- 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.
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.
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.
Also Read: Why is Nano (XNO) crypto soaring?
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.
Also Read: Why is ECOMI (OMI) crypto gaining attention?
Source: *Data provided by CoinMarketCap.com
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.
Also Read: Why is THOR (THOR) crypto price rallying?
Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instruments or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete, or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.