Polygon (MATIC) Price Prediction
What Is Polygon (MATIC)?
Before we look at the MATIC price prediction, let's examine the system.
Matic Network, launched in October 2017 and rebranded to Polygon in February 2021, was co-founded by Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun, two professional blockchain creators and a business counselor. It is the first systematised, manageable platform for Ethereum scaling and infrastructure expansion. Polygon SDK, a modular, adjustable framework, is the main feature that sustains creating various kinds of applications.
Polygon successfully alters Ethereum into a proficient multi-chain system (Internet of Blockchains). This multi-chain blockchain design is similar to other ones such as Polkadot, Cosmos, and Avalanche, with the benefits of Ethereum's security, rich environment, and vulnerability.
Using the Polygon, developers can build promising rollup chains, ZK rollup chains, stand-alone chains, or any other infra needed.
The $MATIC token will persist and play an increasingly significant role in encouraging governance and securing the system.
Polygon, formerly known as Matic Network, is a Layer 2 scaling solution supported by Binance and Coinbase platforms. The project aims to promote the massive acquisition of cryptocurrencies by fixing scalability problems on multiple blockchains.
Polygon integrates the proof-of-stake blockchain architecture and the Plasma Framework. The framework operated by Polygon, as stated by the co-founder of Ethereum, Vitalik Buterin, authorizes the manageable implementation of scalable and independent intelligent contracts.
With Polygon, new components are being created around the current, proven technology to extend the capability to cater to the various requirements of the developer ecosystem. Polygon will persist in developing the core technology to rise to a more extensive ecosystem.
The Plasma framework allows Polygon to accommodate an endless number of decentralized apps on their infrastructure without undergoing the typical disadvantages of proof-of-work blockchains. So far, Polygon has drawn more than 50 DApps to its PoS-guarded Ethereum sidechain.
The native token of Polygon, MATIC, is an ERC-20 token operating on the Ethereum blockchain. The token is used for Polygon payment services and as a settlement coin between users who work within the Polygon ecosystem. Trading fees on the Polygon sidechains can also be paid with these tokens.
Polygon (MATIC) has been running down by 3.71% over the previous seven days. The price dropped by 1.78% over the last 24 hours. In just one hour, the price has gone down by 0.86%. The current price per MATIC is $1.6384. Polygon is running 43.89% down from the all-time high of $2.92. The current circulating reserve of the MATIC coins is 7,758,492,080.62.
Highlights of Polygon(MATIC)
• Polygon raised about $450 million via a private deal of its native MATIC token in a funding round conducted by Sequoia Capital India with participation from SoftBank Vision Fund 2, Galaxy Digital, Galaxy Interactive, Tiger Global, Republic Capital, and renowned investors like Alan Howard (co-founder, Brevan Howard) and Kevin O'Leary (Mr. Wonderful from ABC's Shark Tank).
• Gamma is going live on Polygon. It is an operational liquidity administration platform for Uniswap v3, delivering non-custodial, automated, concentrated liquidity management services.
• SynFutures has evolved as the most significant derivatives-based decentralized exchange (DEX) on the Polygon network, with a moderate monthly market volume closing of $1 billion.
• Stader Labs' liquid staking solution is advancing soon to Polygon. This will allow MATIC coin holders to open liquidity and leverage their funds in one of 7,000 Polygon-based GameFi and DeFi apps — all while staying staked!
Author: Priya Kumari
Priya is a passionate content writer and the co-founder of Finendorse. She is an enthusiastic crypto investor and has a huge interest in the upcoming digitisation age.