Polygon Price Stats
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Market Cap: $13,116,148,977.92
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Circulating Supply: 7,701,069,511 MATIC
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Supply Cap: 10,000,000,000 MATIC
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All Time High Dec 27, 2021 (3 months ago) $2.92 41.24%
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All Time Low May 09, 2019 (3 years ago) $0.003012 56938.20%
Brief History of Polygon
With the symbol MATIC, Polygon is a cryptocurrency and a platform for connecting and expanding blockchain networks. MATIC derives from an earlier stage in Polygon’s development. Developers rebranded as Polygon in early 2021 after launching as Matic Network in October 2017. Polygon has a high growth potential due to increased demand for Non-Fungible Tokens (NFTs) and various decentralized finance (DeFi) projects built on it. The current CoinMarketCap ranking is #16 and the Coingecko ranking is #18… Polygon can be purchased on eToro, Webull, Binance, Uphold, and Coinbase.
The Polygon Team
Polygon is among the top 20 crypto-tokens globally. Formerly called Matic Network, it was founded by Jayant Kanani, Sandeep Nailwal, and Anurag Arjun in late 2017, with Serbian engineer Mihalio Bjelic joining as a co-founder.
The India-based platform is an open-source project built by a worldwide decentralized team of contributors. The framework combines Ethereum and sovereign blockchains into a multi-chain system. This multi-chain system is akin to others like Polkadot, Cosmos, Avalanche, etc., alongside Ethereum’s ecosystem.
Advantages of Polygon
It has faster transaction speeds at a lower cost than Ethereum, making it an attractive chain for decentralized finance applications. Another advantage is that you can stake Matic to earn rewards from securing the network. While staking on Ethereum is possible, the barrier for entry is much higher than with Polygon.
Disadvantages of Polygon
There are not really any disadvantages to Polygon itself. The main disadvantage would be more competition arising in the form of other scaling solutions, whether for Ethereum or other blockchains. Changing their focus to solely helping scale Ethereum rather than any blockchain project could pay off greatly, but it could also mean that another project comes around that does what Polygon aimed to do when it was still called Matic Network
Use Cases of Polygon
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Paying for transaction fees
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Participating in the Proof of Stake consensus
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Pay travel expenses
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Futures trading
Summary
The Polygon network, as a secondary scaling solution, aims to address the limitations of the Ethereum platform which are high transaction fees and slow transaction processing speeds.
Ability to process transactions quickly: By using a consensus mechanism that completes the transaction confirmation process in a single block, Polygon can maintain fast transaction processing speeds. Polygon’s average block processing time is 2.1 seconds.
Transaction fees are consistently low: Polygon keeps its fees low to use the platform, with a typical transaction fee of around $0.01.
