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Polygon (MATIC) Hits New Highs Following Coinbase Listing – What is it?


MATIC, the token of recently renamed Polygon Technology, has hit a new all-time high today following the announcement that it will be listed on major crypto exchange Coinbase.

After starting the day on 0.23c, MATIC rapidly made gains over the past 24 hours, tapping out at a new all-time high near $0.34. That represents 30 percent in gains just today, taking its monthly gains to a massive 372 percent and its 12-month gains to 1452 percent.

 

Migration to Polygon

MATIC was once the token of the Matic Network but the company has recently rebranded to Polygon with the mission to build and connect Ethereum-compatible blockchain networks. However, it appears it will maintain the MATIC ticker for the sake of simplicity across exchanges and for users.

According to its Twitter account (@0xPolygon), the team intends to “transform Ethereum into a multi-chain ecosystem with secured Layer 2 chains and standalone chains.” With a highly active team that seems to be securing multiple partnerships daily and a support network of 122.3k Twitter followers, Polygon shows a lot of promise.

Following the massive success of the similarly named Polkadot project, some commentators are now making comparisons between the two projects. Polkadot even appears to be attempting to achieve the same goals as Polygon, bringing rise to Polygon being branding the ‘Polkadot of Ethereum’. 

Solutions Polygon Offers

Matic Network rebranded to Polygon on February 9, 2021, after starting life as an ERC-20 token on the Ethereum blockchain. In August of 2019, Matic migrated 10 billion of its tokens to the Binance DEX as BEP-2 tokens to support users on this network.

Now, Polygon runs its own framework while maintaining MATIC tokens across multiple platforms. In this way, Polygon offers scalability and interoperability across networks, with a focus on helping to scale Ethereum-based decentralized apps.

The key feature that Polygon offers is a base on which developers can build applications that are Ethereum-compatible while having increased security, scalable consensus algorithms, and instant, deterministic transactions. Developers can provide an Ethereum-equivalent experience with no need for protocol-level knowledge, token deposits, fees, or permissions.





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