Polygon
PolygonMATIC0.90$ +-1.94%

13 Rank
7.25B$ Market cap
51.33M$ 24H Volume

MATIC price live chart

0.90$-1.94%
Polygon Price statistic
Polygon price today
Polygon price
0.90 $
Price change (24h)
1.94% -0.02 $
Trading volume (24h)
51.33M $
Market Dominance
0.69%
Market rank
#13
Polygon price history
All Time High
Dec 27 2021 (11 months ago)
68.78% 2.90 $
Polygon Market Cap
Market Cap
7.25B $
Fully Diluted Market Cap
8.30B $
Polygon Supply
Circulating Supply
8.73B MATIC
Liquid Supply
9.23B MATIC

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Polygon basics

Name

Matic

Category

Infrastructure

What is Polygon?

Polygon is a platform design to support infrastructure development and help Ethereum scale. Its core component is a modular, flexible framework (Polygon SDK) that allows developers to build and connect Layer-2 infrastructures like Plasma, Optimistic Rollups, zkRollups, and Validium and standalone sidechains like the project's flagship product, Matic POS (Proof-of-Stake). Polygon rebranded from Matic Network in February 2021 and pivoted towards supporting multiple Layer-2 infrastructure. It will continue to support the Matic POS sidechain and Plasma-based payment system, which currently hosts over 90 applications.

Polygon token type

Token name

MATIC

Token type

Native

Token uses

Payments

What is Polygon used for in 2022?

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
User photo
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.
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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:

  1. 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).
  2. 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.
  3. 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
User photo
Anurag Arjun
Co-Founder & CPO at Polygon
User photo
Jayant Kanani
Co-Founder & CEO at Polygon
User photo
Mihailo Bjelic
Co-Founder at Polygon
User photo
Sandeep Nailwal
Co-Founder & COO at Polygon
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User photo
Matic Network
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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?
User photo
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.
User photo
AU21 Capital
User photo
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.
User photo
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.
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USD to MATIC converter
USD
$
MATIC
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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?

FAQ
1.What is the best app to store Polygon?

Store Polygon with Cropty cryptocurrency wallet by 3 simple steps:

  1. Download the app from the Apple AppStore or Google Play, or open your browser wallet.
  2. Create your Cropty wallet account with Face ID or Touch ID security options.
  3. 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:

  1. Download the app from the Apple AppStore or Google Play, or open your browser wallet.
  2. Create your Cropty wallet account, set up a nickname.
  3. 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:

  1. Download the app from the Apple AppStore or Google Play, or open your browser wallet.
  2. Create your Cropty wallet account, set your authentication settings.
  3. 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 2022. 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?

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.

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?
  1. Sign up to Polygon wallet.
  2. Top up your balance with Polygon.
  3. Store, trade or deposit your Polygon.
  4. Get Polygon deposit interest directly to your Cropty wallet.
USD to MATIC converter
USD
$
MATIC
coin
Polygon Price statistic
Polygon price today
Polygon price
0.90 $
Price change (24h)
1.94% -0.02 $
Trading volume (24h)
51.33M $
Market Dominance
0.69%
Market rank
#13
Polygon price history
All Time High
Dec 27 2021 (11 months ago)
68.78% 2.90 $
Polygon Market Cap
Market Cap
7.25B $
Fully Diluted Market Cap
8.30B $
Polygon Supply
Circulating Supply
8.73B MATIC
Liquid Supply
9.23B MATIC
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