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Polygon MATIC

Polygon header image

1. Summary

Fundamental Rank
100
Developer Rank
91
Social Rank
100
Coinrank
98
Price
$1.21 +4.2%
Market Cap
$7.67B (#11)
Supply
6.29B / 10.00B
Description

Polygon was formerly known as the Matic Network before it rebranded. Polygon is an interoperability as well as a scaling framework intended for building Ethereum-compatible blockchains. It is centered around the MATIC token used for governance, staking as well as gas fees.

In February of 2021, the Ethereum Layer 2 Sca...

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Polygon was formerly known as the Matic Network before it rebranded. Polygon is an interoperability as well as a scaling framework intended for building Ethereum-compatible blockchains. It is centered around the MATIC token used for governance, staking as well as gas fees.

In February of 2021, the Ethereum Layer 2 Scaling Solution rebranded itself as Polygon, an interoperable blockchain scaling network.

The main intention of Polygon is to address Ethereum’s limitations, such as the throughput, high speed, and delayed transactions, and lack of community governance. It is designed to be an entire platform designed for launching interoperable blockchains. In fact, through Polygon, developers have the ability to launch preset blockchain networks with attributes that are tailored to their specific needs and can be further customized with a range of modules that allow developers to create sovereign blockchains with specific use-cases and functionality.

A developer can essentially create optimistic rollup chains, ZK rollup chains, standalone chains as well as anything else required by the developer. Through this, it transforms Ethereum into a multi-chain system.

The MATIC Token Explained

In fact, anyone can stake their MATIC tokens on root contracts. Block procedures are selected by PoS stakers, and to achieve faster block generation times, the block producers are few in numbers. Anyone on the mainchain can submit details about the transaction that they think is fraudulent, and if the challenge is a success, the stakes of the parties involved in the fraud are slashed and the challenger receives the slashed funds.

Despite the rebranding, the MATIC token still exists and will play an important role in securing the system and enabling governance.

Features of Polygon

Polygon describes itself as the Layer 2 scaling solution, which means that it does not seek to upgrade the current basic blockchain layer. The project focuses on reducing the complexities when it comes to scalability as well as instant blockchain transactions.

It uses a customized version of the Plasma framework, originally built on Proof-of-Stake (PoS) checkpoints, that run through the Ethereum main-chain. As such, Polygon can achieve 65,536 transactions per block.

The sidechains of Polygon are structurally designed to support a variety of Decentralized Finance (DeFi) protocols which are already available on the Ethereum ecosystem as well.

Founders of Polygon (MATIC)

Regarding its history, it was launched in 2017 by Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun.

The interesting part about this team is the fact that they work on the Ethereum ecosystem prior to launching the Matic Network, which would eventually rebrand to Polygon. They worked on Plasma MVP, the WalletConnect protocol, as well as the Dagger event notification engine on Ethereum.

Jaynti Kanani is the co-founder of Polygon and is a full-stack developer as well as a blockchain engineer which fills the role of the CEO at the company.

Anurag Arjun is the co-founder of Polygon but fills the role of a product manager, and has worked with Dexter Consultancy, IRIS Business, SNL Financial, and Cognizant Technologies.

Sandeep Nailwal fills the role as the COO of Polygon, and prior to this, he was the CEO of Scopeweaver, as well as the CTO of Welspun Group.

2. Price

$MATIC / USD

2.1. Market Performance

How does Polygon's (MATIC) performance compare to assets of a similar market capitalization?

30 Day Return

10%

MATIC

9%

Similar Market Cap

60 Day Return

217%

MATIC

18%

Similar Market Cap

1 Year Return

5,407%

MATIC

2,588%

Similar Market Cap

3. Developer Activity

We're monitoring 58 Github repos for the Polygon project.

Commits vs. The Market

  • Past 4 weeks: 87 commits vs. an average of 58
  • Past 12 weeks: 385 commits vs. an average of 244
  • Past year: 7,474 commits vs. an average of 1,512

Top Repos by Code Commits

Past week 1
Past 12 weeks 6
Past year 2582
Past week 0
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Past week 3
Past 12 weeks 108
Past year 970
Past week 0
Past 12 weeks 0
Past year 704
Past week 25
Past 12 weeks 81
Past year 492
Past week 0
Past 12 weeks 15
Past year 341
Past week 0
Past 12 weeks 19
Past year 294
Past week 7
Past 12 weeks 39
Past year 189
Past week 1
Past 12 weeks 7
Past year 165
Past week 14
Past 12 weeks 54
Past year 135
Past week 9
Past 12 weeks 9
Past year 121
Past week 9
Past 12 weeks 15
Past year 63
4. Social Activity
Reddit Subscribers (maticnetwork) 44,831
Active Reddit Users 675
Telegram Users 38,176
Twitter followers 495,443
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