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MATIC cryptocurrency launched in 2019 as an IEO (initial exchange offering) on Binance Launchpad. The project raised over $5 million with an initial token price of $0.00263 and a supply of 3.23 billion. In May 2021, MATIC hit an ATH (all-time high) of $2.40 after rebranding from Matic Network to Polygon Network and a 7,000% price increase. MATIC allocation is more complex with 16% for Polygon employees, 4% for advisers, 12% for network stakers, 23% for Matic projects, and 21% for the Polygon Foundation for protocol development.
Polygon is a layer 2 blockchain built on top of Ethereum. While Ethereum settles and secures transactions, layer 2 blockchains increase transaction processing speed. As part of the “Internet of Blockchains,” Polygon links various blockchain projects on Ethereum, providing compatibility and security from the mature Ethereum ecosystem. Polygon uses proof-of-stake consensus, like Ethereum 2.0 and Cardano, where users hold tokens to validate new blocks and earn rewards. This method helps secure the network and creates new coins over time.
