Polygon Live Price

What is Polygon?

Polygon is a platform for Ethereum infrastructure development and scaling. Originating from India, the protocol is referred to as ETH's Internet of Blockchains, which answers challenges such as heavy fees, slow transactions, and poor user experience in Ethereum. It formerly launched as MATIC network but rebranded as Polygon, indicating the expansion of its scope. The framework was founded in 2017 and now boasts as many as 65,000 transactions running on a single sidechain. It also enjoys a fast, two-second block confirmation and enables the development of decentralized applications that are globally available. MATIC, Polygon's native tokens, is an ERC-20 used to pay for services on the platform. It is also utilized as a settlement currency between users of the ecosystem. Sidechain transactions operating on Polygon also use this token as payment. Polygon is steadily rising in popularity because of its remarkably low fees despite the Ethereum network suffering from increasing costs. It is said to have an increased brand awareness on social media platforms, rising to a whopping 636% in recent months. The market cap is more than $8 billion, with a growth of more than 10,000%. It is currently playing on the 15th to 16th in the market ranking, according to CoinMarketCap.

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How much is Polygon worth?

Polygon (MATIC) is worth 1.36 USD as of March 15, 2022, 2:17 am UTC time. View the interactive graph to see how much Polygon has changed in the last hour or historically. Polygon (MATIC) is an Ethereum token that powers the Polygon Network, a scaling solution for Ethereum. Polygon aims to provide faster and cheaper transactions on Ethereum using Layer 2 sidechains, which are blockchains that run alongside the Ethereum main chain. Users can deposit Ethereum tokens to a Polygon smart contract, interact with them within Polygon, and then later withdraw them back to the Ethereum main chain. The MATIC token is used to pay transaction fees and participate in proof-of-stake consensus.