Polygon, market capitalization as of this moment: $7,262,359,440 USD | CoinMarketCap | Rank: #12. There are 8 734 317 475 MATIC coins in circulation right now, out of a total of 10 billion.
If you are looking to purchase Polygon at the present time, the best places to do so are on the cryptocurrency exchanges Binance, BTCEX, OKX, Deepcoin, and BingX. On our crypto exchanges page you’ll also find a list of others.
How Do You Define a Polygon (MATIC)?
Polygon (formerly known as Matic Network) is the first organized and user-friendly platform for building Ethereum’s infrastructure and scaling. The core of Polygon SDK is a modular, flexible framework that can be used to make many different kinds of apps.
Check out our in-depth look at Polygon Matic if you’re interested in learning more about this endeavor.
Polygon can be used to build any kind of infrastructure a programmer could possibly need, from optimistic rollup chains to ZK rollup chains to standalone chains.
With Polygon, Ethereum is effectively upgraded to a true multi-chain platform (aka the Internet of Blockchains). A multi-chain system, like Polkadot, Cosmos, Avalanche, etc., takes advantage of Ethereum’s safety, thriving ecosystem, and openness.
The $MATIC token will live on and grow in significance as a means of system security and governing the network.
Binance and Coinbase have backed Polygon, formerly known as Matic Network, a Layer 2 scaling solution. The goal of the project is to get more people to use cryptocurrencies by fixing problems with scaling that have plagued many blockchains.
Polygon is a hybrid blockchain that utilizes the Plasma Framework and the proof-of-stake consensus mechanism. Vitalik Buterin, the co-founder of Ethereum, proposed the Plasma framework that Polygon uses, which makes it simple to execute scalable and autonomous smart contracts.
There will be no changes to the current Plasma-POS chain ecosystem. The Polygon team is adding new functionality on top of the platform’s existing, reliable technology in order to better meet the varying requirements of the developer community. Polygon will keep improving the foundational technology so it can be used in a bigger ecosystem.
Polygon boasts a block confirmation time of less than two seconds and the ability to process up to 65,000 transactions per second on a single side chain. Decentralized financial applications can be built on top of the framework and made available on a global scale.
Unlike traditional proof-of-work blockchains, the Plasma framework allows Polygon to potentially host an infinite number of decentralized applications on their infrastructure. Polygon’s Proof-of-Stake (PoS) Ethereum sidechain has attracted over fifty decentralized applications (DApps) so far.
Polygon’s native token, MATIC, is an Ethereum-based ERC-20 token. Tokens serve as a means of exchange within the Polygon ecosystem, both for purchasing services and settling disputes. Tokens issued by the MATIC protocol are used to pay for transaction fees on Polygon’s sidechains.
Who Were the First People to Create Polygons?
Polygon (formerly Matic Network) was launched in October 2017. Polygon was founded by Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun, two seasoned blockchain developers and a business consultant, respectively.
Prior to 2019, when it migrated to its own network, the Polygon team made significant contributions to the Ethereum ecosystem. The team’s efforts on Ethereum included bringing in support for the Plasma minimum viable product, the WalletConnect protocol, and the Dagger event notification engine.
The team included co-founder of Polygon, Jaynti Kanani. Currently leading Polygon as CEO is Jaynti, a full-stack developer and blockchain engineer.
Jaynti was crucial to the success of Ethereum’s implementations of Web3, Plasma, and the WalletConnect protocol. Jaynti’s background as a data scientist with Housing.com precedes his blockchain work.
Sandeep Nailwal is a blockchain programmer and entrepreneur who helped found Polygon and now serves as its COO. Before he started Polygon, Sandeep was the CEO of Scopeweaver and the chief technical officer of Welspun Group.
Polygon was founded by Anurag Arjun, who is the only co-founder who did not have a background in programming. His career has taken him from IRIS Business to SNL Financial to Dexter Consultancy to Cognizant Technologies, all in the role of product manager.
To what extent does Polygon stand out from other programs?
Polygon describes itself as a Layer 2 scaling solution, which means that it has no plans to upgrade its underlying blockchain technology in the near future. Simplifying scalability and facilitating instant blockchain transactions are central goals of this project.
Polygon is built upon an altered version of the Plasma framework, which relies on checkpoints established by proof-of-stake transactions on the Ethereum blockchain. Through this innovative technology, Polygon’s sidechains can process as many as 65,536 transactions in a single block.
Polygon’s commercial sidechains are built to accommodate existing Ethereum-based decentralized finance (DeFi) protocols.
While Polygon only works with Ethereum right now, the network plans to add support for other basechains based on user feedback. Polygon can be thought of as a decentralized Layer 2 blockchain platform that works with other networks for this reason.
Polygon (MATIC) Upgrade to EIP-1559 and Hard Fork in London
On January 18, 2022, Polygon announced that the mainnet would be updated with the long-awaited London Hard Fork and Ethereum Improvement Proposal (EIP) 1559. The upgrade will radically alter how fees are calculated on the Ethereum network, with the base fee being burned rather than distributed to miners and first-price auction being replaced as the primary mechanism for determining fees. While this does not result in cheaper transaction costs, it does make the system more stable, which in turn helps customers make more accurate cost estimates and spend less money by accident.
But since MATIC has a fixed supply of 10 billion tokens, the burning of tokens as base fees will have a deflationary effect on the cryptocurrency. The core team at Polygon estimated an annual burn of MATIC equal to 0.27 percent of the total supply, or about 27 million tokens. Since Polygon’s transaction fees are paid in MATIC, those who validate and delegate transactions stand to gain the most from this deflationary trend. Moreover, once the block is full, the base fee will increase automatically, leading to fewer spam transactions and less overall network congestion. On August 5, 2021, the London Hard Fork of the Ethereum mainnet was released.
Carbon-Free Polygon Network
Polygon is a carbon-neutral blockchain, among many others. It’s a part of Polygon’s Green Manifesto, which promotes environmentally friendly blockchain practices. To help communities use Web3 technology to create a sustainable future for all, Polygon has pledged $20 million to a variety of initiatives. To that end, we must consider alternative methods for off-chain retirement of carbon credits.
Polygon invested $400,000 in carbon credits through its partnership with KlimaDAO. Those credits represent nearly 90,000 tonnes of CO2 emissions. The tokens were burned using the offset aggregator tool provided by KlimaDAO, which converted Verified Carbon Standard-certified offsets into BCT and MCO2 carbon credits.
The goal of the KlimaDAO, a decentralized group of environmentalists, entrepreneurs, and developers using on-chain technology to update the carbon market, is to make it more efficient and transparent.
Polygon’s network energy footprint was also analyzed by KlimaDAO and Offsetra to locate emission hotspots and develop an effective mitigation strategy. It’s important to think about how much energy is used in staking, how much pollution is made by staking node hardware, and other things.
Polygon has taken the first step toward sustainability by achieving carbon neutrality. Although proof-of-stake is used in the network, which is significantly more eco-friendly than proof-of-work, there is still an effect on the environment. This is true for both native smart contracts that interact with the Ethereum blockchain and Polygon activity that happens in a separate place.
Polygon and KlimaDAO, among other network-native projects, have retired carbon credits from the Bull Run Forest Conservation Project, the Ghani Solar Power Project, Moss.Earth, and the Jaibhim, India, wind power project.
What Is the Current Circulating Supply of Polygon (MATIC) Tokens?
MATIC tokens are released on a monthly basis. There are a total of 10,000,000,000 MATIC tokens that can ever be created, but as of right now, only 4,877,830,774 are in circulation.
At its initial private sale in 2017, 3.8 percent of MATIC’s max supply was issued. A further 19% of the total supply was sold in the April 2019 launchpad sale. Five million dollars were made at a MATIC price of $0.00263.
How are the remaining MATIC tokens being doled out?
- Tokens for use on a team account for 16% of the total.
- Tokens allocated to advisors will account for 4% of the total.
- Tokens for Network Operations account for 12% of the total.
- Foundation tokens account for 21.86 percent of total supply.
- Approximately 23.33% of all tokens will be used in the ecosystem.
- Based on the current plan, all tokens should be given out by the end of the year 2022.
What kinds of safety measures have been taken to protect the polygon?
As a Layer 2 solution utilizing a network of proof-of-stake validators for asset security, staking is an integral part of the Polygon ecosystem. Validators will stake MATIC tokens in exchange for MATIC tokens so that they can take part in the network’s PoS consensus mechanism.
Those who are not interested in validating transactions themselves can still participate in the staking process and earn staking rewards by delegating their MATIC tokens to another validator.
Polygon furthers decentralization by employing block producers at the block producer layer in addition to proof-of-stake checkpointing. Using safeguards against forgery and checkpoints, these block producers ensure the main chains reach a definitive state.
To Purchase Polygon (MATIC), Where May I Go?
Among DeFi-centric digital marketplaces, MATIC enjoys a high level of support as one of the projects that has significantly shaped the Ethereum ecosystem. At the present moment, the best marketplaces for buying, selling, and trading MATIC are:
There is a currency converter widget right on CoinMarketCap’s Polygon price page, so you can see how much one Polygon is currently worth in your preferred fiat currency in real time. Another option is to visit the currency converter page. The most traded MATIC currency pairs are USD/MATIC, GBP/MATIC, AUD/MATIC, EUR/JPY, and EUR/JPY.