What is Polygon? Price, history, wallets [UPDATED Nov 2024]

PolygonMATIC0.42$ +0.86%

103 Rank

1.02B$ Market Cap

9.93M$ 24H Volume

MATIC price live chart

0.42$0.86%

Polygon Price statistic

Polygon price

0.42 $

Price change (24h)

0.86% 0.00356 $

Trading volume (24h)

9.93M $

Market Dominance

0.0304%

Market rank

#103

All Time High

Dec 27 2021 (2 years ago)

85.56% 2.90 $

Market Cap

1.02B $

Circulating Supply

2.33B MATIC

Download Polygon wallet app

Store & Transfer MATIC safely

Cropty is a convenient mobile app to store, transfer and receive Polygon safely. Cropty supports multiple networks and cryptocurrencies. Investing in MATIC becomes easy with Cropty wallet.

Monitor your MATIC balance in USD

You can track your Polygon value in 11 fiat currencies: USD ($), RUB (₽), EUR (€), INR (₨), THB (฿), KRW (₩), UAH (₴), GEL (₾), TRY (₺), GBP (£), BRL (R$).

Receive MATIC in MATIC, ETH networks

Cropty cryptocurrency wallet supports Bitcoin, Ethereum, BNB Chain, Polygon and Tron networks. To receive Polygon in Polygon PoS chain (MATIC), Ethereum (ETH) networks, just download the app, sign up and share your public address or QR-code with the sender.

Send Polygon by mobile phone number with 0% fee

No more confusion with crypto public addresses: in the Cropty cryptocurrency wallet you can send Polygon just by mobile phone number, QR-code and even a nickname! Make instant zero-fee Polygon transfers in your usual ways.

MATIC wallet mobile app for iOS and Android

Get access to Polygon right in your mobile phone or any browser. Cryptocurrency investments wallet is already available for Android and iOS. Download Cropty to invest in Polygon online.

Polygon basics

Name

Matic

Polygon token type

Token name

MATIC

Token type

Native

Token uses

Payments

What is Polygon used for in 2024?

The native token of Polygon is MATIC. This token serves the following purposes:

Fees: MATIC token's primary use case is to pay for the transaction fees in the network. The token is designed to be a utility token that functions as the unit of payment and settlement between participants who interact within the Polygon ecosystem.
Staking: Matic sidechains enforce consensus using a Proof-of-Stake (PoS) layer in which network participants stake MATIC to participate as validators and earn staking rewards. Computational resources are required for performing various functions on the Polygon Network, such as validating blocks and publishing proofs. MATIC inflation serves to reward these resource providers to bootstrap security and maintain network integrity.

Polygon ecosystem

Polymarket

Polymarket is a prediction market application built on Polygon, a layer-2 scaling framework for Ethereum. Its beta version is currently live. Polymarket allows users to bet on various topics (e.g., coronavirus, politics, current affairs, etc.) and turns the trading activity into actionable insights.

Polygon history and first price

Launch style

Initial Exchange Offering, Private Sale

When did Polygon launch?

The initial token distribution is as follows:

Private Sale: 3.80%
Binance Launchpad Sale (IEO): 19% of the total supply.
Team: 16%
Advisors: 4%
Network Operations: 12%
Foundation:21.86%
Ecosystem: 23.33%

How did Polygon come about?

Polygon launched as Matic Network in 2017. It was co-founded by Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun to tackle blockchain scaling and usability issues. Traditional blockchains face high latency and transaction costs that can hamper their progress towards adoption, technological efficiency, and user experience. Layer-2 scaling solutions or external networks can act as load balances for networks that can't inherently scale as user activity increases.

In 2017, Plasma was at the forefront of blockchain scaling, and Matic featured a plasma-driven scaling approach and Proof-of-Stake (PoS) sidechains to assist Ethereum as user demand for the network grew. Over time, Matic POS became a prominent scaling option for various applications.

Matic rebranded to Polygon in February 2021 to become a Swiss Army knife for scaling solutions. Polygon plans to add support for rollups and Validium to its already-existing Plasma/POS chain. The project recognizes that Ethereum may not scale from a single solution in isolation. There's a possibility that several solutions will co-exist and help scale Ethereum collectively, and Polygon aims to play a central role in supplying the infrastructure necessary to launch any of these systems.

Polygon technology explained

Polygon's hybrid POS/Plasma commit chains has three layers:

Staking and Plasma smart contracts on Ethereum: Matic Network maintains a set of smart contracts on Ethereum, which manages staking functions and rewards for Matic's Proof-of-Stake layer. These contracts are also responsible for delegation management (including validator shares) and Plasma contracts for MoreVP (including checkpoints/snapshots of sidechain state).
Heimdall (Proof of Stake layer): The Heimdall layer handles the aggregation of blocks produced by Bor into a Merkle tree. It publishes the Merkle root to the root chain periodically.
Bor (Block producer layer): Bor is Matic’s block producer layer - the entity responsible for aggregating transactions into blocks. It is an implementation of Geth with custom changes done to the consensus algorithm.

Polygon SDK Polygon pivoted in February 2021 towards building a solution to connect the different versions of Ethereum scaling solutions. At the core of this Layer-2 connective tissue is the Polygon SDK (software development kit), which will serve as a modular, flexible framework for launching a new chain based on any Ethereuem scaling technology. Developers will have the option to build or connect true Layer-2 platforms like Plasma, Optimistic Rollups, zkRollups, and Validium enabled chains and standalone sidechains like Polygon's flagship product, Matic POS (Proof-of-Stake). The Polygon SDK is still in development.

Polygon core contributors

Individuals

Companies

Anurag Arjun

Co-Founder & CPO at Polygon

Jayant Kanani

Co-Founder & CEO at Polygon

Mihailo Bjelic

Co-Founder at Polygon

Sandeep Nailwal

Co-Founder & COO at Polygon

Matic Network

Polygon supply limit

General Emission Type

Fixed Supply

Precise Emission Type

Premined Rewards

Is capped

Yes

Max supply

10000000000

Polygon supply curve details

Tokens sold in the IEO (initial exchange offering) unlocked after the sale. Half of all private sale tokens unlocked at the time of listing and the rest vested after six months (October 2019). Details on the remaining token release schedule are available here.

Who funds Polygon core development?

Alameda Research

Alameda Research was founded in October 2017. It manages over $100 million in digital assets and trades $600 million to $1.5 billion per day across thousands of products: all major coins and altcoins, as well as their derivatives.

AU21 Capital

Binance Labs

Binance Labs is a social impact fund looking to invest in and empower blockchain and cryptocurrency entrepreneurs, projects, and communities. Support for projects offered by Binance Labs includes: Funding; Go-to-market strategy; Business Development; Token Distribution; Technical Review; and Recruiting Target investments include: Public Blockchain projects; Decentralized Exchanges; Wallets & Payments; Stablecoins; Security Token Platforms; and dApps Additionally, Binance Labs hopes to collaborate with partners via its Ecosystem Fund to build the infrastructure required to help the crypto world expand sustainably. Joining the Ecosystem Fund requires the successful completion of an application process and a minimum AUM of $100 million USD. Members of the fund can refer projects to Binance Labs for further investment.

Coinbase Ventures

Coinbase Ventures invests in companies building the open financial system. It provides financing to early-stage companies that have the teams and ideas that can move the cryptoasset industry forward.

USD to MATIC converter

USD

MATIC

Polygon consensus

General consensus mechanism

Proof-of-Stake

Targeted block time

0.04 min

How Polygon works?

Polygon uses a Proof-of-Stake (PoS) consensus mechanism for its Plasma/POS commit chains. In order to participate in the consensus process on the Matic Network, users are required to stake MATIC tokens as an indication of that user's commitment to the process. Matic's commit chains also feature slashing (removal of staked funds) to dissuade stakers from submitting invalid blocks, illegally verifying blocks, or executing invalid transactions. Requiring validators to put funds at risk before they can participate in consensus helps maintain the integrity of the network.

Matic's existing PoS chain consists of two layers:

The Bor (Block Producer Layer): Responsible for aggregating transactions into blocks
Heimdall layer (Validator Layer): Supports all validator nodes (stakers) that work alongside Matic's Staking contracts on Ethereum to manage validator accounts, enforce slashing, and issue rewards. Heimdall has been implemented by building on top of the Tendermint consensus engine with changes to the signature scheme and various data structures. It is responsible for block validation, block producer committee selection, and checkpointing a representation of the sidechain blocks to Ethereum in our architecture. Heimdall handles the aggregation of blocks produced by Bor into a Merkle tree and publishes the Merkle root to the root chain periodically.

Polygon governance

Onchain governance type

No On-Chain Governance

What is Polygon governance?

Polygon official links

Polygon blockchain explorers

Matic Explorer

FAQ

1.What is the best app to store Polygon?

Store Polygon with Cropty cryptocurrency wallet by 3 simple steps:

Download the app from the Apple AppStore or Google Play, or open your browser wallet.
Create your Cropty wallet account with Face ID or Touch ID security options.
Transfer MATIC from external wallet.

2. How can I receive Polygon?

Receive Polygon to your Cropty wallet by QR-code, phone number, e-mail and nickname:

Download the app from the Apple AppStore or Google Play, or open your browser wallet.
Create your Cropty wallet account, set up a nickname.
Click ‘Receive’ and follow the instructions.

3. How can I store Polygon safely?

You can transfer your Polygon holdings and store it safely with Cropty wallet. Cropty secures safety of your holdings through various verification options like using password, authenticator app, Face ID, Touch ID and backup codes. You can be sure no one can get access to you Polygon holding except you.

4. How to start investing in Polygon easily and securely?

Start investing in Polygon with Cropty cryptocurrency wallet by 3 simple steps:

Download the app from the Apple AppStore or Google Play, or open your browser wallet.
Create your Cropty wallet account, set your authentication settings.
Transfer MATIC from external wallet.

5. Why should I choose Cropty to store and transfer Bitcoin?

The Cropty wallet provides the most convenient application for storing and transfering Polygon. Cropty targets to become one the best crypto wallets for Android and iOS in 2024. Cropty provides convenient application and secure custodial services, built for crypto beginners, as well as for crypto-savvies.

6. How can I receive Polygon as payment?

You can receive Polygon as payment in Cropty wallet. It is a convenient mobile app to receive, store and transfer Polygon MATIC safely and instantly. Open Cropty app, click ‘Receive’, follow simple instructions and get your Polygon holdings immediately.

7. How can I receive Polygon donations?

You can receive Polygon donations instantly with Cropty wallet. Download Android or iOS app or open the web version, sign up, click ‘Receive’ and follow simple instructions. Share your address with someone who wants to donate you in crypto.

8. Can I send Polygon without verification?

9. How can I send Polygon without fee?

You can send Polygon instantly without fee in the Cropty wallet. Download Android or iOS app or open the web version, sign up, click ‘Send’, choose ‘Send via e-mail, phone number or nickname’ and follow simple instructions.

10. How to make money with Polygon?