Polygon (MATIC) is an India based cryptocurrency designed to make transactions on the Ethereum blockchain cheaper and faster. Anyone who has used Ethereum lately knows just how important that is. It is, by far, the most popular site for decentralized applications, but that fame has resulted in quite a bit of congestion. Users often complain about how long transactions take and the hefty prices involved.
Because of its possible uses, Polygon has attracted many buyers. It currently remains in the top 20 cryptocurrencies by market cap.
What is Polygon?
Polygon, formerly known as MATIC network, is an interchain scalability solution that provides an infrastructure for creating blockchain networks, which can interface with each other. It plans to bring the scalability and adaptability of alt chains along with Ethereum’s liquidity, interoperability, and security. Polygon is further looking ahead admitting two new roll-ups to its platform in due course. One will run on top of the Ethereum network to hurry up transactions, while the other will distribute loads of off-chain exchanges into a solitary trade together.
What is MATIC?
The Polygon token, also known as MATIC, is the core resource of the Polygon system. Other than the fact that it is used for exchange payments, it is also utilized for storing tokens to protect the network. The MATIC token has received an unbelievable cost surge after a huge expansion in use since its rebrand.
The MATIC token holds a covered stockpile of 10 billion tokens, with a current circling supply of about 5 billion. MATIC token can be accessed on most well-known decentralized and centralized-based tradings, which include some of the famous names such as Coinbase Pro, Binance, and 1inch Exchange in the list. The crypto world is joining together to simplify the buying of MATIC tokens by making them accessible with both crypto and fiat. CoinGecko has told that the Polygon MATIC market has an absolute market capitalization worth 1.8 billion U.S. dollars at the time of composing. The MATIC token value currently stands at approximately ~$1.36 dollars.
What is the Polygon (MATIC) Token Used For?
The Polygon token serves for governance, staking, and fees. There are a few different uses for it:
- Governance: Polygon is a governance token, which means token holders help in influencing the future of the project. They do this by creating and voting on proposals.
- Staking: Staking is the term to describe lending a cryptocurrency. You can stake your tokens with Polygon and let the network utilize them in exchange for interest. Currently, you can earn an annual rate of more than 15% staking Polygon, though rates usually change from day to day.
- Gas fees: These gas transaction fees on the Polygon network are paid for with its cryptocurrency.