Many protocols are striving to be the first DeFi ecosystem interoperability solution. Polygon, known initially as Matic Network, is one of them. So, what exactly is Polygon?
Polygon is an Ethereum layer-2 protocol that is used for connecting blockchain ecosystems. Polygon was released in 2017. Despite its early development and renaming in February 2021, Polygon’s native utility coin currently uses the MATIC ticker. There isn’t presently a roadmap outlining the company’s future goals. However, that hasn’t stopped the protocol from becoming a popular choice among developers and DeFi users.
Furthermore, the Polygon team invites anyone who wants to contribute code, ideas, or anything else that helps to make Polygon’s vision a reality. Anyone can participate.
Polygon (MATIC) Fundamental Analysis
In the past, Polygon was known as the MATIC network. Polygon is a protocol used for creating and connecting Ethereum-compatible blockchain networks. It can provide alt chain scalability and adaptability while providing Ethereum’s liquidity and security.
Later, Polygon plans to create two more roll-ups to the platform. One of them will assist in running on top of the currently existing Ethereum network, allowing faster transactions. The other will assist in distributing many off-chain exchanges, resulting in single trades. Polygon’s cryptocurrency, MATIC, survived the rebranding. The cryptocurrency can be used as a settlement or payment unit by anyone participating in the network.
Polygon MATIC takes care of all Ethereum issues. Ethereum is undoubtedly one of the most used blockchains in the world, and it will remain so for some time. It is very effective, which is one of the reasons for its popularity and rapid spread after 2013.
What Issues Does Polygon Solve?
The quick adoption of Ethereum had some side effects. The cost increased dramatically, and the exchange charge was sometimes larger than the amount being transferred. After all, the network is used by a large number of users, which reduces the exchange’s scalability.
Polygon MATIC, on the other hand, overcomes all of these issues. Polygon’s system contains a large number of participants, including clients, developers, and block creators. Polygon clients can use the MATIC Sidechain to interact with many Ethereum-based decentralized apps (DApps). This provides faster speeds and reduced costs, making it more convenient.
Developers can grow their apps or combine their sidechains using the Polygon SDK network and stack. Polygon’s stakeholders operate similarly to Ethereum’s PoW miners. They must lock their MATIC tokens to authorize and validate MATIC Sidechain exchanges. They can also use the locked tokens to choose qualified block creators. This allows the creation process to be controlled. Following then, the creators work on creating blocks and settling all network transactions.
What Is MATIC?
Polygon’s cryptocurrency is called the MATIC token. People use it for a variety of purposes. It can be used to either store tokens to secure the Polygon network or to make exchange payments. After Polygon was renamed, the token’s value increased as more people used it.
The token is available on some of the most famous centralized and decentralized trading platforms. Coinbase Pro and Binance are two of them. MATIC tokens are available in both fiat and crypto, making them far more accessible.
How Does Polygon (MATIC) Work?
Polygon’s network includes a software development kit, which is used to assist in the development of decentralized sidechains and Ethereum-compatible apps. Then, they can be linked to the main blockchain. Sidechains can be created using ZK-Rollups, Plasma Chains, and Optimistic Rollups. Plasma Chains and Optimistic Rollups are similar. While the former helps in collecting transactions into blocks and puts them into Ethereum blockchain submission, the latter enables Ethereum smart contract scalability.
Everything, including client nodes, structure, local DApps, tokens, and other features, are incredibly similar to other blockchains. The only difference is that the transactions take place on the Ethereum mainchain. However, Polygon created a 2-layer network that enables them to establish Ethereum-viable blockchain networks.
Layer-2 Scaling
Layer-2 scaling solutions point to off-chain solutions that enable the removal of various aspects with evaluation power from the main blockchain. This is done prior to execution, for example, on sidechains. As a result, evaluating proficiency spreads and improves across the network. These Layer-2 solutions are receiving a lot of attention which is constantly growing. Thanks to Polygon’s simple method for creating custom networks, developers can now send preset blockchain networks with just one click. Every blockchain can easily cooperate with other blockchains.
There are a few requirements for anyone who wants to interact with decentralized apps on the MATIC sidechain. After verifying the predicated contract, they must keep their tokens on the MATIC sidechain. Additionally, they should verify the Ethereum network’s contract. The last requirement is to accept tokens on the MATIC sidechain, which should quickly be transferred within the network, thus, bringing low costs. To return tokens back to Ethereum, users must first ensure that the tokens are burnt on the MATIC sidechain and that the burnt exchange verification is also sent to the Ethereum mainchain.
Once the operation is complete, the “RootChainManager” will return the assets to the client’s wallet on the Ethereum mainchain.
Polygon (MATIC) Price Analysis
The MATIC token went live in 2019. According to CoinMarketCap, the token was trading at $0.004 immediately after its launch.
Right after, the price started to increase and quickly reached $0.026 by the end of 2019. However, this price was not stable. It went through ups and downs throughout 2020 until the second quarter of 2021. MATIC started 2021 on a good note and a bullish run. From January to May, the price increased by 193% and reached $2.45. Apparently, the bull run did not last long for MATIC as its price decreased significantly in the following months, reaching a low of $0.69. In December 2021, the token broke all barriers and reached its all-time high of $2.92.
2022 didn’t start well for the crypto market. Cryptocurrencies are experiencing a significant fall, and this doesn’t exclude MATIC as well. Ever since hitting its all-time high, the token has been decreasing daily, and its current trading price stands at $0.60. MATIC has a market cap of $4 billion, a circulating supply of 7 billion, and ranks #18 in crypto market rankings.
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Currency Prediction Polygon (MATIC) Price Prediction
MATIC is considered a token with a high potential for the future. We went through a deep analysis of the token’s past and came up with our own predictions. However, the price can vary, and the token can exceed or not meet our expectations.
Currency Prediction Polygon (MATIC) Price Prediction 2022
Polygon (MATIC) started the year real bullish with a trading price of $2.35. However, since January, the price began to decrease, and its price hasn’t gained its last place. At the time of writing, the price of MATIC is $0.60. We expect the price of MATIC to increase in the future. As of 2022, Polygon might be the most popular scaling option for Ethereum. Our short-term predictions suggest that the MATIC price can increase and reach a maximum of $2.87, a low of $1.18, and end the year at $2.66.
Currency Prediction Polygon (MATIC) Price Prediction 2023
Basic analysis is necessary for any long-term currency price predictions. The native token of Polygon, MATIC, provides a number of industry benefits. The network offers competitive programmable payment, logistics, and storage alternatives as DApps and stable coins emerge. If more investors are drawn to this concept, the average price of MATIC might be around $3.79. The year can end with a maximum price of $5.26 and a minimum price of $2.58.
Currency Prediction Polygon (MATIC) Price Prediction 2024
After completing its transition to Proof-of-Stake (PoS), Polygon can look into new methods to support the Ethereum network. As per our prediction, we suggest that MATIC might not be worth less than $5.42 and can achieve a maximum price of $9.28, with an average of $6.12. By the end of 2024, we at Currency prediction expect the price to stand at $8.09.
Currency Prediction Polygon (MATIC) Price Prediction 2025
As of 2025, when Ethereum completes its transition to Proof-of-Stake, it can positively impact Polygon, pushing it to new heights. We predict that MATIC might hit a new all-time high of $15.13 after bursting above the $10 barrier. By the end of 2025, MATIC can have a low of $7.63 and an average of $10.11, meaning a 330% increase from the beginning of 2022.
Currency Prediction Polygon (MATIC) Price Prediction 2026
MATIC stands to gain the most from the whole Ethereum network as DeFi initiatives continue to grow into 2026. We predict that Polygon might achieve a new all-time high of $24.17 in 2026. By the end of December, MATIC can hit a maximum price of $23.25 and an average price of $17.46.
Polygon (MATIC) Market Price Prediction
Most crypto-related platforms and websites gave optimistic predictions about Polygon (MATIC). We have mentioned some of these predictions below.
Wallet Investor
Wallet Investor predicts that the price of MATIC can increase in the next five years, however, at a slower pace. By the end of 2023, they suggest the token’s price to have a 180% increase, reaching $1.64. In 2025, MATIC might reach a maximum of $2.34 and, by the end of 2027, a price of $3.94.
PricePrediction.net
Because of the slow market growth this year, PricePrediction.net suggests that MATIC might not reach more than $0.86 by the end of 2022. They expect the token to increase in the future but not as bullish. By 2025 they predict the price of MATIC might be $2.56, and by 2030 it would exceed $10, thus, reaching $15.32.
Digital Coin Price
Digital Coin Price is considered to be one of the most reliable sources when it comes to price predictions. They always predict a slow pace increase for most coins, and the same goes for MATIC. Digital Coin Price suggests that Polygon might end this year at $0.83. By 2027, the price might have reached $1.60 and would conclude the decade in 2031 with a maximum trading price of $3.35.
Conclusion: Will MATIC Hit $10?
The Polygon token, MATIC, is a token that has the potential to grow significantly in the future. It is a new token with only three years in the crypto market that has continuously gone through ups and downs.
If we have a look at MATIC’s history, we can see that in a matter of a few months, it broke all barriers and reached nearly $3. It is understandable that the token is now declining because the whole crypto market is going through a fall. Because of this, the current trading price of MATIC is $0.60. However, the support, history, and its potential make the token more interesting to investors.
As such, we believe Polygon can reach $10 and even exceed it in the long run. Crypto experts have different opinions when it comes to Polygon’s future price predictions. As per our prediction, we expect that MATIC might reach $10 by the end of 2025. However, this and every other expert prediction might not be 100% accurate because it depends on the market.
How To Buy Polygon (MATIC)?
When purchasing a token, we always recommend you do your research and analysis of the market before making a decision. Every investment comes with risks so you don’t want to invest in something you are not sure of.
Nevertheless, we will show you how you can purchase MATIC on Binance in three simple steps.
Step 1: Open An Account
The first step you need to take is to open an account. There are three ways you can do that.
- Download the Binance app
- Register from the website using your email address
- Register from the website using your mobile number
After deciding the method you want to use to register the account, it is time to verify your identification. You can do so by providing your ID card and a photo of you holding it.
Step 2: Fund Your Account
The next important step is to fund your account. Binance offers you four methods to fund your account.
- Using a credit/debit card
- Bank Deposit
- Peer-to-Peer (P2P) Trading
- Third-Party Payment
After choosing the preferred method, you want to fund your account, put the amount you want to deposit into your wallet, and continue with your purchase.
Step 3: Buy MATIC
The third and final step is to purchase your token. This step is easy as you only have to put the amount of MATIC you want to purchase and simply press “BUY.”
Frequently Asked Questions (FAQs)
Is Polygon Crypto a Good Investment?
Polygon has demonstrated its worth. For developers, elements of its ever-expanding product offering have become mainstays. They make scalability, data availability, and infrastructure solutions simple. Polygon has also contributed to a massive reduction in gas fees. It might be a good investment if you want to hold Polygon Crypto and look at it as a long-term investment.
Will MATIC Reach $100?
Even though the token has a lot of potential and a lot of great projects at stake, we do not believe it can reach $100, at least not until 2030.
Does Polygon Crypto Have a Future?
Polygon is just like any other cryptocurrency in terms of volatility. Although its creators may have bigger intentions for the future, there is no way to guarantee that other blockchain networks or Ethereum itself would not cause the coin’s popularity and value to drop.
Takeaways
- Polygon was created in 2017.
- In 2019, the Matic network renamed itself as Polygon, and the MATIC token went live.
- Polygon uses a software development kit (SDK) to develop decentralized sidechains and Ethereum-compatible apps.
- The price of MATIC immediately after launching was $0.004.
- MATIC reached its all-time high in 2021 with a price of $2.92.
- Polygon (MATIC) is expected to reach $10 by the end of 2025.
- You can purchase MATIC in various decentralized exchanges, such as Binance, Kraken, Coinbase, and many others.
