Polygon

Polygon Price Data

The live Polygon price today is $0.64776200 with a 24-hour trading volume of $393,783,142.

We update our MATIC to USD price in real-time. The price of Polygon has changed -4.29% in the last 24 hours.

Currently, Polygon is the #19 largest cryptocurrency by market cap, with a live market cap of $6,014,745,875.00. It has a circulating supply of 9,282,943,566 MATIC coins and a maximum supply of 10,000,000,000 coins.

See where to buy Polygon or use our Polygon Profit Calculator to calculate and track the performance of your investment.

Polygon at a glance

Polygon is a Layer 2 protocol, meaning that it acts as an “additional layer” to Ethereum. It does not aim to modify the original Ethereum blockchain, but to take advantage of its functions and eliminate its shortcomings.

What is Polygon?

Polygon is a cryptocurrency scaling solution that acts as an Ethereum sidechain. This allows Ethereum-based cryptocurrencies to be combined and developed more efficiently than on Ethereum’s own blockchain.

Polygon’s native cryptocurrency, MATIC, is an ERC-20 token issued on the Ethereum blockchain. MATIC is used on Polygon’s network to pay for transmission fees and manage the network.

Polygon enables Ethereum-based cryptocurrencies to scale quickly and easily by providing the Ethereum blockchain with tools along with faster and cheaper transfers.

What determines the price of Polygon (MATIC)?

The value of cryptocurrencies, like other investments, is ultimately determined by the demand for them. The price of MATIC is determined by the joint forces of demand and supply. 

Here are some factors that influence the value of MATIC:

• Polygon technology development: Developments in Polygon’s network performance or lower transmission prices may cause more and more projects to use Polygon.
• The popularity of Ethereum as a platform: Polygon is only compatible with cryptocurrencies on the Ethereum blockchain. The popularity of Ethereum as a cryptocurrency platform is therefore also important for the demand for Polygon.
• Global economic outlook: In the past, demand for cryptocurrencies has been influenced by the growth prospects of the economy and stock markets.
• Legislation related to cryptocurrencies: Many governments and agencies are interested in regulating cryptocurrency activities and trading.
• Cryptocurrency news: Negative or positive media interest in cryptocurrencies is quickly reflected in cryptocurrency prices

Polygon price forecast

Polygon solves many of Ethereum’s shortcomings and allows applications and projects built on the Ethereum blockchain to scale easily and affordably.

If Ethereum continues to be the largest platform for DeFi projects and the preferred choice of developers, there should be strong demand for Polygon in the future .

Polygon currently only supports applications running on the Ethereum blockchain and acts as a side-chain of Ethereum itself, so Polygon’s popularity and performance depends on Ethereum’s success.

It is impossible to predict what Polygon’s price will be in the future , but below are some predictions from industry experts:

Polygon Price History 

Polygon was created in 2017 as Matic Network, but was not listed on a cryptocurrency exchange until 2019.

The Matic network did not gain immediate popularity, even as the popularity of DeFi projects in the decentralized economy exploded in the summer of 2020.

It wasn’t until the project was rebranded to Polygon and demand for the solutions offered by the platform surged that it became very popular.

How Polygon works

Polygon uses the Proof of Stake system, similar to Ethereum and many modern cryptocurrencies.

The Proof of Stake system relies on network administrators staking MATIC on the network.

Proof of Stake allows the network to operate more efficiently and scale compared to the traditional PoW ( Proof of Work ) consensus mechanism used by Bitcoin, for example.

The Proof of Work system relies on cryptocurrency miners who allocate some of their computers’ computing power to the blockchain to verify transfers. 

What is Polygon used for?

Polygon’s main goal is to solve Ethereum’s main limitations. Ethereum’s main focus on decentralization and security means the platform has to deal with scalability issues.

Polygon acts as an “additional layer” to Ethereum. It does not aim to modify the original Ethereum chain, but to take advantage of its functions and eliminate its shortcomings.

Polygon allows for the processing of a much higher number of transfers per second, as well as much cheaper transfers than the original Ethereum blockchain.

In this way, Polygon enables Ethereum-based applications to develop more powerful and larger applications than Ethereum’s own blockchain would allow.

Who are the Founders of Polygon?

Polygon was founded by four Indian developers in 2017: Jaynti Kanani, Sandeep Nailwa, Anurag Arjun, and Mihailo Bjelic. The project was first launched as the MATIC Network before rebranding to Polygon.

Matic Network was renamed Polygon Technology in 2021. Polygon is currently being developed by Polygon Technology employees along with volunteer Polygon users.

What makes Polygon unique?

Polygon was built specifically to address Ethereum’s scalability limitations, not to compete directly with it.

Polygon operates in a seamless symbiosis with Ethereum’s own blockchain, allowing Polygon to benefit from Ethereum’s popularity as a platform for developing decentralized applications(DApps).

Other things that set polygon apart include: 

• Speed: Polygon’s network uses a high-capacity blockchain that enables very fast block verification in up to two seconds. Despite the speed, Polygon’s network design still maintains a high level of decentralization, allowing the network to have high throughput.
• Scalability: Polygon’s network allows transfers at speeds of up to less than two seconds on a single Ethereum sidechain. By using multiple sidechains, the network can support millions of transfers per second. This mechanism allows Polygon’s network to scale easily and efficiently.
• Security: Polygon’s online smart contracts are based on the strong security of the Ethereum blockchain.

How is Polygon secured?

Polygon’s smart contract security is based on the use of Ethereum’s core network security. Validation of polygon network transfers is the responsibility of network validators. The top 100 users who stake MATIC serve as validators.

AuthorAbraham Jimoh

Abraham is a savvy financial analyst, trader, and writer, leveraging a Google certification in data analytics alongside a Bachelor's degree in Economics to navigate and excel in the dynamic landscape of finance. Abraham boasts exceptional analytical skills and market research prowess, evidenced by a remarkable three-month winning streak trading bitcoin futures without a single loss, earning him recognition on Binance USD-M crypto futures' top 200 weekly charts. Currently serving as the Assisting Country Manager for Financer US, Abraham combines practical expertise with a passion for demystifying finance.

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