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Polygon Price (MATIC)
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Polygon Price Live Data
The live MATIC price is currently {{current_price}}, {{up_down_24h}} {{price_change_percentage_24h_in_currency}} in the last 24-hours. Polygon's 24-hour trading volume is {{total_volume}}. Polygon is currently {{market_cap_rank}} by market capitalization, which is calculated by multiplying the current price ({{current_price}}) with the circulating supply ({{circulating_supply}}). The market capitalization for Polygon is {{market_cap}}. MATIC has a circulating supply of {{circulating_supply}} and a max supply of {{max_supply}}. To buy MATIC at the current rate, visit moonpay/buy/matic.
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About Polygon (MATIC)
Polygon (previously Matic Network) is a Layer-2 scaling solution for the Ethereum network. It was created to address Ethereum scaling challenges, while providing faster transactions and lower transaction fees. Polygon aims to make the underlying Ethereum blockchain more user-friendly and accessible to everyone by offering various scaling solutions.
The founding idea behind Polygon is to enable developers to create highly customizable scaling solutions that suit their specific needs. It supports both standalone chains and secured chains.
Standalone chains are fully sovereign and independent, while secured chains utilize a security-as-a-service model and can share validators with other projects. This flexibility allows developers to optimize for factors like security, transaction speed, transaction cost, or sovereignty based on their project requirements.
The Polygon (MATIC) network utilizes a variety of consensus mechanisms to ensure the security and efficiency of its operations. One of the consensus mechanisms employed by Polygon is the Proof of Stake (PoS) model, which is used in its main chain.
The Polygon Proof of Stake chain relies on a set of validators to validate transactions and produce new blocks. Validators are chosen based on the amount of MATIC tokens they hold and stake in the network. By staking tokens, validators contribute to the security and stability of the network and are rewarded with transaction fees and block rewards.
Other solutions include the MATIC plasma chain, which is an Ethereum Layer-2 predicate-based plasma implementation. The MATIC plasma chain allows for offloading transactions from the main Ethereum blockchain to sidechains, enabling faster and more cost-effective transactions.
MATIC is the native cryptocurrency of Polygon. It is used for various purposes within the network, including paying fees, staking, and governance. Users can stake MATIC tokens and participate in securing the network, while earning rewards in return. Transaction fees on the Polygon network are significantly lower compared to Ethereum, making it more affordable for users to interact with decentralized applications (dApps).
Polygon price history
2019
Polygon (MATIC)'s initial exchange offering (IEO) took place on the Binance platform from April 19 to April 26, 2019. During this time, the MATIC price was set at $0.002630 per token. By December 2019, the trading price of Polygon had risen to $0.013.
2020
In 2020, Polygon exhibited a relatively stable price trajectory with no significant changes. The trading price of Polygon was recorded at $0.013 in January 2020 and experienced a gradual increase to reach $0.17 by December 2020.
2021
During the 2021 bull run, Polygon (MATIC) experienced significant growth, reaching its all-time high in December. At its peak, the MATIC price surged to approximately $2.92.
2022
In 2022, the Polygon price experienced fluctuations due to the bear market. In January 2022, Polygon's price reached $2.51, demonstrating a positive start to the year. However, as the year progressed, the MATIC price underwent a downward trend. By December 2022, the MATIC price had dropped to $0.76, indicating a significant decrease compared to the beginning of the year.
2023
The year started off strong enough for Polygon, as its price doubled from $0.76 in January to $1.52 in February. Since then, the MATIC price has tailed off, seeing lows of $0.547 in August.
How does Polygon work?
Polygon's architecture consists of three layers:
Ethereum layer
Proof of Stake layer (Heimdall)
Block producing layer (Bor)
The Ethereum layer includes smart contracts responsible for staking, transaction approval, and interaction with the Ethereum blockchain. The Proof of Stake (Heimdall) layer enables the POS mechanism on Polygon via validator nodes and Ethereum staking contracts. The Block producing (Bor) layer aggregates transactions into blocks.
There is also a proposed protocol architectural change for Polygon 2.0, which would include a Staking Layer, Interop Layer, Execution Layer, and Proving Layer.
By processing transactions on sidechains, Polygon significantly increases Ethereum's transaction capacity, enabling it to handle up to 7,000 transactions per second per sidechain. This approach reduces gas fees and network congestion, making transactions faster and cheaper for users.
Polygon also offers a suite of scaling solutions, including plasma sidechains, PoS blockchain bridges, ZK-rollups, and optimistic rollups. These provide options for developers to choose the most suitable Layer-2 scaling solution for their applications, balancing factors such as security, transaction fees, and transaction speed.
Who are the founders of Polygon?
The founders of Polygon are Jaynti Kanani, Sandeep Nailwal, and Mihailo Bjelic. Polygon conducted an Initial Exchange Offering (IEO) on the Binance platform in 2019, which helped raise awareness and support for the project.
The Matic Network underwent a rebranding in June 2020, renaming itself as Polygon, which encompasses a wider range of tools and technologies to support various scaling solution options for Ethereum and other blockchain platforms.
What is Polygon (MATIC) used for?
Polygon (MATIC) tokens are the native cryptocurrency and fuel for the Polygon network and infrastructure development, enabling users to interact with thousands of decentralized applications (dApps) within the Polygon ecosystem.
It is used for various purposes, including paying transaction fees and network security through staking. When conducting transactions or utilizing applications built on Polygon, users pay small fees in MATIC, which incentivizes validators to process and verify these actions.
By staking MATIC, individuals can contribute to the network's security and earn rewards. Validators, who play a crucial role in maintaining the network, have special privileges and actively participate in the decentralization of Polygon PoS by implementing Polygon Improvement Proposals (PIPs).
What makes Polygon unique?
The Polygon ecosystem has many unique and diverse features. Polygon offers seamless compatibility with the Ethereum Virtual Machine (EVM), allowing developers to migrate their Ethereum-based applications without altering the code.
As a multi-chain framework, Polygon goes beyond being just a sidechain, providing a versatile ecosystem of interconnected blockchains. Developers can choose the most suitable chain for their needs, whether it's a scalable PoS chain or a specialized application chain.
Polygon also provides user-friendly and flexible tools, including the Polygon SDK and developer resources, to simplify the application development process.
MATIC offers faster and cheaper transactions than Layer-1 blockchains, allowing users to bypass the congestion and higher costs of the Ethereum network.
How can I mine or stake Polygon?
Polygon (MATIC) utilizes a Proof of Stake (PoS) consensus algorithm, which means that instead of mining, MATIC holders have the opportunity to stake their tokens and participate in the network's consensus and block validation process.
Here's how you can stake MATIC without technical expertise:
Set-up a wallet to store MATIC
Purchase MATIC via MoonPay
Delegate your MATIC to a validator
Earn rewards in MATIC
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More FAQs about Polygon (MATIC)
The price of {{token_name}} is determined by factors such as supply and demand, market sentiment, regulatory developments, and the adoption of blockchain technology. Price fluctuations can also occur in response to large transfers of the asset in a short time period.
Polygon reached its all-time high of $2.92 on December 27, 2021, and its all-time low of $0.003 on May 9, 2019.
The circulating supply of MATIC is {{circulating_supply}} tokens, out of the maximum supply of 10 billion MATIC.
You can buy Polygon directly via MoonPay or through one of our many partner wallets, such as Trust Wallet and Exodus.
MoonPay’s simple widget makes it easy to buy MATIC with a credit or debit card, bank transfer, Apple Pay, Google Pay, and more payment methods.
MoonPay makes it easy to sell MATIC when you decide it's time to cash out your crypto. ---Simply enter the amount of Polygon (MATIC) you'd like to sell in the MoonPay widget and enter the details where you want to receive your funds.
