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Polygon

Polygon: everything you need to know about MATIC

Axel van den Boogaard

Axel has been immersing himself in the world of crypto and blockchain for quite some time, which he then translates into understandable articles.

Polygon facts

Abbreviation

MATIC

Category

Layer2- en Web3 applications

Founder(s)

Jaynti Kanani, Sandeep Nailwal, Anurag Arjun

Blockchain

Ethereum

Protocol

Proof of Stake

Launch date

October 2017

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What is Polygon?

Polygon is a blockchain with the cryptocurrency MATIC. It's a technology platform designed to connect and scale blockchain networks. Polygon is often referred to as 'Ethereum's internet of blockchains' and started in 2017 under the name Matic Network.

Since Ethereum transitioned to a Proof of Stake mechanism, Polygon's focus on being a scaling solution for Ethereum has become less relevant. Therefore, the platform is increasingly focusing on web3 and NFT applications.

How does Polygon work?

Polygon is a blockchain featuring the MATIC cryptocurrency. It is a technology platform that facilitates the connection and scaling of blockchain networks. Polygon is often referred to as the 'Ethereum's Internet of Blockchains' and was initiated in 2017 under the name Matic Network.

The Polygon platform is built on the Ethereum blockchain and connects Ethereum-based projects. It can enhance the flexibility, scalability, and sovereignty of a blockchain project while still providing the security and structural benefits of the Ethereum blockchain.

Since Ethereum transitioned to a Proof of Stake mechanism, Polygon's pursuit of a scaling solution for Ethereum has become less relevant. Consequently, the platform is increasingly focusing on web3 and NFT (Non-Fungible Token) applications.

The MATIC token

MATIC is an ERC-20 token, making it compatible with other Ethereum-based digital currencies. MATIC is used to govern and secure the Polygon network and to pay network transaction fees. Polygon also claims to operate in a climate-neutral manner since April 2022.

The Technology Behind MATIC

Polygon was originally developed to connect Ethereum applications and provide scalability. The network is a Layer 2 blockchain with a custom Proof of Stake consensus mechanism. Users stake their tokens to support the blockchain and earn rewards.

Polygon can:

  • Integrate existing blockchains and create custom blockchains.
  • Enable communication between Ethereum and other blockchains.
  • Help existing blockchains connect to Ethereum.

Many protocols, few costs

Polygon reduces network costs through scaling solutions like side chains. These side chains alleviate the load on the main chain and later synchronize with the network, theoretically allowing Polygon to process up to 65,000 transactions per second.

On Polygon, users can select a protocol that best suits their use case, such as the Zero-knowledge (zk) Proof mechanism. This mechanism verifies transaction validity without revealing additional information, only confirming that the statement is correct.

What makes Polygon unique?

What sets Polygon apart from other Layer 2 solutions is its approach. Polygon offers developers a variety of solutions on a single network, providing more control and customization for choosing the most suitable scaling solution for their application.

Furthermore, Polygon, as a Layer 2 solution, is one of the first platforms to allow crypto staking. With crypto staking, users can earn annual interest for helping validate transactions on the blockchain.

Polygon offers various solutions for everyday users, developers, and businesses. Its primary goal is to create an Internet of Things (IoT) specifically for the Ethereum blockchain. The project aims to scale Ethereum to a billion users without sacrificing decentralization or security.

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Benefits of Polygon

Polygon has been popular in the crypto world for years. Why do crypto traders choose MATIC?

  • The coin has the robust Ethereum blockchain as its foundation, and many of its applications are easily integrable.
  • The blockchain is highly fast, efficient, and scalable.
  • Developers can create their own applications on Polygon, offering the blockchain great flexibility.
  • MATIC's low transaction costs and high transaction speed make it popular among both traders and developers.
  • Polygon enjoys an excellent reputation and has been praised by Vitalik Buterin, the creator of Ethereum.

Drawbacks of Polygon

Like all other cryptocurrencies, Polygon is not perfect. What should investors consider with MATIC?

  • The Polygon blockchain was originally designed to handle the congestion of the Ethereum blockchain, which has become unnecessary as Ethereum transitioned to a Proof of Stake mechanism.
  • Dependence on the Ethereum ecosystem.
  • Increasing competition from similar coins and projects.

Who is the founder of Polygon?

Polygon was founded by a group of developers, including Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun.

Together, they contributed to the creation and development of the Polygon network, which was originally launched under the name Matic Network. Later, they renamed the project 'Polygon' to reflect its broader focus on blockchain scalability and interoperability.

Price forecasts

In 2026 experts expect a minimal price of €1.79 and a minimal price of €5.93 in 2031.

Good time to get in?

View all key statistics of the past 24 hours here.

24h ago

€0.5785

24h high

€0.5852

24h low

€0.5643

24h change
€0.002348

Market information

Use these figures to get a better picture of the Polygon market.

24h volume

€213.2 million

Marketcap

€5.4 billion

MATIC in circulation

9.3 billion

All time high

€2.58

MATIC Return On Investment

See how much the price has risen or fallen over the years.

1 year
7.4%
3 years
52.91%
5 years
2,702.57%

Historical Polygon price

Here you can see Polygon daily prices, trading volume and market cap. Looking for a specific date? You can fill in the range all you want. Maybe you'll spot the one trend!

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Frequently asked questions

The value of Polygon changes every second because cryptocurrency prices never stand still. Unlike traditional stock exchanges, Polygon and other cryptocurrencies do not close at night and operate 24/7. Therefore, the value of MATIC is genuinely different at any given moment.

No one can predict the crypto market. However, according to analysts, the value of MATIC is expected to gradually rise in the coming years. You can check the current price of Polygon here.

MATIC is the cryptocurrency of the Polygon network. It allows users to vote, pay transaction fees, and help secure the network.

We don't have a crystal ball either, so it's always up to you to decide whether you want to invest in MATIC. We continue to recommend that you thoroughly research the market and only invest an amount you are willing to lose.

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