Polygon
About Polygon
The price of Polygon (MATIC) is $0.39979168 today, as of Sep 16 08:15 p.m., with a 24-hour trading volume of $6.44M. Over the last 24 hours, the price has decreased by -3.37%. Polygon currently has a circulating supply of 3.14B and a market cap of $1.26B.
Polygon (MATIC) is the native cryptocurrency that powers the Polygon Network, a layer 2 platform created in 2017. Originally called the Matic Network, the Polygon Network allows developers to create and deploy their own blockchains that are compatible with the Ethereum blockchain with a single click, as well as enables other Ethereum-based projects to transfer data and tokens between one another using the MATIC sidechain. Think of it as a smaller blockchain that runs in parallel with the Ethereum blockchain. The price of Polygon’s token, MATIC, has skyrocketed this year.
The MATIC cryptocurrency first launched in 2019, two years after the Polygon network went live, via an “initial exchange offering” (IEO) hosted on crypto exchange Binance’s Launchpad platform. IEOs are initial coin offerings that take place on an exchange. These kinds of sales are supposed to be more trustworthy because the hosting exchange performs its own due diligence on the project prior to the sale. The initial price of MATIC was $0.00263, with a supply of 3.23 billion tokens. The sale secured the project over $5 million at the time.
MATIC’s price hit an all-time high of $2.40 in May 2021, three months after the project underwent a major rebranding from Matic Network to Polygon Network. Prior to the surge, which started in February and saw the token rise by more than 7,000% to its all-time high, MATIC had remained under $0.04 for almost two years.
The way MATIC tokens are allocated is slightly more complex than most other blockchain projects as the following applies:
- 16% of the tokens are reserved for Polygon employees.
- 4% goes to Polygon’s advisers.
- 12% is distributed to the project’s network of stakers.
- 23% goes toward supporting Matic projects.
- 21% goes to the Polygon Foundation for shepherding development of the protocol.