The official support for web 3.0 and social media networking initiatives was launched by Polygon and Alexis Ohanian’s venture capital firm, Seven Six, last Friday. The company also announced its support for this $200 million project. Check out this article to check the price of Polygon Matic.
Their focus is on game applications and social media platforms built on the Polygon network. Earlier this month, Polygon announced that it would dedicate up to 250 million MATIC tokens with a value of $627.5 million to develop technology for complex decentralized financial applications.
According to Sandeep Nailwal—co-founder of Polygon—, the social media business model has a “profound impact on our world”, mainly because of Web 3.0 which is a broad concept that refers to the next generation of the internet. Through this Web 3.0, he continued, “users create value, control the network and reap the rewards”.
About Polygons—Polygon Matic Prices
To note, Polygon Network (MATIC) is a decentralized protocol for building and connecting a number of Ethereum-compliant blockchain networks. This protocol was created as a solution to various issues regarding blockchain, such as gas fees, aka high gas fees and slow speeds. However, he is still not without compromising the security aspect in this regard.
Meanwhile, MATIC is an ERC20 token that is used to pay transaction fees and serves as a token used to regulate operations and influence the direction of the coins, tokens and/or projects controlled in this protocol. MATIC can also be used for staking on the protocol network.
As of October 2021, in line with Coinmarketcap data, there are 6.67 billion MATIC Tokens in circulation. For information, the protocol which was created in India in 2017 and initially called the Matic Network will add tokens every month. The maximum supply limit for MATIC itself is 10 billion tokens. Referring to the release schedule, all these tokens will be circulated in December 2022.
In the initial period of the offering, which was April 2019, the team managed to earn US$5.6 million in ETH through the sale of 1.9 billion MATIC tokens over a 20-day period.
Then, the Matic Network was launched in 2020. Then, in February 2021, there was a change in the name of Matic to Polygon Network, which was carried out as an adjustment to the change in the strategy of this protocol, namely from only providing a layer 2 solution for the Ethereum network, then transforming it into a complete infrastructure that can be used by developers to create decentralized applications (dApps).
How It Works—Polygon Matic Price
Given the birth of a multi-chain ecosystem that can be shared and attached to Ethereum after the birth of this protocol, Polygon is often referred to as “Ethereum’s Internet of blockchain”.
This protocol was created to facilitate a number of developer needs, by providing a framework for creating dApps that prioritize performance, user experience (UX), and security.
To note, Layer 1 or L1 is the Ethereum mainnet as the main blockchain network. On the other hand, layer 2 (L2) is a blockchain that runs alongside L1. Meanwhile, the L2 solution is a method used by developers for Ethereum transactions to be processed on the Polygon network, with the aim that application users do not experience losses due to the density of the Ethereum network.
Furthermore, the protocol also provides a number of L2 solutions, such as a system of commit chains as well as side chains—a blockchain that runs in parallel with the Ethereum mainnet. The main difference between these two systems is that commit chains can internalize the security of the Ethereum network. It also allows developers to take advantage of Polygon’s scalability, but still enjoy the security that the Ethereum network provides.
Developers can also improve the performance of their applications through this protocol so that transactions are faster and the gas fee is cheaper than the Ethereum mainnet. That’s why Polygon is invaluable for small and medium-sized companies who are concerned about Ethereum network congestion, which could disrupt services.
As of August this year, there are around 80 dApps built with this protocol, including:
Quickswap (QUICK): is a decentralized exchange (DEX) built on the Polygon network. Here, users are enabled to make fast transactions with low gas costs.
Aavegotchi: is a game that combines elements of DeFi as well as NFT. Here, you will buy and collect NFT in the form of Aavegotchi avatars who use crypto assets as collateral. The token that exists in the world of Aavegotchi is named $GHST.
KogeFarm is a DeFi yield farming application, which is a way to earn interest by owning cryptocurrency. Yield farming can be interpreted as locking or storing crypto assets that you have in a dApss, then you will earn interest within a certain period of time (the concept is similar to deposits).
How to Buy MATIC
For information, MATIC itself has been listed on Indodax since 2020. You can read the complete information here.
Then, to find out more about MATIC on Indodax, you can visit the following link.
You can monitor the price of Polygon MATIC on Indodax via the following link. Apart from monitoring prices, you can also buy and sell MATIC on Indodax.