- MATIC is one of the best solutions currently for the scaling issues plaguing the Ethereum blockchain.
- Provides the ability to interact with multi-chains.
- The MATIC token can also be staked for earning additional rewards.
- Uncertainty involving what exact role would MATIC have once the Ethereum network transforms into a Proof of Stake system (from current Proof of Work) with better scaling.
- Polygon faces stiff competition from other similar side chain solutions such as Polkadot and Avalanche.
The Polygon token (MATIC) is layer 2 scaling solution for Ethereum. It was previously known as the Matic network but was later rebranded to Polygon. The Polygon network serves as a multi-chain scaling solution for Ethereum and allows building of multichains on top of Ethereum. It has allowed developers to use the openness of Ethereum together with the ability to deploy on more side chains. The Matic token is an ERC-20 token that runs on the Ethereum blockchain and is used as a payment cryptocurrency and for paying transaction fees for utilising the network.
The MATIC token and the Polygon solution has seen a lot of adoption from developers leading to a high appreciation in price the coin.
The Polygon network has found institutional support through Binance and Coinbase.
Tokenomics of Polygon
The initial total supply of MATIC was 10,000,000,000 tokens and the circulating supply is 7.02B MATIC.
Has MATIC been audited and doxxed?
Trust & Fairness: 4
Exchanges & Swaps: 5
Overall Rating: 4.5
Detailed Review of Polygon (MATIC)
The Polygon network was developed to offer a cost effective scaling solution for the issues affecting the Ethereum blockchain. Over time, as the number of decentralised applications (dApps) and tokens deployed on the Ethereum blockchain have increased, the network has become slow, congested and riddled with high fees. Developers also face another dilemma- how to ensure cross chain compatibility or interoperability between different blockchains. For example, a developer might want to use some of the features of the Ethereum blockchain while also preferring to use some features of another blockchain such as Binance Smart Chain. A developer would need to deploy his application on both blockchains separately which is time consuming and a tedious process. However, Polygon provides the ability to ensure bridging or in other word, cross chain support which is very easy. This has made Polygon the preferred solution for developers who wish to utilise the Ethereum blockchain without compromising on multi-chain support. The MATIC token is the native token of the Polygon ecosystem and has become a very popular cryptocurrency. At altcoin reviews, we seek to provide an easy overview of popular altcoins.
The Polygon network currently runs on a Proof of Stake consensus system and has delpoyed zk Rollups.
Where and How to Buy Polygon (MATIC)?
MATIC is a very popular token and can be bought on many exchanges, You can buy MATIC on Coinbase, Binance, Bitfinex, Huobi, Crypto.com, FTX, Bitbns, Wazirx, Digifinex, Swapzone, KuCoin, Gate.io, Kraken, Poloniex, CEX.io, Probit, HitBTC, LBank, BitMart, and HotBit.
You can buy MATIC either through cash via P2P (peer to peer), credit or debit cards or through other cryptocurrencies.
If you already hold some crypto, then you can use the coins to purchase MATIC directly through a decentralized exchange such as UniSwap, SushiSwap, QuickSwap, DFYN, and Bancor. All you need to do is connect your wallet such as metamask and select the appropriate coin pair that you wish to use for purchasing MATIC (for example: BTC/MATIC or ETH/MATIC). The decentralized exchanges are a quicker and easier method that guarantees anonymity as you do not have to deposit fiat currencies or complete a KYC process before purchasing the MATIC. You can also use MATIC for purchasing other altcoins through the decentralized route as explained above.
What Can you do With MATIC?
Hodl as a long term investor: You could simply hodl it and gain from its price appreciation in the long term. The token also generates passive income for its holders as it can be staked. The MATIC token has seen a lot of price increase and is one of the most popular altcoins.
Swap MATIC to other ETH tokens: You can use MATIC to directly swap to other altcoins on a decentralised exchange. The process is quick and simple, and is described below.
How to Swap MATIC to other altcoins
Simply head over to a decentralised exchange and connect your wallet. Then, select the amount of MATIC you wish to spend (factoring in transaction fees) and swap for another crypto token. You will receive the tokens in the same wallet.
The Polygon developers are planning to launch support for Optimistic Rollups and Validum Chains. The network will also add support for standalone sovereign chains that will allow developers full control over their dApps. In the future, support for enterprise grade chains and industry specific chain solutions will also be provided by Polygon.
The above mentioned planned launches could ensure that Polygon network maintains its uniqueness and identity even after the launch of Ethereum’s native Proof of Stake system. In any case, Ethereum scaling solutions are not going to die anytime soon and Polygon will likely remain relevant owing to its special features, unparalleled security, low fees and cross-chain support.
The all time high price of one MATIC was $2.62 on May 18, 2021. It is currently trading at $2.11 at the time of writing (Source: CoinGecko). The all time low price was $0.00314376 on May 10, 2019. Comparing the all time low and all time high price, we get returns of about 67397% which are very impressive returns for a small cap meme cryptocurrency.