Every crypto-enthusiast knows that Ethereum has a problem with scalability and high transactions fees that could reach hundreds of dollars if the network becomes overrun with transactions. That is where Polygon (MATIC) comes in – allowing users to get access to Ethereum DApps without the need to deal with slow speeds and high transaction fees. The native token of Polygon is MATIC and it's an ERC-20 token that runs on Ethereum's blockchain. Its ecosystem has consistently developed in 2021 and is expected to keep doing so in 2022. More so, Polygon is among the popular altcoins that investors and traders are watching in the crypto space.
A Bit About Polygon Coin
What blockchain does Polygon use?Polygon blockchain is what they call Ethereum’s Internet of blockchains. Polygon has one of the best plans for the future. Its primary aim is to make available a solid network for all blockchain networks. In that case, users will enjoy the luxury of creating blockchains that can easily interact with each other, rather than being entirely independent and separated. As such, developers will have access to both worlds. They can easily come up with their own blockchains and enjoy all the benefits available, such as flexibility and scalability. Polygon leverages a four-layer network consisting of the Ethereum layer, security layer, Polygon networks layer, and the execution layer. The Ethereum layer functions through a set of Ethereum smart contracts to facilitate checkpointing, staking, dispute resolving, and message relaying.
Ethereum's Internet of BlockchainsCryptoLists.com
The reason you should care about MATIC is that it seeks to enhance the speed of transactions while reducing overall costs. It does this by coming up with highly innovative digital tools that can eradicate the complexities involved in current transactions. It can be referred to as a layer-2 network, which means it serves as an add-on layer to the popular Ethereum. It’s safe to mention that it doesn’t intend to alter or change the original layer.
Utility of Polygon Coin?
Polygon, whose native token is MATIC, is a Layer-2 scalability solution for the Ethereum blockchain. It runs on the ERC-20 token and works as the platform for connecting and developing blockchain networks that are compatible with Ethereum.
The Polygon network has opted for DeFi as its popular utility because of its significantly low charges and instant finality. If you blend this with Polygon's affordability, speed, and ease of use, then Polygon becomes a prospective market leader in progress.
What makes Polygon very attractive to investors and traders is its scalability for decentralized applications that operate on Ethereum's blockchain. Moreover, Uniswap announced on December 2021 that they had opted to deploy Uniswap V3 on Polygon's network.
Polygon Coin Price detailsMATIC Contract address: 0x0000000000000000000000000000000000001010
›› Details & Tokenomics
Advantages of Polygon Coin+ High speed and super low transaction fees, often below 0.1 USD.
+ A great multi-chain ecosystem that's getting more users every day.
+ Mark Cuban says that the Polygon network is destroying everybody else.
+ Combines the best from the Ethereum blockchain
Disadvantages- There is intense competition from mainstream cryptocurrencies.
- Matic is still dominated by BTC and ETH.
- Issues with regulations are making it difficult to access DeFi coins.
Costs▪ Rated at 10/10
Polygon offers reduced transaction charges on Ethereum's network while accelerating its transaction speeds drastically. To be specific, Polygon allows instant transactions of around $0.1 to $0.5. The Polygon team is constantly looking for ways to innovate the platform's capabilities to make their services even better.
Also, as mentioned earlier, if Uniswap is deployed on the Polygon ecosystem, then this move is expected to attract myriads of DeFi users to Polygon's ecosystem from that of Ethereum. This will help them to take advantage of the seriously low charges.
The main problem arises during high-volume days. When there are exceedingly high volumes of trades being made on a particular day, Polygon's network tends to experience slow speeds and limits the number of users. Fortunately, they're currently working on a way to handle the lag issue.
On a positive note, Polygon (MATIC) got among the lowest transaction fees in the cryptocurrency market, with less than 0.1 USD for most transactions, even during peak hours. Compared to the Ethereum blockchain, you can make between 500 and 1000 transactions on the Polygon Blockchain when just doing one on ERC-20.
Reputation and Buzz▪ Reputation rated at 9/10
▪ Buzz rated at 10/10
Initially known as the Matic Network, Polygon was created in October 2017 by Anurag Arjun, Jaynti Kanami, and Sandeep Nailwal. When they created it, their objective was to fix the congested network and its high gas charges.
Many developers and traders alike are attracted to Polygon's ecosystem for several reasons. Investors can trade in crypto, and developers can participate in their vision of designing a borderless world. Developers can contribute to the core protocol or develop their DApps by taking part in their developer support program.
Is Matic following Bitcoin price patterns?
No, MATIC has time over time been showing Independence from BTCs price patterns.
What is the highest value Polygon ever had?
Just like with any other popular cryptocurrency, Polygon’s price is somewhat dynamic. It changes with a wide range of factors. On 18/05/2021, the currency hit its highest value, which stood at $2.45 before plummeting.
Can anyone invest in Polygon?
Regardless of your location in the world, provided you are interested in crypto, you can safely invest in Polygon. Note that you don’t have to be a financial expert to understand how the digital coin works. Just buy the currency, keep it in your wallet and use it to shop. You might as well sell your coins later when their value goes higher compared to what you bought them for.
What’s Polygon token used for?
At the time of writing, Polygon tokens were used for governance, fees, and staking. You can use the tokens to take care of gas fees. Governance implies that the users can easily influence the future, while staking is about lending the cryptocurrency. But you should stay tuned since more uses can become available with time.
Is MATIC a great investment for 2022?
MATIC was among the top-rising cryptos in 2021 - let's see what it will be in 2022. Before you make your investment decision, you should analyze the technical and fundamental analysis of the cryptocurrency.
Can MATIC reach $5 in 2022?
Yes, that can happen, but it can also go down to 0.5 since the cryptocurrency market is very volatile. In January 2021, its price was $0.01 and by December 2021, its price had attained its all-time high of $2.92. If it continues this bullish trend in 2022, then it could hit that mark.
Screenshots from Polygon Coin
More sites where to buy/sell/trade Polygon CoinBelow you can see some other platforms, exchanges and/or brokers where you can buy, sell or trade this coin. Click on the logo to read our review.
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Polygon Coin details and tokenomics
ERC20 Contract address: 0x7D1AfA7B718fb893dB30A3aBc0Cfc608AaCfeBB0
BSC Contract address: 0xcc42724c6683b7e57334c4e856f4c9965ed682bd