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Polygon, which used to be called Matic Network, is a framework for making Ethereum-compatible blockchains work together and grow. It revolves around the MATIC token used for governance, staking, and gas fees.

What is Polygon?

Polygon, formerly known as Matic Network, is a framework for constructing interconnected blockchain networks. Using a novel sidechain solution, it seeks to resolve Ethereum’s main drawbacks, including its throughput, poor user experience and lack of community governance.

Polygon is meant to be an entire platform for making blockchains that work with each other. This differs from Matic Network’s predecessor, which was just a scaling solution. Matic Network used plasma to process transactions outside of the Ethereum main chain before completing them on the main chain.

Using Polygon, developers can establish pre-configured blockchain networks with custom-tailored characteristics. These can be further customised with an expanding selection of modules, enabling developers to construct sovereign blockchains with more specialised features and functions.

How Does Polygon Work?

Polygon works similarly to other Proof of Stake (PoS) protocols regarding network nodes, governance, staking, and other features.

Proof of Stake Consensus

The platform utilises the Proof of Stake consensus, which relies on a set of node validators to verify and validate transaction blocks on the network, as opposed to the traditional Proof of Work (PoW), which requires a significant amount of computing power to produce new blocks.

In PoS, token holders validate and verify transactions instead of performing the work (computing work in PoW algorithms) themselves.

The PoS ecosystem of Polygon rewards users with MATIC, the native token of the protocol. You may choose one of the following methods to acquire MATIC:

Become a validator and contribute to the network by operating a full node to validate blockchain transactions. You receive a portion of fees and newly created MATIC as a node validator. However, your MATIC rewards will be reduced if you behave maliciously, make an error, or even if your internet connection is sluggish.

Become a delegator, a category of the public node that receives other individuals’ MATIC and uses it to assist the network with PoS validation. The larger the delegated stake, the greater the voting authority of the delegator.

Polygon Bridge

To transfer funds from the Ethereum network to Polygon’s, you must use the PoS bridge, a collection of smart contracts that facilitate the transfer of assets from the Ethereum mainnet to the Polygon sidechain.

The PoS bridge facilitates the transfer of assets from Ethereum to Polygon and uses these funds to interact with the ecosystem’s applications and blockchains. Naturally, you’ll have to pay a high transaction fee in ETH, but once you’re in the Polygon network, transactions are exceptionally only less than a dollar.

Polygon Protocol

The Polygon Protocol links all Polygon-based blockchains and the Ethereum network and permits networks to use Ethereum to inherit its security features.

Polygon’s Software Development Kit (SDK)

In May 2021, Polygon introduced the Polygon Software Development Kit (SDK), a set of plug-and-play software tools for developers to launch their own fully customisable blockchains and DeFi applications. The goal is to make Ethereum a fully-fledged multi-chain system since the ecosystem’s current limitations and lack of structure makes it more difficult for developers to work on their projects.

Polygon intends to boost the ecosystem with Polygon SDK based on three key concepts: Ethereum compatibility, modularity, and extensibility. This makes it a flexible framework for Ethereum scaling and infrastructure solution developers.

The Polygon SDK has two versions. The first one supports Ethereum-compatible stand-alone chains, which are sovereign blockchains responsible for their modules and security. While maintaining their autonomy, these chains can use the Polygon bridge to communicate with Ethereum (e.g., to transfer assets or send arbitrary messages) via the Polygon bridge.

On the second version, other networks, such as Layer 2, will be supported, each with its modules and tools to empower developers.

Benefits of Polygon Over Other Blockchains

Despite numerous Ethereum-based scalability solutions, Polygon has its unique advantages.

Features

• Some of Polygon’s competitors have neglected to implement features such as ZK-rollups, Plasma, PoS, Polygon Supernets and Polygon Edge, which are used effectively by Polygon.
• The Heimdall architecture enables Polygon to eliminate constraints and become more scalable.
• Thanks to Polygon Edge and Polygon Supernets, developers can quickly and securely deploy modular blockchains tailored to specific use cases.

Security

• Due to the transaction life cycle checkpoints that assure consistency regularly, Polygon is highly secure.
• There are also mechanisms for local consensus. Polygon adds a security layer to the architecture, and PoS with Heimdall architecture boosts the security.

Customisation

• Polygon is highly configurable, allowing developers skilled in Ethereum-based application development to use their preferred programming language.
• The supplementary Ethereum layer and the security layer are optional. Thus, solution providers using Polygon have complete freedom to tailor it to their specific requirements.

Ethereum Optimization

• Polygon has been developed to leverage the Ethereum network fully.
• With its decentralized approach, Polygon facilitates a thousand times more transactions on the Ethereum blockchain.

Polygon zkEVM

at EthCC Paris in July 2022 - Polygon introduced zkEVMthe first EVM-compatible version of ZK-rollups designed to function seamlessly with all existing smart contracts, developer tools, and wallets. In addition, it reduces user friction by eliminating the need for code alterations or reimplementation.

zkEVM inherits the security of Ethereum while significantly improving performance and lowering transaction fees. As previously indicated, the most significant distinction is on the developer side, where Polygon (ZK) and Ethereum have different codebases. 

Nonetheless, with zkEVM, any smart contract or developer tool used with Ethereum can now be used with Polygon. The team intends to transform zkEVM into the sacred grail of web3 infrastructure concerning scalability, security, and Ethereum compatibility.

According to Polygon, zkEVM was made available on the public testnet on October 10, 2022, with the mainnet introduction scheduled for early 2023.

Polygon Hard Fork

Polygon has proposed a mainnet hard fork upgrade to reduce gas surges and block transaction finalisation time. The V0.3.1 Hardfork of Polygon will be implemented on January 17, 2023. Its upgrade includes two components.

The first is a decrease in price spikes caused by the EIP1559 update and Polygon’s transition to PoS. The Polygon BaseFeeChangeDenominator will be increased from eight to sixteen to mitigate the base fee rate changes caused by an increase or decrease in the target gas limits. After the denominator is increased to 16, the minimum gas charge is anticipated to decrease from 12.5% to 6.2%.

The second portion of the update attempts to address the chain reorganisation issue by reducing the sprint length of Polygon blocks from 64 to 16. As the reorg length is equivalent to the sprint length, reducing the sprint length will reduce the time required to produce blocks perpetually. This will reduce the frequency of reorganisations, resulting in improved transaction finality times.

Polygon Price History

Now, let’s examine the MATIC price history briefly. While past performance should never be used to predict future results, knowing how the cryptocurrency has performed can provide crucial context for making or interpreting polygon price predictions.

In April 2019, when MATIC first appeared on the market, it was valued at approximately $0.00263. While it rose marginally to $0.04168 in December 2019, it declined to $0.01781 at the beginning of 2021. Around this time, the market began to improve, and when Matic became Polygon in February, the price skyrocketed. It appeared that nothing could stop it, as it surpassed $1 on May 9 and $2 on May 18 before market conditions sent it back down. However, conditions improved by the end of the year, and on December 26, 2021, the price reached an all-time high of $2.92 before closing the year at $2.53.

While 2021 was a memorable year for cryptocurrencies and MATIC, 2022 has been one to forget. A series of market collapses shook the coin, and on June 18, it reached a low of $0.3228. The launch of zkEVM, an Ethereum Virtual Machine-compatible program, caused the token’s price to momentarily surpass the $1 threshold at the end of July before falling back down.

After Robinhood (HOOD) had announced a collaboration with Polygon for its new Web3 wallet and allowed users to transmit and receive MATIC on its brokerage, the token’s price began to recover in October. The company then collaborated with Meta to develop non-fungible tokens (NFTs). Consequently, it attained a high of $1.29 on November 7 before the FTX exchange collapsed on November 21 2022, when it fell to a low of $0.773.

There was a recovery to $0.9486 on December 3, followed by a decline to $0.7585, a decrease of 70% for the year. In 2023, however, MATIC appreciated as the crypto market recovered. On January 14, it surpassed the dollar again, and on February 18, it reached $1.56, its highest level since April 2022. On February 24 2023, Polygon would lay off 20% of its personnel, contributing to the coin’s price falling to $1.35. A little more than 8.7 billion MATIC were in circulation at the time out of a total supply of 10 billion. This gave Polygon a market capitalization of approximately $11.8 billion, making it the eighth-largest cryptocurrency by this metric.

Polygon Price Prediction

Now let’s look at the polygon price forecasts as of February 24, 2023. It is essential to remember that price predictions, particularly for something as potentially volatile as cryptocurrencies, are frequently inaccurate. Also, many long-term crypto price forecasts are generated using an algorithm, which means they are subject to sudden change.

CoinCodex had a somewhat ambiguous short-term polygon price forecast for 2023, stating that the coin’s price could rise to just under $1.59 by March 1 before falling to just over $1.44 by March 27. Technical analysis of the website was neutral, with 17 indicators sending bullish signals and 13 sending bearish signals.

According to PricePrediction, the price of Polygon would reach $1.89 in 2023. The site’s polygon price forecast for 2025 predicted it would reach $4.14 that year. According to the site’s MATIC price forecast, Polygon could trade for $25.53 at the beginning of the following decade.

Sharing the same idea, DigitalCoinPrice was also optimistic when predicting the price of polygon cryptocurrencies. The website indicated that the coin could trade for $2.88 in 2023 and $4.62 in 2025 before predicting a polygon price of $13.55 for 2030.

Wallet Investor predicted that the MATIC coin price would decline to $0.927 by February 2024, indicating that Polygon was in for a difficult 12 months.

When contemplating a MATIC coin price prediction, it is essential to know that cryptocurrency markets remain highly volatile, making it difficult to accurately predict the price of a coin or token in a few hours and even more challenging to provide long-term forecasts. Consequently, analysts and algorithm-based forecasters can and do make incorrect predictions.

If you intend to invest in cryptocurrency coins and tokens, you should always conduct your investigation. Before making an investment decision, consider the latest market trends, news, technical and fundamental analysis, and expert opinion. Remember that past performance does not indicate prospective returns; only trade with funds you can afford to lose.

Use Cases of MATIC Coin

Payments:

• Using DApps, Polygon enables users to make payments with cryptocurrencies.
• A viable option for app developers and service providers due to the network’s faster processing periods and lower transaction fees. Polygon enhances the overall user experience when using any DApp. The MATIC token can also be used to pay Polygon Network transaction fees.

Decentralized Exchanges:

• Due to DEXs’ efficacy and security issues, people continue to favour centralised exchanges over decentralised ones. Polygon Network reduces this disparity by facilitating transactions in milliseconds.
• This increase in performance does not compromise the security of network transactions. Enhanced throughput and an additional security layer render Polygon Network’s security as stringent as feasible.

Gaming Networks:

• The gaming industry has been predominantly centralised. Individuals have no ownership or control over the digital assets they earn with their labour or even with fiat currency.
• Decentralization places control of gaming networks in the hands of the gaming community. Individuals can acquire full possession of their digital assets. With its impeccable transaction performance, Polygon’s network aids in developing this decentralised gaming universe, also known as GameFi.

Future of Polygon (MATIC)

combat climate change. Due to the proliferation of Bitcoin mining devices, the crypto industry has been criticised for its high electricity usage. Polygon can contribute to the fight against climate change while potentially attracting the attention of environmentally conscious investors, thereby bolstering the optimistic case for MATIC.

Polygon has also recently announced that Tether (USDT), the largest stablecoin by market capitalisation, will be accessible on its network. This would significantly benefit the network’s ecosystem, as integrating into Polygon would provide an additional stablecoin option to over 8,000 teams using the platform.

Polygon ID, a self-governing, decentralised, and private identity for web3 was introduced in March 2022. This was followed by introducing “free” NFT minting on their network, allowing anyone to create custom NFTs with no gas fees. The launch could result in Polygon capturing a portion of Ethereum’s current NFT market share, which requires users to pay hefty gas fees to mint NFTs.

Disney also announced in early July that Polygon would join its accelerator program to develop new technologies for storytelling experiences. The accelerator program plans to use augmented reality, non-fungible tokens, and Artificial characters to create future experiences. In addition, the Polygon team will receive additional investment capital and access to co-working space on the Walt Disney Studios campus in Los Angeles.

Polygon FAQs

Who are the founders of Polygon?

In October 2017, Polygon (formerly Matic Network) was introduced. Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun, three seasoned blockchain developers and a business consultant, co-founded Polygon. Before its 2019 migration to its network, the Polygon team was a significant contributor to the Ethereum ecosystem. 

How many MATIC tokens are in circulation?

Once per month, MATIC tokens are distributed. There are currently 4,877,830,774 MATIC tokens in circulation, with a maximum supply of 10,000,000,000.

How is the Polygon secured?

Staking is an integral component of the Polygon ecosystem as a Layer 2 solution that uses a network of proof-of-stake validators for asset security. Validators on the network will use MATIC tokens as collateral to participate in the network’s PoS consensus mechanism and will receive MATIC tokens in exchange. Members of the network who do not desire to become validators may delegate their MATIC tokens to another validator while continuing to participate in the staking process and receive staking rewards.

How to add Polygon (MATIC) to MetaMask?

MetaMask’s support for Polygon (MATIC) lets users view their token holdings, trade on decentralised exchanges, and more. To add them, you must import the token MATIC. You can replicate MATIC’s contract address (0x7d1afa7b718fb893db30a3abc0cfc608aacfebb0) and import it manually, or if you have Metamask’s chrome extension installed, you can add MATIC to MetaMask with a single click on CoinGecko.

Where to purchase Polygon (MATIC)?

The MATIC token can be purchased on decentralised exchanges such as Uniswap and CoinSpot, Coinbase, Kraken, and Crypto.com with Australian dollars or other fiat currencies. Some cryptocurrency exchanges offer trading combinations, allowing consumers to trade and buy MATIC with the popular stablecoin Tether (USDT). KuCoin and Binance.US are exchanges that pair MATIC and USDT.