Why is Polygon (MATIC) rising? Does it have a Robinhood connection?

April 13, 2022 01:36 AM AEST | By Rupam Roy
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  • Polygon is the first well-built, easy-to-use platform focused on Ethereum scaling and infrastructure developments.
  • It returned over 242% gains in the past 12 months.
  • MATIC is available for trading on exchanges like Binance, OKX, etc.

The cryptocurrency market was trading in the green on Tuesday morning. The market ticked up 0.34% to US$1.89 trillion at 9:22 am ET, while its volume in the trailing 24 hours jumped 18.65% to US$104.50 billion, according to CoinMarketCap.com.

The Polygon (MATIC) crypto was drawing significant attention on Tuesday. The MATIC token price was up over 4%, while its volume jumped more than 34%.

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What is Polygon (MATIC) crypto?

Polygon, previously Matic Network, describes itself as the first well-built, easy-to-use platform focused on Ethereum scaling and infrastructure development. Its main component is Polygon SDK, a modular and flexible framework to support the creation of different applications.

Backed by Binance and Coinbase, it is a layer 2 scaling solution that aims to encourage mass adoption of cryptos by addressing scalability issues on various blockchains. Polygon, co-founded by Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun, was launched in October 2017.

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By using Polygon, a user can create ZK rollup chains and other infrastructure required by developers. It claims to effectively remodel Ethereum into a full-fledged multichain system or Internet of Blockchains. The multichain system is similar to networks like Polkadot, Avalanche, etc., with the benefits of Ethereum security.

MATIC is the native utility token of the Polygon ecosystem. It is an ERC-20 token and runs on the Ethereum blockchain. It enables governance and provides security on Polygon. Additionally, it is used as a payment solution and settlement currency between users on the platform.

MATIC can be purchased on Binance, OKX, FTX, etc.

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Does Polygon (MATIC) Have A Robinhood Connection?

Why is it rising?

Robinhood's crypto-focused trading platform has recently added the MATIC token. Besides Matic, Shiba Inu (SHIB), Compound (COMP), and Solana (SOL) were also listed on Robinhood's Crypto platform. These developments may have raised investors’ interest in Matic. The prices of SOL, SHIB, and COMP surged over 5%, 21%, and 6%, respectively, on the news.

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Polygon (MATIC) crypto price and performanceSource: *data provided by CoinMarketCap.com

Bottom line:

The MATIC coin was priced at US$1.43 at 9:26 am ET on April 12, up 4.13%, while its volume for the last 24 hours soared 34.91% to US$710.80 million. It has a market cap of US$11.12 billion, and its fully diluted market cap is US$14.25 billion.

Its maximum supply is 10 billion, and the total circulating supply is 7.81 billion. It returned 242.17% gains in the past 12 months while increasing 3.03% in the last 30 days.  

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