After the drop in MATIC Polygon price in the first week of December, its chances of crossing $5 has increased exponentially! 2021 has seen a wide variety of tokens available in the crypto market. But the MATIC cryptocurrency token is definitely turning the eyes of a lot of investors towards itself. Many are still in the dark about this Indian blockchain scalability platform. Read to the end to know all the details and latest news about MATIC Polygon price, working method and other information.
Polygon (MATIC) is an Ethereum token used in order to power the Polygon Network. The latter introduces itself as a scaling solution. The Polygon Network aims at building and providing tools that will improve speed along with reducing the cost and complex transactions on the blockchain networks. It has even become the biggest sidechain on the Ethereum Network. Its boom in the crypto scene earned itself the title of ‘the Ethereum’s Internet of Blockchains’.
MATIC cryptocurrency is the digital coin that underpins the Polygon Network. MATIC coins are used as the native currency of payment and settlement among the participants interacting within Polygon.
After the fall of the broader market prices, MATIC Polygon price went down by 10% at Rs.156. Earlier this week, the value of the coin saw a rise by more than 40%. Crypto experts are starting to predict that MATIC Polygon price can cross $5 under favourable market conditions.
Hold your horses before hopping in to invest in this trending cryptocurrency though! It’s important to know more about Polygon (MATIC) and the various aspects of the multi-level platform.
What is Polygon MATIC?
Polygon self-introduces itself as a layer-2 network scaling platform running on the Ethereum blockchain. It was developed so that bottlenecks on Ethereum can be reduced. The issue had already persisted for a long time resulting in congestion and high fees.
In blunt terms, Polygon aims to alleviate these bottlenecks by increasing the speed and efficiency of transactions. It acts as an extra layer on top of the Ethereum network where you can finalize transactions easily. You won’t be required to change the original blockchain layer at all.
Originally the Polygon Network started out as the MATIC Network. It rebranded itself as Polygon after the network started growing its scope. The startup is based in Mumbai, India where it was developed by four software engineers- Anurag Arjun, Sandeep Nailwal, Jayanti Kanani and Mihailo Bjelic.
The network’s success can be seen as MATIC Polygon price prediction continues to rule it out as one of the best crypto tokens you should invest in 2021. There are many different reasons behind this rise in MATIC Polygon price.
Polygon MATIC is already ranked among the top 15 cryptocurrency tokens. The platform’s ambitious founders now plan to follow the steps of Bitcoin and Ethereum and become the third-largest cryptocurrency.
How can I use Polygon MATIC crypto?
- The MATIC coin serves the role of being a utility token on the Polygon Network.
- Users on the network use MATIC crypto coin for settlements between them who take part in different operations.
- The MATIC coin is a medium of financial of incentive given to users who make contributions to keep the MATIC ecosystem active and alive.
- Users are required to stake their MATIC tokens if they want to part in Polygon’s consensus procedure. However, partakers in irregular and suspicious activities will get fined by Polygon by taking away their MATIC coins.
How does Polygon MATIC work?
Ethereum is home to a large range of decentralized applications. These include applications where you can buy art, take part in financial services, play games, join virtual worlds and more! But this has resulted in excess activity and user traffic causing Ethereum to become overloaded.
The multi-level platform Polygon Network unclogs Ethereum in an efficient and budget-friendly way using surplus sidechains.
Sidechains are essentially unique blockchains in the Ethereum network that support different Decentralized Finance (DeFi) protocols.
These sidechains are built using various construction scalability techniques like Plasma Chains, zK-Rollups and Optimistic Rollups. The MATIC network has also added a Proof-of-Stake (PoS) network of validators that ensures much better security of your assets.
How to buy MATIC crypto?
Owing to their success, many investors are very eager to buy MATIC tokens. The MATIC Polygon price right now also makes it one of the best cryptocurrency tokens you can invest in 2021.
If you are interested in getting your hands on MATIC, follow the next steps we’ve discussed below:
Open an account on a crypto exchange platform
In order to buy MATIC coins, you must have an account on a cryptocurrency exchange site. You can use various trusted exchange platforms like Coinbase, Kraken, Binance, UniSwap and more! Complete all the verification processes and you’re almost all set to buy Polygon’s Matic crypto coins.
Add the required funds into your crypto-exchange account
Once you’ve completed the identity and document verifications, add the money to your account with which you want to get these MATIC tokens. Users can opt for various methods of payments to add money to their accounts.
Exchanges like Binance allow you to use Credit Cards and Debit Cards for your transactions as well.
Step 3: Buy Polygon MATIC coins
After completing the first two steps, you are all set up to buy your first MATIC token.
We recommend any investor get a secure online or offline wallet for their crypto coins. Wallets will help you to store the public and private keys that you’ll need to make any transactions.
Users who are interested in owning this token after the MATIC Polygon price showed promising predictions can acquire it in other methods as well! You can mine the coin and also get it in exchange for other crypto tokens.
How to buy MATIC crypto?
In order to buy MATIC tokens, you’ll first need to have an account on a digital asset and cryptocurrency exchange platform.
Polygon is basically a protocol that creates Ethereum-compatible blockchains along with Layer 2 scaling solutions. MATIC coins are Polygon’s native utility crypto token that allows users to pay the network fees and participate in the Proof-of-Stake consensus model. It depends upon the user whether they want to hold, spend, send or stake their MATIC tokens.
Once you have opened your Polygon wallet, follow the next steps to load your MetaMask wallet with the MATIC tokens you have.
1. Purchase MATIC from Binance
You can purchase MATIC tokens using card transactions, P2P or by swapping USDT to MATIC. It is pretty simple to do the latter in Binance.
Open the Fiat and Spot page and search for USDT. Enter the amount of USDT you want to convert into MATIC tokens. Clicking “MAX” will convert all your USDT into MATIC. Upon confirmation of the conversion, you will receive MATIC tokens in your Binance Fiat and Spot.
2. Withdrawing MATIC from Binance
In order to withdraw your MATIC tokens from Binance, just search “MATIC” in your Fiat and Spot. Then go to your MetaMask wallet and copy your Matic Mainnet Address. Paste it under “Address” in Polygon and select “Polygon” as the Network.
3. Wait for confirmation
Wait a few minutes for your transfer of tokens to be confirmed by Binance. Once done, you can view your MATIC tokens in your MetaMask connected to the Polygon Wallet.
Now you can easily use your MATIC crypto coins on the Polygon chain according to your wishes!
What are MATIC Polygon price and predictions for 2022?
The first week of December saw a rise in MATIC Polygon price by almost 25%. Coming into the spotlight, it has become the subject of discussion among major crypto experts. So what are the predictions about the MATIC Polygon price?
At the time of writing this, the MATIC Polygon price is Rs.147.90 for one coin. This price is already up by +10,055% from where it began initially. The Polygon Network finally broke through the major resistance level at $1.50. This can make it one of the less volatile cryptos for investors to buy.
CoinQuora has already predicted a surge in MATIC Polygon price which can reach $7.50 in 2022 itself. The price represents a 259% upside while the former also predict possibilities of going over 1,500% by 2025.
Digitalcoin on the other hand predicts MATIC Polygon price to reach $9.33 by 2028. According to them, their data is based on historical and proprietary algorithms. Going over an upside of 346% by 2028 might be a fascinating imagination. But the coming years might render it less valuable than the hype is making it now.
GovCapital has predicted Polygon MATIC Polygon price to see a surge of over 420% by 2026. If this happens, then MATIC coin price will reach a target of over $10.
According to other crypto experts, as long as demand for Ethereum rises, Polygon’s MATIC coin price might continue to rise. But the introduction of Ethereum 2.0 can bring down the functionality and prices of MATIC in the upcoming years.
1. Does the MATIC Polygon price make it a good investment in 2022?
Just like any other crypto token, Polygon MATIC tokens are not exempt from volatility. The Polygon Network has over 350 apps running which will make it relevant for the upcoming years. The network has also announced a partnership with GameOn Entertainment to develop NFT-based games. The rising institutional support makes it a good and safe investment in 2022.
But it’s definitely not for the faint-hearted. You should be comfortable with drastic swings in price without switching into your panic mode.
2. What are the downsides of Polygon MATIC crypto?
Everything comes with pros and cons in this world. Polygon’s attachment to Ethereum itself might be its biggest downside for the network. Although developers of Polygon remain optimistic about the future of the network, the launch of Ethereum 2.0 can be a big blow to MATIC coin price.
3. How many Polygon coins are there?
Currently, there are 4,952,830,774 Polygon Matic coins while the network has set a maximum supply limit of 10,000,000,000 (10B) tokens.
4. Where can I buy Polygon crypto?
Binance platform has a bank of more than 300 cryptocurrencies. Out of these many can be exchanged for Polygon Matic crypto. One can be assured of exchange at one of the best rates in the crypto market.
Coinbase does support Polygon (MATIC) transactions. But it is done via the Ethereum network. Keep in mind, a direct transaction happening via Polygon (MATIC) will lead to loss of funds.
5. Can I buy Polygon Crypto using credit/debit card?
Polygon crypto purchase transactions are supported with a credit card or debit card on Binance. One can use Visa or MasterCard.
6. Why should I invest in Polygon?
Polygon MATIC has already given us a proven track record in its favour. The success of the company in withstanding a massive price drop demonstrates its excellent foundations. Unless Ethereum suffers a decline in transactions, costs and usage, MATIC coin price will continue to surge.
Although this does make it very convincing to invest in Polygon, investors should always do intensive research. Make sure you follow the one Golden Rule of investment- “Do not invest what you can’t afford to lose!”
7. Is MATIC a better investment than Ethereum?
Layer-1 blockchains have a tendency to suffer from problems of scalability. On the other hand, MATIC is a layer-2 solution that is going toe-to-toe with Ethereum now. MATIC can be a better investment for a shorter-term over Ethereum, but only the coming years will show if it can rise above Ethereum’s success.
Before I end up with my findings on Polygon crypto, there is news to cheer about. The future looks bright with Polygon has scaled up its Zk arsenal by acquiring Mir for $400M. It will help in expanding Polygon’s scaling portfolio. The company is serious about its expansion plans. It announced another acquisition of a startup Predictable Labs at a record $500 million deal.