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About Polygon (MATIC)

Polygon, formerly known as Matic Network, is a scaling solution for Ethereum that aims to improve the speed and reduce the cost and complexities of transactions on the Ethereum blockchain. It is a layer 2 platform that provides a framework for building and connecting Ethereum-compatible blockchain networks. MATIC is the native token of Polygon, used for governing, staking, and securing the network, as well as for paying transaction fees.

    Polygon Frequently Asked Questions (FAQ)

      What is the primary goal of Polygon (MATIC)?

      The primary goal of Polygon (MATIC) is to provide a scalable and efficient framework for building and connecting Ethereum-compatible blockchain networks. It aims to address the challenges of high fees and slow transaction speeds on the Ethereum mainchain by offering a multi-chain ecosystem that improves scalability, fosters interoperability, and enhances the user experience for decentralized applications.

      How does the Polygon SDK contribute to blockchain development?

      The Polygon SDK is a modular, flexible framework that allows developers to build and connect Ethereum-compatible blockchain networks. It offers a suite of features to create standalone blockchains or secure sidechains which can interact with the Ethereum main chain, thereby enhancing scalability, customizability, and interoperability within the blockchain ecosystem.

      Can you list the types of chains supported by Polygon?

      Polygon supports several types of chains including the Polygon PoS Chain (a Proof of Stake sidechain), Polygon SDK (a framework to build and connect Ethereum-compatible blockchain networks), and other standalone chains and Layer 2 solutions that are interoperable with the Ethereum main chain.

      What are the advantages of the Polygon multi-chain system?

      Polygon's multi-chain system offers scalability, lower transaction fees, and faster transaction speeds compared to Ethereum's main chain. It provides interoperability among blockchain networks, a flexible framework for developers, and it inherits Ethereum's robust security model while enabling higher transaction throughput.

      What role does the $MATIC token play in the Polygon ecosystem?

      The $MATIC token serves as the native utility token of the Polygon network. It is used for participating in network governance, contributing to security through staking on the proof-of-stake consensus mechanism, paying transaction fees, and as a means of settlement between users within the ecosystem.

      What backing did Polygon receive from Binance and Coinbase?

      Polygon received strategic investment backing from Binance and Coinbase, two of the leading cryptocurrency exchanges, which provided resources and support to help Polygon scale its infrastructure and expand its user base within the blockchain ecosystem.

      How does the Plasma Framework integrate with Polygon?

      The Plasma Framework within Polygon creates child chains that are essentially blockchain networks running parallel to the Ethereum mainchain. Transactions are processed on these child chains at high speed and low cost. The assets are represented as 'Plasma tokens' on the Polygon network for secure and efficient transfers. Users deposit Ethereum tokens into a smart contract on the mainchain, which then mints corresponding Plasma tokens on the child chain. These tokens can be freely transacted within the Polygon ecosystem. Finality on the mainchain is secured through periodic commitments of the child chain state to Ethereum, ensuring the safety of assets through Plasma's fraud-proof mechanisms.

      Will existing ecosystems be affected by new Polygon developments?

      Yes, existing ecosystems may be impacted by new Polygon developments as they potentially introduce new features, optimizations, and partnerships that can lead to changes in how dApps operate, user experience, and network economics. However, Polygon strives to ensure compatibility and incremental improvements to benefit the existing ecosystem.

      What are the transaction capabilities of Polygon side chains?

      Polygon side chains are capable of processing a high number of transactions per second, providing a scalable solution that helps to alleviate the congestion and high fees associated with the main Ethereum blockchain. They support a variety of transactions including token transfers, smart contract executions, and decentralized application interactions, enabling faster and cost-effective operations.

      How do MATIC tokens function within the Polygon network?

      MATIC tokens serve as the primary cryptocurrency on the Polygon network, used for paying transaction fees, participating in the Proof-of-Stake consensus mechanism via staking, and securing the network. They also facilitate governance, allowing token holders to vote on network upgrades and proposals.

      Who were the founders of Polygon and what are their backgrounds?

      The founders of Polygon, originally known as Matic Network, are Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun. Jaynti Kanani is a full-stack developer and blockchain engineer who previously worked at Housing.com as a data scientist. Sandeep Nailwal is a blockchain programmer and entrepreneur with experience in management consulting. Anurag Arjun has a product management background and has worked with various tech companies. All three founders have a strong technical and business acumen, which they leveraged to create and grow the Polygon platform.

      What makes Polygon unique in comparison to other Layer 2 solutions?

      Polygon stands out due to its multi-chain scalability framework that supports various types of blockchain networks. It provides a flexible architecture with a secured chain and standalone chains which can be tailored to specific use-cases. Additionally, Polygon offers a growing ecosystem of dApps, high throughput, low transaction fees, and a strategic focus on user experience and developer friendliness.

      What is the maximum supply of MATIC tokens?

      The max supply of MATIC tokens is capped at 10 billion.

      What is the release schedule for the remaining MATIC tokens?

      As the release schedule can vary and is subject to change, it is recommended to consult the official Polygon (MATIC) documentation or their community updates for the most current information.

      How is the security of the Polygon network ensured?

      The security of the Polygon network is maintained via a combination of proof-of-stake consensus mechanism, validators, and cryptographic techniques. Validators are incentivized to act honestly through staking MATIC tokens, where malicious actions result in penalties. Additionally, Polygon frequently audits its code and works with security researchers to identify and rectify vulnerabilities.

      What changes were introduced in the Polygon (MATIC) London Hard Fork and EIP-1559 Upgrade?

      The Polygon (MATIC) London Hard Fork introduced the EIP-1559 upgrade, which brought a new fee structure to improve the predictability of gas fees. It replaced the auction-style fee mechanism with a base fee for transactions that is burned, potentially leading to deflationary pressure on the MATIC supply. The upgrade also allowed users to include a tip to prioritize their transactions, enhancing user experience by making gas fees more stable and predictable.

      How does the burning of MATIC tokens affect its supply and value?

      The burning of MATIC tokens reduces the overall supply, which can lead to increased scarcity. Assuming a constant or growing demand for the tokens, this reduction in supply can potentially drive up the value of the remaining tokens due to the basic economic principle of supply and demand.

      What steps has Polygon taken to achieve carbon neutrality?

      Polygon has taken several steps to achieve carbon neutrality, including actively working to reduce its carbon footprint by implementing more energy-efficient infrastructure. Additionally, Polygon has invested in carbon credit projects to offset its remaining emissions, effectively balancing out its carbon impact and moving towards a more sustainable blockchain ecosystem.

      How does the KlimaDAO partnership contribute to Polygon's sustainability?

      The KlimaDAO partnership enhances Polygon's sustainability by leveraging decentralized finance (DeFi) mechanisms to drive carbon credit retirement on the blockchain. KlimaDAO uses a bonding mechanism to acquire and retire carbon credits, which are tokenized as Base Carbon Tonnes (BCTs) on the Polygon network. By retiring carbon credits, KlimaDAO aims to offset the carbon footprint of transactions on Polygon, making the network more environmentally friendly and advancing its goals for carbon neutrality.

      What is Polygon's Green Manifesto and its objectives?

      Polygon's Green Manifesto is a strategic commitment to sustainability and environmental friendliness within its blockchain ecosystem. Its main objectives include achieving carbon neutrality and ultimately carbon negativity by offsetting emissions, reducing the network's ecological footprint, and promoting green practices and technologies within its operations and community. This involves partnerships with environmental initiatives, implementation of energy-efficient systems, and investing in ecological projects to ensure that Polygon's growth is aligned with environmentally sound principles.