Polygon is originally called Matic Network. The main objective behind the creation of this platform was to scale Ethereum and bring moderation to its structure. It is a project from India that focus on cheap and fast transactions on the Ethereum blockchain. Today, we are going to discuss on Matic (Polygon) network and will also let you know whether is it right to invest in Polygon cryptocurrency.
With websites like Cryptoknowmics, it has become easy for every crypto enthusiast to stay abreast with the latest airdrops, be it Ethereum airdrop or Cardano airdrop. These websites are known for giving airdrop alerts to their users. You can also search for polygon airdrops Sqex me link. But we are here to discuss Polygon crypto, and to find out whether it is a good investment or not.
Knowing about Polygon (Matic) Network & Polygon cryptocurrency
One can understand Polygon as an express train running on similar tracks to other trains. But in comparison, its speed is much faster than theirs and stops at fewer destinations during its journey. The track here in the example is Ethereum, where Polygon excels with quicker transactions compared to the Ethereum blockchain. Sharing a similar name, its native cryptocurrency finds an important use on the network. Trading of coins is done under the MATIC symbol.
Polygon follows the PoS consensus technique in securing the network so that a new currency could be formed. At present, the market capitalization of Polygon is $8,239,778,847, and the circulating supply 7.85 billion. So can we say that is it safe to invest in Polygon cryptocurrency? This is what we are going to find in this article. But before that, let us know about:
Working of Polygon
Those who have experience trading on the Ethereum blockchain must be well aware of high transaction fees and laggy fulfillment times on the Polygon network. Polygon resolves this problem by facilitating transactions at a minimum cost. The network calls itself a layer two scaling solution. The uniqueness of its transaction fulfillment technology facilitates the process of transactions (65000) in a short time on every side chain.
The Polygon system also finds the use of point-of-stake checkpoints as it might be considered for letting millions of transactions on the blockchain. Adding on to it, the side chains of Polygon are crafted in a manner to aid Defi protocols in the Ethereum space.
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Circulation of Polygon tokens
Polygon (MATIC) tokens are released every month by developers. According to CoinMarketCap, 10,000,000,000 is the maximum supply of Polygon tokens, and circulation is 7.85 billion. On the manner of Polygon, there are only 650,000 coins in circulation. The remaining has been burned and removed. In the Polygon ecosystem, sixteen percent belong to team tokens, twelve percent belong to the network, four percent of holders, and the remaining 21.86% are foundation tokens.
Current price of Polygon cryptocurrency
According to a crypto price tracking website, $1.06 is the current price of Polygon cryptocurrency. $8,315,766,744 is its market capital and $743,487,689 is its volume in 24-hour.
Future plan of Polygon
Knowing the multiple utilities of the Polygon platform, the National Football League explored its use for the release of the NFT-based upcoming draft. The Polygon coin has grown much in popularity drawing the attention of most investors. However, if you seem to be new, and have no idea about polygon tokens, then better gain an understanding of the cryptocurrency before planning to invest in it.
In the coming years, Polygon might come up with a plan in facilitating a framework for blockchain networks that let users in creating the link between blockchain networks or say internet of blockchains. If this happens to be true, then it will give liberty to developers for creating the network.
With that being done, then they would become efficient in the development of scalable, bendable, and independent operating blockchain. Taking note of this ambitious goal of Polygon will indicate the rise of Polygon cryptocurrency in the coming years.
For the creation of DApps, Ethereum Virtual Machine is used by developers for its being user-friendly. Being compatible with EVM, Polygon lets creation of DApps and their porting by developers. Many of the Ethereum applications have been deployed by developers onto Polygon. These include Aave and SushiSwap.
Is it a wise decision to invest in Polygon cryptocurrency?
If you are planning to invest in Polygon cryptocurrency, then hold on. You should be confirmed whether it is capable to encounter challenges in the future. If there is any major roadblock in the way of the Polygon network, then these are Polkadot and Avalanche.
These projects might show their presence in the future, posing a big challenge for Polygon to grow rapidly. Meanwhile, Ethereum is also aiming for its platform’s upgradation. This upgrade called Ethereum 2.0 which is now called Merge, will lead to changes from the present PoW chain to the newbie PoS chain. And once it is done, it might eclipse the popularity of Polygon. The price of Polygon is $1.06.
Final words
So this is what you need to know about Polygon cryptocurrency, especially if you are planning to invest in it. Polkadot and Avalanche are two of the major challenges it might have to face in the future. Plus Ethereum is also making efforts in the up-gradation of Ethereum 2.0 which is now called Merge. If it reaches its final stage, then it would lower the popularity of Polygon. So let us see what lies for Polygon in the future. Stay abreast with recent airdrops on Cryptoknowmics.
