Polygon Reaches Market Capitalization of $799.24 Million (MATIC)

Polygon (MATIC) traded 8.1% lower against the dollar during the one day period ending at 7:00 AM E.T. on January 13th. One Polygon coin can now be bought for $0.42 or 0.00000459 BTC on cryptocurrency exchanges. During the last week, Polygon has traded 19.8% lower against the dollar. Polygon has a total market capitalization of $799.24 million and $6.59 million worth of Polygon was traded on exchanges in the last day.

Here’s how related cryptocurrencies have performed during the last day:

• Aidi Finance (BSC) (AIDI) traded 2.2% lower against the dollar and now trades at $0.0000 or 0.00000000 BTC.
• Zoo Token (ZOOT) traded down 2.2% against the dollar and now trades at $0.0652 or 0.00000239 BTC.
• CareCoin (CARES) traded down 2.2% against the dollar and now trades at $0.0809 or 0.00000297 BTC.
• Hokkaidu Inu (HOKK) traded up 1.2% against the dollar and now trades at $0.0004 or 0.00000001 BTC.
• Jeff in Space (JEFF) traded down 2.2% against the dollar and now trades at $2.75 or 0.00010076 BTC.
• SolvBTC (SOLVBTC) traded down 3.6% against the dollar and now trades at $90,698.06 or 0.99770428 BTC.
• SolvBTC.BBN (SOLVBTC.BB) traded 3.7% lower against the dollar and now trades at $89,969.33 or 0.98968804 BTC.
• Lumi Credits (LUMI) traded up 8.9% against the dollar and now trades at $0.0162 or 0.00000027 BTC.
• AXIA Coin (AXC) traded down 0.1% against the dollar and now trades at $13.43 or 0.00048094 BTC.

About Polygon

Polygon was first traded on March 26th, 2018. Polygon’s total supply is 10,000,000,000 coins and its circulating supply is 1,913,783,718 coins. The official message board for Polygon is blog.polygon.technology. Polygon’s official Twitter account is @0xpolygon and its Facebook page is accessible here. The official website for Polygon is polygon.technology. The Reddit community for Polygon is https://reddit.com/r/0xpolygon and the currency’s Github account can be viewed here.

According to CryptoCompare, “The Ethereum blockchain is home to thousands of smart contracts and decentralized applications. The flurry of activity on it has seen transaction fees make using the network economically unviable for some of its users, creating demand for scaling solutions, like Polygon.What is Polygon?Polygon (MATIC) is a Layer-2 scaling solution for Ethereum that provides users with faster transactions and lower costs as a parallel blockchain running alongside the main Ethereum network.To use the Polygon network, users have to “bridge” their tokens from Ethereum to it. There are numerous decentralized applications built on top of Polygon, including several leading Ethereum-based protocols that have made their applications work on both networks.The Polygon network can be used through cryptocurrency wallets compatible with Web3 applications such as MetaMask or the Coinbase Wallet. These are wallets that can interact with smart contracts on the blockchain and can be found built-in to some web browsers such as Opera and Brave.What is the MATIC token?The MATIC token is Polygon’s native currency, used to pay for transaction fees on the network. The cryptocurrency is also Polygon’s governance token, which means MATIC token holders get to vote on change proposals to Polygon.As the network uses a Proof-of-Stake (PoS) consensus algorithm, MATIC can be staked to help secure the network in exchange for rewards in MATIC. The ticker MATIC comes from a previous stage of Polygon’s development, as at launch it was named the MATIC Network.Who Created Polygon?Polygon was first launched back in 2017 as the Matic Network by several Ethereum developers: Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic. The network went live in 2020 and quickly attracted some of the largest DeFi applications.The network raised the equivalent of $5.6 million in TH with the sale of 1.9 billion MATIC tokens back in April 2019.The Polygon network currency has several blue-chip DeFi applications launched on top of it, including decentralized exchange Uniswap, lending platform Aave, and decentralized lottery platform PoolTogether.”

Buying and Selling Polygon

It is usually not currently possible to buy alternative cryptocurrencies such as Polygon directly using US dollars. Investors seeking to acquire Polygon should first buy Ethereum or Bitcoin using an exchange that deals in US dollars such as Gemini, Changelly or GDAX. Investors can then use their newly-acquired Ethereum or Bitcoin to buy Polygon using one of the exchanges listed above.

MATIC/USD price chart by TradingView