There was then a recovery to $0.9486 on 3 December before another downturn to close the year at $0.7585, down 70% across the year. As a result, it reached a high of $1.29 on 7 November before the collapse of the FTX ( FTT) exchange saw it drop to a low of $0.773 on 21 November 2022. It then partnered with Meta to work on non-fungible tokens ( NFTs). The token started to regain its price in October after hot polygon (MATIC) news that Robinhood ( HOOD) had announced a collaboration with Polygon for its new Web3 wallet, along with allowing users to send and receive MATIC on its brokerage. The announcement of zkEVM, an Ethereum Virtual Machine-compatible program then saw the token briefly peak above the dollar mark towards the end of July before dropping back down again.
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A series of market crashes left the coin reeling, and on 18 June it fell to a low of $0.3228. While 2021 was a year to remember for both crypto and MATIC, 2022 has proven to be one to forget. However, things improved towards the end of the year and, on 26 December 2021, it reached an all-time high of $2.92 and closed the year at $2.53. It was around that time that the market picked up and, with Matic becoming Polygon in February, the price rocketed and it looked like nothing could stop it, as it broke past $1 on 9 May and $2 on 18 May before market conditions sent it back down again. While it went up slightly to $0.04168 in December 2019, it went down again and started 2021 at $0.01781. When MATIC first came onto the open market in April 2019, it was worth about $0.00263. The MATIC crypto is used to pay fees on the Polygon network, and for staking and governance.
What long-term effect that will have on the likes of Polygon remains to be fully seen.Įvery blockchain-based network needs to have its own native token, and Polygon has the conveniently named polygon coin, also known by its ticker handle of MATIC. One thing to note here is that, on 15 September 2022, Ethereum completed its transition to a proof-of-stake (PoS) consensus mechanism which, it is hoped, will help the network speed up. If you were to imagine it as a kind of layer-2 scaling solution plus, you would be in a similar ballpark to its founders when they had the concept for turning Matic into Polygon. The new version of the platform aimed to create a truly interoperable system of mini-blockchains – or sidechains – which would allow people to operate it with a range of blockchains. As well as the name change, it also altered the way it worked. It was dubbed a layer-2 solution, which meant it was not trying to change the basic blockchain layer, but people could work outside it. This meant it could move quickly, without being slowed down by a high user base, but it could still utilise dApps and the overall Ethereum technological ecosystem to gain a wider market. Matic used a technology called Plasma, which processed transactions off-chain before moving them onto the Ethereum main chain to finalise them. However, ETH’s growing popularity has also made the Ethereum blockchain arguably harder to use, thanks to rising gas fees and excessive traffic, which led to the creation of Matic. In the past few years, ether ( ETH) has become the second-biggest cryptocurrency by market capitalisation and the leader in decentralised finance ( DeFi) due to its compatibility with smart contracts, computer programs which automatically execute once certain demands are met, which it claims makes building decentralised applications ( dApps) easy. Founded by former Ethereum employees Jaynti Kanani, Sandeep Nailwal, Anurag Arjun and Mihailo Bjelic in 2017, Polgon wants to create a “full-fledged multi-chain system”. Polygon, previously known as Matic Network, claims to be the first easy-to-use platform which helps counteract problems caused by extra traffic on the Ethereum ( ETH) blockchain, as well as working with infrastructure development.
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