• MATIC is Polygon’s native token with key uses within the ecosystem. It is used for network fees, governance, and staking.
• MATIC has seen a 28% price appreciation since the start of 2021 and has a market capitalization of $10,040,236,333.
• The third quarter of 2022 saw a 180% increase in the number of MATIC’s active addresses with total transactions coming in at 2 billion.
Overview of MATIC Token
Polygon is a Layer-2 scaling solution aimed at bringing mass adoption to the Ethereum platform. Its native token, MATIC, has several key uses within the ecosystem including powering the protocol through a gas-based mechanism used to pay network fees, voting on Polygon Improvement Proposals (PIPs), and providing security through staking. The supply of MATIC is limited which adds to its value.
Performance and Adoption
MATIC was trading at $1.22 at press time and had seen an 8.66% increase in 24 hours prior to this time period. The Polygon network recently underwent a hard fork upgrade that addressed issues such as spikes in gas fee costs and disruptive chain reorganizations. Additionally, its popularity has been driven by its use case as a Layer 2 scaling solution for Ethereum providing faster transactions and increased scalability for dApps running on Ethereum which often suffer from high transaction fees or slow transaction speeds otherwise.
Third Quarter Statistics
A report published by Blockchain analytics firm Messari shows that the third quarter of 2022 saw a 180% increase in the number of MATIC’s active addresses with total transactions for this period coming in at 2 billion showing increased usage across users and developers alike.
Partnerships
Polygon’s partnership with Warren Buffet-backed Nubank will provide financial services to Brazilians while allowing them access to decentralized finance (DeFi) applications built on Polygon’s platform giving it further exposure across new markets globally expanding its user base significantly adding further value to its token holders with more demand expected over time due to this expanded reach.
Future Prospects
The Polygon team is focused on performance, user experience, and security making it well-positioned to play a major role in the growth of Ethereum’s ecosystem as they continue working towards bringing more users onto their platform meaning that over time we can expect MATIC to grow even further as adoption increases amongst developers and users alike leading many analysts predicting long term optimism around this token despite short term volatility being present throughout cryptocurrency markets as always expected over different timescales depending on macroeconomic conditions globally affecting all digital assets‘ prices similarly or differently dependent on their individual use cases or features providing them advantages or disadvantages over other competing projects seeking similar areas worth investing into accordingly .