What Is Polygon
In todays blog we will be discussing the polygon token know as MATIC. If you think DeFI you probably think of polygon. Polygon is seen as the mascot of DeFi because of how useful easy and popular it is. the reason for that is because of the easy staking process it offers for a DeFi application. Which has given it some appeal to retail investors and the public. Which further pushes me more to try and educate the public on this DeFi token. So that's why in todays blog post we are covering polygon/MATIC and what it is. Lets now dive into the post and start learning.
Why Was Polygon Made
Polygon was created to make transactions on the Ethereum blockchain faster and cheaper. That's why it has been there goal to grow with Ethereum and expand onto other networks. They want to bridge all of the cryptocurrencies blockchains through a decentralized way. It was also created to give it holders governance on what happens with the cryptocurrency in the future. This is know as a governance cryptocurrency. This is what also makes MATIC big with big time investors. Investors such as investment funds and crypto investing firms.
How Does Polygon Work
Polygon is basically the internet of the Ethereum blockchain. Plans for matic are to keep up with the expansion of layer 2 works with all Ethereum infrastructure Using Polygon. Developers of DeFi apps can create optimistic rollup chains, ZK rollup chains, stand alone chains or any other kind of infrastructure required by the developer. Plans are to expand across multiple networks like polkadot but with the security of Ethereum blockchain. Polygon can have up to 65,000 transactions per second on a single side chain. Along with a block confirmation time of less than two seconds on the blockchain. The side chains of Polygon are structurally designed to support a variety of DeFi protocols available in the Ethereum ecosystem. Matic is a Proof of stake crypto and is a great coin to use to make passive income. Plus with the built in ecosystem of DeFI on the blockchain makes staking really easy and simple. There are a max limit of 10 billion MATIC tokens.
How Is Polygon Doing Right Now
As of writing this post (8/18/2021) The price of polygon is at $1.38. It had a 24 hour lose of 1.11%. However before this recent dip polygon was hitting prices as high as $1.56. I believe that if Ethereum can break out pass bitcoin then it will become another altcoin season. This means that it can break the $1.56 range and possibly go up to two dollars. If this happens not only will MATIC go up but a lot of erc-20 token will go up in value as well. However we can possibly see the market have another mini crash and the price of all cryptos go down for a little. So chose carefully if you plan on investing. As always this isn't financial advice so don't take it as such.
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