What is Polygon (MATIC)?

Polygon

Another coin worth looking at is Polygon (MATIC). It is especially liked by many investors. So what makes its popularity constantly growing?

Support for Ethereum environment

Polygon (MATIC) is an ERC-20 token built in and largely developed for the Ethereum ecosystem. Its purpose is to allow developers to create dedicated blockchain networks so as to combine the special features of standalone blockchains, such as flexibility and scalability, with the best strengths of Ethereum – security and high liquidity.

Cheaper and faster transactions on Ethereum are to be provided by the tier-2 sidechains being built by Polygon, which are to collectively form an ecosystem called the “Ethereum Blockchain Internet.” In order to do this, it is necessary to launch the right structure, to connect the different networks. ZK roll-ups are coming to the rescue, with the goal of combining a large number of transfers into one. Optimistic roll-ups are also being implemented, which in turn enable almost instantaneous transactions. This is a direct support for the scalability of the Ethereum network, which has been struggling with congestion and high transaction fees.

Polygon has its own cryptocurrency called MATIC. With it, transaction fees can be paid for the operations performed. With the support of a decentralized protocol, it is also possible to vote on network improvements through Polygon Improvement Proposals (PIP). MATIC also allows you to become part of the ecosystem by participating in the staking process.

The Polygon team currently consists of thirteen people. The core consists of co-founders CEO Jaynti Kanani, COO Sandeep Nailwaia, CPO Anurag Arjun and VP of Engineering Mihailo Bjelica.

Polygon (MATIC) in numbers

Polygon (MATIC), is a Proof of Stake consensus project capable of up to 65,536 transactions per block. Its circulating token supply is 6.74 billion, out of a possible 10 billion. It is quite a strong cryptocurrency, being among the leading projects, which is reflected in its market capitalization. At the time of writing this article, it exceeds $10 billion.

Polygon Price Action (MATIC)

It is noteworthy that as recently as early May 2020, the MATIC token was trading at around $0.005. However, just one year later, on May 19, 2021, it reached its current ATH of $2.899. This is an increase of nearly 58,000%, recorded in a very short period of time. Since then, MATIC, following the entire cryptocurrency market, has seen a very deep decline, bringing the price of the coin to levels of $0.620. This is close to 78% of the correction that triggered the consolidation period. At the time of writing this article, looking at the chart, one can conclude that it is coming to an end and the coin is ready for more breakouts. 

The future of Polygon (MATIC)

One of the main advantages of Polygon (MATIC) is its focus on the goal set from the beginning. The team rigidly sticks to its original goals while building a very flexible ecosystem. The investor community appreciates this fact, as illustrated by the exceptional growth rate of the coin’s value. Polygon means the ability to easily build applications, as well as make instant transactions. All encapsulated in the security provided by Ethereum. Such a combination sounds almost like a recipe for continued sustainable development.

DisclaimerBlockbulletin does not take accountability of investments based on the information of the website. We highly advice readers to make extensive research prior to any invest

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