community members, and investments.
In April 2022, the team behind Polygon announced that it’s eliminating all of the network’s carbon debt and going carbon negative. This means that every transaction – an NFT minted by an artist, a DeFi trade, a token bridged to a project building on the network – is accounted for. Its environmental impact will be offset. When this goal is achieved, Polygon will work on becoming the first blockchain to be climate positive.
At the beginning of August 2022, Polygon was added to Disney's highly prestigious Accelerator program for this year. The Ethereum scaling tool became one of six companies selected by the media and entertainment giant to be a part of its program to develop AR, NFT, and AI Experiences. Disney’s 2022 Accelerator program is a business and development initiative designed to spur the growth of innovative companies around the world. Polygon was the only blockchain-native platform chosen.
The project also had its share of controversy. Just this week Cyber Capital founder Justin Bons referred to Polygon as ‘highly insecure & centralized,’ claiming only five people are needed to compromise over $2 billion in the ecosystem.
Just a few weeks back, MATIC was gaining momentum due to the upcoming Ethereum merge in September. Investors are searching out cryptocurrencies that could indirectly benefit from the upgrade, and they're flocking to Polygon. Since Polygon is the most important Layer 2 blockchain on Ethereum, it’s no surprise that all the excitement surrounding ETH is boosting Polygon (MATIC) price as well. Last week, Polygon crypto token was moving extremely bullish and on August 13th hit $1.
The coin reached its maximum price in December 2021: its all-time high was registered at $2.92. When it comes to the future of the Polygon coin, predictions differ.
For instance, PricePrediction promises that in 5 years from now, Polygon (MATIC) will cost $7.54 on average. They also believe that by 2030, the average MATIC crypto price will skyrocket to $23.36.
However, the experts at TradingBeasts are less optimistic about the coin’s bullish trends. They believe that in 2025, Polygon crypto price will rise only to $1.718.
Today Polygon crypto price is 0.9293 USD.
The capabilities of Polygon network are clearly evident in the understanding of the blockchain and its different components. With its native token, MATIC, Polygon is a unique layer 2 scaling solution which has been steadily evolving. With Web3 and Ethereum-based solutions development, Polygon can become the ultimate blockchain for a variety of use cases.
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Don’t forget to do your own research before buying any crypto. The views and opinions expressed in this article are solely those of the author.
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