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MATIC is an ERC-20 token which powers the Polygon layer-2 Proof of Stake (PoS) blockchain built on top of the Ethereum blockchain.
Four things make Polygon Unique:
The Polygon Network was founded in India, in October 2017, by three software engineers: Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun. Mihailo Bjelic, an Information Systems Engineer, is a co-founder. In 2019, they changed the name to Polygon. Polygon’s partners include Chainlink, MakerDAO, and Decentraland.
Polygon was created to try to solve Ethereum’s scaling and latency problems. Although Ethereum is popular for its Decentralized Finance (DeFi) projects and security, it has slow transaction speeds, high fees, and can offer a subpar user experience.
Polygon’s layer-2 solution for Ethereum works to improve the blockchain by making it more scalable and increasing transaction speeds.
Polygon processes transactions faster than Ethereum and has much lower gas fees. Polygon sidechains can handle up to 72,000 transactions per second, while the Ethereum blockchain can handle only around 30 per second.
Additionally, one Polygon block can hold just over 65,000 transactions in one block. An Ethereum block can hold about 380 transactions.
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Explore MATIC price data
To provide access to Web3 for all. They attempt to achieve this by providing developers a scalable user-friendly platform for building dApps with low transaction fees and without sacrificing security.
12% of the total MATIC supply was allocated for staking rewards. All 1.2 billion were set to be released over a five-year period. There are over now over 400 million left to distribute.
The rewards are distributed between validators and delegators.
The entire MATIC supply was minted in its first block. The non-circulating supply sits in a reserve.
On the first mint, MATIC was distributed as follows:
A portion of each transaction fee is burned. The Polygon team estimates 0.27% of MATIC’s total supply (around 27 million) will be burned each year.
MATIC will eventually become deflationary once all 10 billion tokens are in circulation.
You own the ability to transact on Polygon, stake MATIC, as well as vote on its governance.
Polygon plans to continue to work on scalability so that more dApps will be created, adding to the thousands already available on the Polygon network, like SushiSwap and Aave.
Polygon’s Green Manifesto aims to focus on sustainable development for blockchain. They have committed US$20 million to various initiatives utilizing Web3 technology building sustainable futures for all.
On top of the Green Manifesto, they are currently carbon neutral.
Polygon is not the only Ethereum scaling solution out there. It has many layer-2 competitors, including Arbitrum, Immutable-X, and Loopring (LRC). And if The Merge is successful at lowering transaction fees it may decrease a layer-2’s value proposition.
MATIC ticker: $MATIC
Polygon Roadmap: Unable to source
Max Supply: 10,000,000,000
Total Supply: 10,000,000,000
Circulating Supply: 8,042,124,673
Market Cap: CA$9,341,877,283
Fully Diluted Market Cap: CA$11,616,180,627
Price: CA$1.16
ATH: CA$3.78
TPS (Transactions per second): 72,000 (estimate)
Developer Activity: High
TVL (Total Value Locked): US$2,312,684,442
Total Staked: US$2,393,874,947
Crypto Asset Statement - Polygon (MATIC)
*as of August 17th, 2022 at 11:00AM ET
