Polygon is one of the crypto assets aside from Bitcoins that is up there in the crypto world today. The token is currently ranked 14th among thousands of crypto coins by CoinMarketCap.
Polygon price today is $1.66 with a 24-hour trading volume of $2, 389, 920, 355. It has a market cap of $12, 365, 111, 073 as of the time of writing.
Crypto investors look to diversify their portfolios. The knowledge of the crypto asset to buy or hold is therefore important.
If you need to consider Polygon in your crypto deal, then you’ll learn more about the token in this post.
What is Polygon (MATIC)?
Polygon is the first well-structured, easy to use platform for Ethereum scaling and infrastructure development. Formerly known as MATIC, Polygon was launched in October 2017.
The co-founder of Polygon are Jaynti Kanani, Sandeep Nailwal and Anurag Arjun. They are experienced blockchain developers and a business consultant respectively.
Polygon trades by the symbol MATIC.
Top 7 Things To Know About Polygon (MATIC)
1. Polygon effectively transfers Ethereum into a full-fledged multi-chain system (aka interest of blockchains). It performs this role just like in Polkadot, Cosmos, Avalanche, etc.
2. Polygon is a layer 2 scaling solution backed by the top two crypto exchanges i.e. Coinbase and Binance.
3. The project seeks to stimulate mass adoption of cryptocurrencies by resolving problems of scalability on many blockchains.
4. Polygon boasts of up to 65, 000 transactions per second on a single side chain. It also has a respectable block confirmation time of less than 2 seconds.
5. The framework allows for the creation of globally available decentralized financial applications on a single foundational blockchain. As of today, Polygon has attracted more than 50 DApps to its proof-of-stake secured ETH blockchain.
6. The native token, MATIC, is an ERC-2 token running on the Ethereum blockchain. The tokens are used for payment services on Polygon. The tokens are used as a settlement currency between users who operate within the Polygon ecosystem. Transaction fees on the sidechains are also paid in MATIC tokens.
7. MATIC tokens are released on a monthly basis. The token currently has a circulating supply of 4.8 billion and a maximum of 10 billion MATIC tokens.
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