LATOKEN Blog

LATOKEN Review: Polygon, previously known as MATIC token

LATOKEN reviews tokens periodically with the intention of keeping our readers up to date with trending coins, and the big players in the crypto world. In this post, we will review one of the tokens on the LATOKEN exchange – Polygon, previously known as MATIC. 

MATIC token is rebranded, and now, it is part of the bigger project called Polygon. Polygon is a protocol that builds and connects Ethereum-compatible blockchain networks. Polygon is a combination of scalable solutions on Ethereum supporting a multi-chain Ethereum ecosystem. Earlier this year, Polygon (previously MATIC) got listed on top exchanges, including LATOKEN. It is expected to grow rapidly, and continue to be among the top tokens. MATIC Network, currently known as Polygon is a blockchain scalability platform. It was founded by Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun in 2017. Polygon targets to solve the issue of high transaction costs and slowness of Ethereum, the world’s second-largest cryptocurrency by market value.

According to Polygon website, it plans to ease the certain limitations within the Etherium’s blockchain development platform. Low throughput, poor UX, shared throughput, clogging risk, tech stack not customizable, governance dependence are among the limitations within the ETH blockchain development platform that Polygon targets and solves. 

MATIC, now Polygon, has a market cap of over $10M according to Coingecko, and circulating supply of 6,289,222,325 as of June, 2021, out of total supply of 10B.  According to Coinpedia, the price of a single MATIC token may hit $10 in 2021. However, market cap for Polygon (formerly Matic Network) grew rapidly since February because of increased use of Polygon blockchain by gaming, non-fungible tokens (NFTs), and DeFi (decentralized finance).

Polygon is an open-source technology that aims to provide tools for developers to  create a network or secure a sidechain using the Ethereum network security, and smart contracts. Polygon (MATIC) is currently at top 15 on Coinmarketcap, among the biggest tokens such as Chainlink, Litecoin, Uniswap, and others. 
Polygon combines several technologies, including POS Chain, Plasma Chains, ZK-rollups, and Optimistic rollups. This combination of technologies allows to add extra security levels, makes the movement and transactions inside the system efficient and user-friendly. SInce the Polygon Token is not just a token, but part of the big scale project, it’s value is more likely to stay stable, or even grow further. Only time will tell the exact answer, but currently, interested individuals can obtain and trade Polygon tokens on LATOKEN.