What is Polygon and Matic Token

What is Polygon and Matic

SUMMARY KEYWORDS

matic, crypto, polygon, coin market cap, ethereum, blockchains, token, episode, project, price, year, high, today, podcast, creates, cents, circulating, buy, supply, designed

00:01

Welcome to the New to Crypto Podcast designed to guide you through the crypto landscape with pinpoint accuracy created for the new and intermediate crypto investor. Join your host Crypto Travels Michael as he takes you through the different facets of getting started and succeeding in your crypto journey. New to crypto podcast brings you new episodes daily Monday through Friday with surprise bonus episodes sometimes on the weekend.

00:31

Let me ask you, are you new to crypto don’t know where to start? Are you more experienced but have questions? Then you’re in the right place. This podcast is designed for you coming at you from the Trading Center and the lifestyle design studio. Here’s your host Crypto Travels Michael.

00:52

Welcome to today’s show. Today I have an action packed show with you and I’m going to go over one of the most popular projects in all of crypto. today’s podcast is all about what is Polygon and Matic

01:05

 Okay, so polygon is known as the Internet of blockchains. It was originally named the Matic network in February of 2021. They renamed it as Polygon, their network their ecosystem. So Polygon is a protocol and a framework for building and connecting Ethereum compatible blockchain networks and scaling solutions. I know that was a mouthful, and I’m trying to break down today’s episode in the most simplistic way possible. 

01:35

So in their ecosystem, they have something called Polygon SDK, which allows developers to create Ethereum compatible networks. So with polygon scalable solutions on Ethereum is possible by supporting a multi-chain Ethereum ecosystem. 

01:55

So without getting too technical Polygon’s, architecture can be best defined as a four layer system composed of the Ethereum layer, then also the security layer, then polygon networks layer and then there’s an execution layer. So polygon is known as an Ethereum layer two scaling solution. It is a proof of stake side chain, and it seeks to address some of the theory of major limitations, which includes poor user experience on aetherium. Many times there are delayed transactions and high gas fees. polygon is designed to be an entire platform for launching in operable blockchains. 

02:38

The project has a goal to enable an open borderless world where users can interact with decentralized products and services without first having to navigate through intermediaries, it creates a hub that different blockchains can easily plug into, while at the same time it overcomes some of the other limitations, such as high fees for scalability and limited security. 

03:02

We spoke about some of those regarding Ethereum earlier, a benefit of Matic and Polygon is that the gas fees are significantly cheaper than those of aetherium. The polygon system comprises numerous members, including block creators, developers, clients and stakeholders. So let’s go into what is Matic and how do you buy it and where do you find it. The Matic token is currently one of the top 100 crypto projects by market cap and it benefits from excellent liquidity. So it’s available to purchase and trade on a lot of different exchanges. Most major exchanges including centralized exchanges, as well as DEXs, like uniswap have Matic available ways that you can purchase Matic on these different exchanges include you can do a bank transfer, you can buy with a credit card, you can do peer to peer trading, which is where you buy from someone else who has the token for sale. 

04:03

You can use a Bitcoin ATM which usually allows you to purchase other types of crypto besides Bitcoin, sometimes Eth sometimes Litecoin and then whichever one of those you get from the ATM, you can then swap them on the exchanges or DEXs for Matic. So Matic is one of my favorite tokens. I’ve traded Matic a lot this year, and I see an excellent future for this project. So it’s also one of my long term holds. So I’m excited about what Matic is doing and what the future is going to bring in the crypto space the technology that’s behind it. 

04:39

So two of Polygon’s rivals are Polkadot and Cosmos Stargate, the upgrade the Cosmos upgrade Stargate, the details are a lot more technical, so I will save that part of it for another day. Okay, let me go over some of the price history and the circulating supply total quantity of the Matic token. So right here

05:00

I’m on coinmarketcap.com. So if you look at the episode about how I research crypto projects before I buy, and I went into coinmarketcap.com in that episode, so right now I’m under Matic if you type in in the top right on coinmarketcap.com type in Matic and choose it, it looks like it’s ranked 17 right now. And so the total supply is going to be is 10 billion tokens. So the most that can ever exist is 10 billion, that’s the maximum supply, the current circulating supply is 6.4 1 billion Matic so approximately 64% of the supply is currently circulating, and the market cap is currently $5.8 billion.

05:48

Okay, so today’s price is about $1. It’s right at $1. If you go back on the chart, I did a year, one year year to date, but you don’t even have to go back a year, the medic token started moving in the beginning of this year in terms of significant price increase. So it looks like January 31, it was about four cents. And then you move it up here. And it looks like by February 28, it was about 25 cents, and March 12, it hit 42 and a half cents. And by April 29 pay was 82 cents. And then it got really popular and surged to its peak this year, and went up to $2.45 on May 17. 

06:39

And it’s been it came down and went back up. So a lot of people ask me, do crypto projects significantly increase in value, I would say this podcast is definitely not financial advice. And I highly recommend you to do your own research. But as you can see right here on coin market cap, the price point that it was in the beginning of the year and and as they started to improve on the project and more news and more information comes out about the project and people get excited more and more people buy it. And also a lot of traders crypto traders have bought and sold Matic this year. 

07:13

And that’s one of those things that increases that creates volatility in the price. So it goes up than ever you just and people sell people that bought low than they sell at the top, then the price goes down a little bit, then it goes back up. And that’s just the nature of cryptocurrencies. So today, it looks like the price is about $1. But what I wanted to share with you is the fact that you can go on coin market cap and see all this historical data for yourself. And you can see what this coin or any other token traded at or moved the price up and down in the last seven days in the last one month in the last three months, one year or ever or all time high. 

07:53

So I’m here on coin market cap. And I can look and see that yesterday’s low was 99.3 cents and yesterday’s high was $1.04, and the all time low that the Matic token was was on May 9 2019. So two years ago, it was 0.003 And the 52. Week high, it says was $2.68. So that’s the all time high. So this is just data that you can gather and learn about any project that you would like that’s, for example is on coin market cap. And it will help you make decisions. And there’s also a write up about Matic on there, as well as a lot of other helpful information. 

08:40

Okay, so I hope today’s episode was helpful about explaining in more detail about Polygon and Matic and this pretty much concludes today’s episode. So until tomorrow, have a great day. Thanks for tuning in to new to crypto podcast. If you liked the episode, be sure to follow and subscribe. You can listen to every episode on all major platforms have an interest in being on the show or one advertising reach out at newtocrypto.io. Head over to our site new to crypto.io to access the resources mentioned in each episode. Until next time, remember to navigate the crypto landscape with pinpoint accuracy