Bright Ideas: Polygon (MATIC)

Polygon was founded as a scaling solution for Ethereum and aims to be Ethereum’s internet of blockchains.

Price:

$0.8061

Mkt Cap:

$7,206,199,938

View Coin Page

Project Fundamentals
  • Polygon (MATIC) is a layer 2 scaling solution for different Ethereum blockchains which involves various dentralised applications 
  • Polygon acts as an extra layer to the Ethereum blockchain adding security and efficiency 
  • It was designed to minimize transaction fees and increase the speed or transaction processing 
  • It aggregates several Ethereum-based blockchains and enables them to communicate with each other 
  • As of December 2021, there is a circulating supply of 6.9 billion MATIC coins and a total supply of 10 billion coins.  
Partnerships / Implementation
  • There are more than 3,000 DApps that can be found on Polygon PoS.
  • Ernst & Young (EY) has partnered with Polygon to develop Ethereum scaling solutions for businesses.
  • As part of the collaboration EY and Polygon will develop Polygon Nightfall, which is a public and privacy-focused Rollup.
  • The Ethereum scaling solution aim to minimize transaction costs and enable a wider adoption. 
Roadmap and Announcements
  • The core development Polygon is rolling out a test implementation of Ethereum Improvement Proposal 1559, aiming to implement burning of MATIC token and improved fees. 
  • The London fork, EIP-1559 was launched on the Ethereum mainnet of the 5th of August 2021 and was one of the most significant modifications in its history.
  • The transactions base fee will be included along with a priority fee to speed up processing and fluctuates depending on demand and is then burned. 
  • In July Polygon became one of six company’s selected to participate in Disney’s 2022 Accelerator Program.
  • Following the 15th of September Ethereum Merge Polygon dramatically reduced their carbon footprint.
  • In September 2022, Robinhood launched its non-custodial crypto wallet on Polygon.
  • In October 2022, Matic significantly outperformed the broader market rising 18%.
  • In October 2022, JP Morgan conducted its first live trade on a public blockchain using Polygon.
  • Recent volatility in price action has been primarily caused by external events, with Matic still outperforming broader marker over last 30-60 days.
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