MATIC Jumps as Polygon Introduces Improved Privacy for DAOs
Identity proofs allow users to vote on governance proposals without compromising their privacy.
80% of total supply
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Polygon was formerly called Matic Network. Polygon (MATIC) is an Ethereum token that powers the Polygon Network, a scaling solution for Ethereum. Polygon aims to provide faster and cheaper transactions on Ethereum using Layer 2 sidechains, which are blockchains that run alongside the Ethereum main chain. Users can deposit Ethereum tokens to a Polygon smart contract, interact with them within Polygon, and then later withdraw them back to the Ethereum main chain. The MATIC token is used to pay transaction fees and participate in proof-of-stake consensus.
Polygon (MATIC) is an Ethereum token that powers the Polygon Network — a protocol and framework for building and connecting Ethereum-compatible blockchain networks. Polygon is what’s known as a Layer-2 solution, designed to help scale the Ethereum network and improve its functionality. The protocol aims for faster, cheaper Ethereum transactions using sidechains, blockchains that run like speedy HOV lanes alongside the Ethereum main chain.
To use Polygon, you can “bridge” some of your crypto over to Polygon (using the official Polygon Bridge), and then interact with a wide range of popular crypto apps that were once exclusive to the main Ethereum blockchain.
Users can deposit Ethereum tokens to a Polygon smart contract, interact with them within Polygon, and then later withdraw them back to the Ethereum main chain. The MATIC token is used to pay transaction fees and participate in proof-of-stake consensus.
An increasing number of decentralized financial applications support Polygon. To avoid unnecessary fees, check that your app is supported before you bridge assets from Ethereum’s main chain. Popular decentralized applications such as Aave, Sushiswap, and Curve Finance all support Polygon as of December 2021.
In order to engage in Polygon’s network, you will need a multi-chain wallet like Coinbase Wallet. Using Coinbase Wallet, you can browse to the Polygon Bridge to exchange Ethereum assets, and monitor your balances across different networks.
Depending on where you live, you can buy, send, and receive MATIC by creating an account on Coinbase.
As MATIC is an ERC-20 token issued on Ethereum, it can also be purchased using a variety of decentralized exchanges such as Uniswap and Sushiswap. In addition, you can use the official Polygon Bridge in order to exchange assets between Ethereum and Polygon.
Polygon’s sidechain is secured by proof of stake. By staking MATIC, a network of powerful computers secure and validate the network (earning MATIC rewards in the process). Some participants can also “delegate” their MATIC to a validator in order to receive a portion of their rewards. MATIC can be staked using the official Polygon Wallet (note: Polygon staking is currently not available via the Coinbase platform).
Released: October 2017
The price of Polygon has risen by 58.72% in the past 7 days. The price declined by 1.95% in the last 24 hours. In just the past hour, the price grew by 2.53%. The current price is $0.58545 per MATIC. Polygon is 79.95% below the all time high of $2.92.
The current circulating supply is 8,001,489,374.62 MATIC.
Polygon was mentioned in 13,242 out of 1,755,926 social media posts on Twitter and Reddit on Jun 25, 2022. 13,374 unique individuals are talking about Polygon and it is ranked #18 in most mentions and activity from collected posts.
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