What is Polygon?
Polygon, formerly Matic Network, is a scaling solution of Ethereum. Now, Polygon has built a more comprehensive application ecosystem step by step.
Polygon tries to solve some of the major problems that Ethereum suffers today, such as slow transaction speed and expensive transaction fees.
Further than Matic Network, Polygon goes beyond where it had started. Polygon uses Plasma’s technique to process the transactions off-chain and then upload these data on Ethereum.
Here are Polygon’s leading features:
- Safety: base on PoS system
- Speed: up to 7,000 TPS on sole-chain
- Scalability: allow users to trade at a low cost and high speed on Matic sidechain
Side Chain – Layer 2 Scaling Solution for Ethereum
A side chain is a chain parallel to the main chain. It is mainly used as a solution for the expansion of the main chain. It can expand and improve the current main-chain on the same safety level.
Let’s say the main chain is like the main road, then the side chains are like branch lines, which are mainly used to digest part of the traffic flow to ensure smooth traffic. When the main road is not jammed, then cars on branch lines flow back to the main road.
About MATIC Coin
MATIC is the native coin of the Polygon network, which can be used to pay for gas fees and can also be used to vote, participate in governance matters, and increase security through staking.
MATIC Staking Awards
12% of the total supply of MATIC coins is for staking rewards (the total supply of MATIC is 10 billion), and the validator rewards will be the transaction fees plus the staking rewards. Besides, the calculation of staking rewards is flexible.
Polygon (MATIC)
MATIC ranked 22 on CoinMarketCap (as for 11/15/2021)
- Issued Date: April 2019
- MATIC IEO Price: $0.00263USD
- Initial Supply: around 32.30%
- Max Supply: 10,000,000,000
Why did MATIC gain popularity overnight?
Recently, DeFi has attracted massive users which overwhelm Ethereum network and suffer from insane transaction fees and long confirming time. Polygon, as a scaling solution of Ethereum, has naturally begun to be taken seriously. After Aave launched on Polygon in April this year, it also attracted more than 60,000 people to move to Polygon, including more than 7 billion USD value of borrow and 12 billion USD of lending; however, the transaction fee has only cost 158 USD so far. The high transaction fees of Ethereum is the main factor that accelerates MATIC’s popularity-growing process.
Will MATIC hit up to $5 by this year?
- The TVL (Total Value Locked) on Polygon of all DApps combined has surpassed 9 billions USD.
- Popular DApps are deployed on Polygon which introduce its original users to Polygon network
- DAU (Daily active users) has outnumbered some of the layer 1 blockchains
- Bianace and Coinbase’ wallets have already supported deposit and withdrawal of Polygon network. ABCC Exchange will follow up in the near future.
For all these reasons, investors are optimistic about MATIC to hit up to $5 by this year.
Trade MATIC on ABCC
Read More About Polygon
Polygon Officials
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