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Polygon price
$0.31
Polygon price
About Polygon (MATIC)
Polygon is a multi-chain scaling solution for the Ethereum blockchain. Polygon is a Layer 2 scaling solution for Ethereum that aims to improve the speed and reduce the cost and complexities of transactions on its network. Polygon uses sidechains to help with off-chain computation while maintaining security and uses a decentralized network of Proof-of-Stake (PoS) validators. MATIC is the utility token of the Polygon network and is used for securing the chain through staking, participating in network governance and as a unit of payment for transaction fees on the network.
What is Polygon (MATIC)
Polygon is a Layer 2 scaling solution for the Ethereum blockchain that aims to improve transaction speeds and cost. Polygon achieves this using Ethereum-compatible sidechains. Polygon side chains can run computations separately from the Ethereum blockchain, while benefiting from its security. A decentralized network of Proof-of-Stake (PoS) validators verifies transactions on Polygon's main side chain.
MATIC is the native token of the Polygon network. It is used for securing the chain through staking, participating in network governance, and for paying transaction fees. It can also serve as a medium of exchange for buying various goods and services.
Crypto investors can purchase Polygon MATIC digital assets from a wide range of mobile apps, centralized, and decentralized exchanges. MATIC tokens have a max supply of 10 billion coins, with over 9.2 billion tokens already in circulation.
Since its creation, Polygon has become a pioneering Layer 2 project in the crypto market with a current market capitalization of around $8 billion.
Who created Polygon?
A team of developers - Jaynti Kanani, Sandeep Nailwal, Mihailo Bjelic, and Anurag Arjun created the Polygon blockchain project. The need to address the challenges faced by Ethereum and create a scalable and efficient blockchain network motivated the team to create Polygon.
Polygon (MATIC) initially launched in 2017 as the Matic Network, but later rebranded to Polygon in February 2021. Over the years since Polygon (MATIC) crypto assets first launched, it has become one of the leading Ethereum scaling solutions in the crypto space.
How does Polygon (MATIC) work?
Polygon, previously known as Matic Network, is a Layer 2 solution that operates on top of Ethereum's blockchain network technology. The Polygon network employs a Proof-of-Stake consensus mechanism. Validators stake MATIC tokens to secure the network and validate transactions. This feature enables Polygon to have significantly lower transaction costs and a higher transaction throughput, compared to Bitcoin's Proof-of-Work mechanism.
The proof-of-stake consensus mechanism is an important part of Polygon's blockchain technology. It performs the difficult task of making sure all validators can achieve distributed agreement on new data entering the blockchain.
MATIC functions as the native currency on the Polygon crypto project, allowing users to pay for transaction fees and access other network services. MATIC holders can participate in staking to receive rewards and secure the network.
Transactions on Polygon take place through its Polygon Commit Chain. This feature serves as a bridge between the Ethereum network and Polygon's Layer 2 solutions, and guarantees faster transaction throughput and cheaper fees.
Users can store Polygon MATIC tokens in wallets that support the ERC-20 token standard, such as Ledger, MetaMask, and Coinbase Wallet. Staking is a vital feature of the Polygon network. It's responsible for motivating token holders to secure the network and participate in its governance while earning rewards.
MATIC price
MATIC's asset price has experienced fluctuations in its history. The coin's average price in 2020 was around $0.01, reaching an all-time high of $2.68 by May 2021. The coin's price later experienced a dip in trading volume during a crypto winter, with its minimum price level dropping to $0.71. As of now, the current price of the Polygon network token is {{primaryAsset.price.currency}}. There are varying opinions on its future coin price predictions. Some expect the coin's value to appreciate in the long run, while others expect the value to decrease.
The crypto price of MATIC is subject to various factors. These include market demand and supply, cryptocurrency news, bull and bear markets, technological advancements, and adoption of the Polygon network. The supply and demand dynamics of the entire cryptocurrency market play a crucial role in determining the price of MATIC. Positive news, such as new partnerships or regulatory developments, could lead to an increase in demand and, consequently, the price of MATIC. Technological advancements within the Polygon network could also affect the MATIC coin price, as a more efficient network could attract more users. In turn, these improvements could result in increased demand and trading volume. Adoption of the Polygon network Layer-2 solution could also impact the price of MATIC by attracting more developers and businesses.
Polygon (MATIC) Price Today
Polygon price today is $0.31.
1,203,040 MATIC was purchased today on Kraken worth $367,848. Check out the MATIC chart above for more real time price data. Want to get updates on the latest crypto prices on-the-go? Sign up today to receive MATIC price alerts. Kraken lets you buy and sell 357 cryptocurrencies, including MATIC. There are some geographic restrictions which may affect the assets that are available in your verified country of residence. View all crypto prices.
Polygon (MATIC) Price History
Polygon price is -69.63% over the last year. The highest price of MATIC in the last year was $1.27 and the lowest price of Polygon in the last year was $0.29.
24h
+0.82%
7d
-0.69%
1m
-34.24%
1y
-69.63%
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Categories
Kraken classes Polygon to be within the following categories: Smart Contract Platform, Polygon Ecosystem, Ethereum Ecosystem, Layer 2, Zero knowledge, Proof of Stake.
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Polygon FAQ
Can I trade Polygon at a lower price?
Yes, you can choose what price you pay for Polygon using Custom Orders on Kraken. If the price of Polygon reaches to your desired price, the order will execute automatically.
Is now a good time to buy Polygon?
Timing the market can be tough, but dollar cost averaging can help. By setting up recurring buys, you can constantly accumulate Polygon over time and not worry about whether or not now is the best time to buy.
What is the daily trading volume of Polygon?
1,203,040 MATIC worth $367,848 was traded on Kraken in the last 24 hours.
What affects the Polygon price?
A variety of factors affect the price of Polygon including market sentiment, technical developments, user adoption and macro economic events.
How do I read the Polygon price chart?
To read the Polygon price chart, it can be useful to start by understanding the X-axis (which represents time) and the Y-axis (which represents the price). A line chart connects a crypto asset's closing prices with straight lines to clearly display its performance over time.
How can I analyze prices with the Polygon chart?
Analyzing price movement using the MATIC chart can involve identifying areas of support and resistance, or using technical analysis which is the study of past price movements to forecast future trends. However, it's important to remember that no method can predict prices with 100% accuracy due to the market's volatility.
Polygon Dollar Cost Averaging Calculator
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Polygon markets
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