Polygon price

Polygon price

Price change from 00:00 UTC until now

Polygon market information

Market cap
Circulating supply
9,282,943,566 MATIC
Market cap ranking
24h high
24h low
All-time high

MATIC calculator

Our current rate
1 MATIC ≈ $0.53190

Polygon price performance in USD

The current price of Polygon is $0.53190. Since 00:00 UTC, Polygon has decreased by -1.43%. It currently has a circulating supply of 9,282,943,566 MATIC and a maximum supply of 10,000,000,000 MATIC, giving it a fully diluted market cap of $4.93B. At present, Polygon holds the 25 position in market cap rankings. The Polygon/USD price is updated in real-time.
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About Polygon (MATIC)

The rating provided is an aggregated rating collected by OKX from the sources provided and is for informational purpose only. OKX does not guarantee the quality or accuracy of the ratings. It is not intended to provide (i) investment advice or recommendation; (ii) an offer or solicitation to buy, sell or hold digital assets; or (iii) financial, accounting, legal or tax advice. Digital assets, including stablecoins and NFTs, involve a high degree of risk, can fluctuate greatly, and can even become worthless. The price and performance of the digital assets are not guaranteed and may change without notice. Your digital assets are not covered by insurance against potential losses. Historical returns are not indicative of future returns. OKX does not guarantee any return, repayment of principal or interest. OKX does not provide investment or asset recommendations. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/ tax/ investment professional for questions about your specific circumstances.
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Polygon (formerly Matic Network) is a Layer 2 Ethereum scaling solution that allows developers to create interoperable and scalable blockchain applications and smart contracts with lower gas fees and faster speeds. Polygon strives to address scalability issues faced by blockchain networks in the crypto market to promote the widespread use of cryptocurrencies.

Ethereum is the blockchain of choice for building decentralized applications (dApps) and self-executing smart contracts. However, as more applications are deployed on Ethereum, network congestion causes slow transactions, low transaction throughput, higher transaction fees, and poor user experience. Polygon aims to solve these issues by providing a Plasma-based framework for building decentralized applications.

How does Polygon work

The Polygon network uses Plasma technology to process transactions off-chain before finalizing them on the Ethereum network, which helps achieve a high transaction throughput. With the Plasma framework, Polygon can theoretically process 65,536 transactions per second on a single sidechain at near-zero fees while maintaining the security and integrity of the main Polygon chain.

Polygon's Plasma framework is built on the Proof of Stake (PoS) consensus mechanism and relies on PoS validators to ensure the accuracy and security of the transactions processed off-chain. These validators are randomly chosen based on the number of tokens they staked on the network.

In addition, Polygon's sidechains are designed to support a variety of decentralized finance (DeFi) protocols available in the Ethereum ecosystem. Although Polygon uses Ethereum as its parent blockchain, it is blockchain-agnostic, meaning it is interoperable with other blockchains. As such, developers can deploy preset Ethereum-compatible blockchains in one click.

Polygon provides modules like a pluggable consensus, staking, and governance, allowing developers to build customized blockchains. Significant projects like Aavegotchi, Decentral Games, Easyfi, Neon District, Polymarket, and SushiSwap, among others, use Polygon's architecture.

Some of Polygon's use cases include DeFi applications, blockchain-based games, and non-fungible token (NFT) marketplaces. Native token MATIC can be used to participate in the network's governance, pay transaction fees on the platform, distribute staking rewards, and stake collateral to become a validator.

MATIC price and tokenomics

MATIC tokens have a max supply of 10 billion. Polygon distributed MATIC tokens via a private sale and a launchpad sale. In the private sale, 3.80 percent of the total supply was sold to seed investors (2.09 percent) and early supporters (1.71 percent). During the launchpad sale, 19 percent of the MATIC supply was sold, raising $5 million.

Additionally, 16 percent of the total supply was allocated to the founders, 4 percent to advisors, and 12 percent to run network operations. Lastly, 21.86 percent and 23.33 percent of all MATIC tokens were reserved as foundation and ecosystem incentive tokens, respectively.

MATIC tokens are released into circulation every month. As per Polygon's release schedule, all MATIC tokens will be released by December 2022. This limited supply should have an impact on the price of MATIC. Moreover, the demand for Polygon's infrastructure drives the market demand for MATIC and, consequently, price changes in MATIC.

About the founders

Polygon was co-founded in 2017 by Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun. Before creating Polygon, the Polygon team was a significant contributor to the Ethereum ecosystem. Their contributions include Plasma MVP, the WalletConnect protocol, and the popular Dagger event notification engine on the Ethereum blockchain.

Kanani, currently the CEO of Polygon, worked as a data scientist at Housing.com before co-founding Polygon. Nailwal served as the CEO of Scopeweaver and the CTO of Welspun group. Arjun worked as a product manager at IRIS Business, SNL Financial, Dexter Consultancy, and Cognizant Technologies.

What is Polygon's EIP-1559 upgrade or London hard fork

The Ethereum Improvement Proposal (EIP) 1559 upgrade, also known as the London hard fork, was launched on the Polygon mainnet in January 2022. This upgrade increases the stability of transaction fees and allows users to estimate costs better and avoid more than expected.

EIP-1559 alters the fee calculation mechanism by replacing the first-price auction with a base fee that is burned instead of being given to miners. Note that this change does not reduce transaction fees, as gas prices are ultimately determined by supply and demand.

Is Polygon environmentally friendly

As part of Polygon's Green Manifesto, Polygon has announced its commitment to becoming carbon negative by the end of 2022 through a $20 million pledge. This move aims to address the increasing environmental concerns surrounding cryptocurrency mining and blockchain technology. By going carbon-negative, Polygon plans to offset more carbon emissions than it produces, resulting in a net reduction in carbon dioxide in the atmosphere.

To achieve its carbon-negative goal, Polygon partnered with KlimaDAO to support the network's emission management and mitigation strategy. KlimaDAO is a decentralized collective of environmentalists, entrepreneurs, and developers looking to modernize the carbon market through on-chain technology.

This initiative is a significant step towards creating a more sustainable blockchain ecosystem and promoting environmentally-friendly practices within the crypto industry.

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Learn more about Polygon (MATIC)Discover more on MATIC

OKX Launches X Layer, New zKEVM Layer-2 Network Built with Polygon CDK
OKX and Polygon Labs today announced the launch of the testnet for ‘X Layer,’ a new Ethereum-based Zero Knowledge (ZK) Layer-2 (L2) network.
Nov 15, 2023|OKX
How To Add Polygon to MetaMask — A Step-by-Step Guide
MetaMask is a popular cryptocurrency wallet that allows users to securely store, manage, and interact with Ethereum and other Ethereum-compatible cryptocurrencies. The wallet is available as a browser
Mar 26, 2023|OKX
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What is Polygon MATIC?

Polygon is a framework for building interoperable blockchains on the Ethereum network. The project solves some of Ethereum's significant limitations, including low throughput, scalability issues, poor user experience, delayed transactions, and an absence of community governance. MATIC is the name and ticker symbol of Polygon's ERC-20 native token.

How does Polygon work?

Polygon supports standalone Ethereum-compatible blockchains that leverage a pool of professional PoS validators to provide security. These sidechains are built using Plasma Chains, ZK-rollups, or Optimistic rollups based on how transactions are bundled before being sent to Ethereum. These sidechains help Polygon maintain low gas fees and achieve higher scalability.

Polygon also offers several consensus and governance tools, various execution environments, and virtual machine implementations for developers to deploy their custom blockchains and dApps quickly.

How does Polygon support NFTs?

Polygon's fast and low-cost transaction processing capabilities make it an ideal platform for creating, buying, and selling NFT collections. The network's low fees and high speed enable users to easily create and transfer NFTs without having to worry about high gas fees or long transaction times.

Is Polygon bearish or bullish?

The price of MATIC depends on a variety of factors, including market conditions, trader sentiment, and the overall performance of the Polygon network. It is important to do your own research (DYOR) and analysis before making any financial decisions. Carefully consider the potential risks and rewards of any purchase, and never spend more than you can afford to lose.

Where can I buy Polygon?

Easily buy MATIC tokens on the OKX cryptocurrency platform. Available trading pairs in the OKX spot trading terminal include MATIC/USDT, MATIC/USDC, and MATIC/BTC.

You can also buy MATIC with over 99 fiat currencies by selecting the "Express buy" option. Other popular crypto tokens, such as Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and USD Coin (USDC), are also available.

Swap your existing cryptocurrencies, including XRP (XRP), Cardano (ADA), Solana (SOL), and Chainlink (LINK), for MATIC with zero fees and no price slippage by using OKX Convert.

To view the estimated real-time conversion prices between fiat currencies, such as the USD, EUR, GBP, and others, into MATIC, visit the OKX Crypto Converter Calculator. OKX's high-liquidity crypto exchange ensures the best prices for your crypto purchases.

How much is Polygon worth today?
Currently, one Polygon is worth $0.53190. For answers and insight into Polygon's price action, you're in the right place. Explore the latest Polygon charts and trade responsibly with OKX.
What is cryptocurrency?
Cryptocurrencies, such as Polygon, are digital assets that operate on a public ledger called blockchains. Learn more about coins and tokens offered on OKX and their different attributes, which includes live prices and real-time charts.
When was cryptocurrency invented?
Thanks to the 2008 financial crisis, interest in decentralized finance boomed. Bitcoin offered a novel solution by being a secure digital asset on a decentralized network. Since then, many other tokens such as Polygon have been created as well.

MATIC calculator

Our current rate
1 MATIC ≈ $0.53190