Why is Polygon (MATIC) crypto rallying?

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Why is Polygon (MATIC) crypto rallying?

 Why is Polygon (MATIC) crypto rallying?
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Highlights:

  • Polygon is a well-structured, easy-to-use platform focused on infrastructure developments and Ethereum scaling.
  • Its main component is Polygon SDK.
  • The MATIC token is available on Binance, OKX, Bybit, etc.

The Polygon (MATIC) crypto has gained traction as the market rebounds after its recent downturn. The Polygon (MATIC) crypto was up over 4%, while its trading volume rose more than 13% in the last 24 hours to Thursday afternoon.

What is Polygon (MATIC) crypto?

Polygon, previously called Matic Network, is a well-structured, easy-to-use platform focused on infrastructure development and Ethereum scaling. Its main component is Polygon SDK, a modular, flexible framework that supports building different categories of applications.

Infrastructures required by developers like optimistic rollup chains, ZK rollup chains, stand-alone chains, etc., can be created through Polygon. It intends to transform Ethereum into a fully developed multi-chain system effectively, dubbed the Internet of Blockchains.

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The multi-chain solution is similar to Polkadot, Avalanche, etc., that comes with Ethereum's perks for security and transparency. MATIC is an ERC-20 token that runs on the Ethereum blockchain. It is the native token of the Polygon ecosystem and plays a critical role in governance and securing the system. The token is also used for payment services, such as currency settlement, between users in the Polygon ecosystem.

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Why is it rising?

Its recent price rallies are catching people's attention. Besides, people may be betting on MATIC in anticipation of further gains in the token ahead of the Building Web3 conference. Experts at the event, including Polygon's co-founder Sandeep Nailwal and Polygon Studios CEO Ryan Watt, were expected to discuss blockchain’s emergence as the next game-changer.

The event was scheduled to start at 1 pm ET on March 17.

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In addition, the company said it introduced an off-chain signaling tool called Snapshot in the Polygon's Validator Governance process to reduce high taxation fees while conducting governance on the Ethereum chain.

In another announcement on Thursday, the company said Polygon users saved US$22 million in gas fees daily in the previous week. All this positive news have drawn investors' interest.

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Polygon (MATIC) crypto price and performance

Source: *Data provided by CoinMarketCap.com

Bottom line:

The MATIC token was priced at US$1.47 at 12:58 pm ET on Thursday, up 4.52%, while its one-day volume rose 13.17% to US$823.34 million. It has a market cap of US$11.27 billion, and its fully-diluted market cap is US$14.65 billion.

The token's total and maximum supply is 10 billion, and its current circulating supply is 7.69 billion. It gave a return of 274.07% over the past 12 months.

The MATIC token is available on exchanges like Binance, OKX, Bybit, etc.

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