What is Polygon (MATIC) ..soon to be POL? MATIC /POL is the native cryptocurrency of the Polygon ecosystem. At the time of writing, there is a plan to ditch the label MATIC and call it POL.

So what is it and what is it used for? Let’s break it down!

How does Polygon and Matic work?

Imagine you’re at a busy train station, waiting for your regular local train (that’s Ethereum). But right next to it, there’s an express train called Polygon. It runs on the same tracks but makes fewer stops, so it moves much more efficiently. That’s what Polygon is: A speedy parallel blockchain that works alongside Ethereum.

This is why it is called a Layer-2 Scaling Solution. Polygon is like a sidekick to Ethereum. It helps speed up transactions and reduces fees. Think of it as a shortcut for crypto transactions.

It is also known as a multi-purpose ecosystem. Beyond just speeding things up, Polygon has become a hub for various fun crypto apps. It’s like a hangout spot where you can do more with your digital money.

What is MATIC? Is it a cryptocurrency?

MATIC is Polygon’s own cryptocurrency. Here’s how it fits into the picture.

When you use Polygon, you pay with MATIC. It’s like using tokens at an arcade. MATIC keeps the Polygon train running smoothly.

Holders of MATIC can play a special role. They become validators, which means they can “work” for the ecosystem, securing the network by checking transactions. This is called “staking”. In return, they earn more MATIC tokens.

MATIC holders also get to vote on changes to Polygon. It’s like being part of a crypto democracy.

What does Polygon do?

In many people’s opinion, Polygon solves some of Ethereum’s problems. Imagine Ethereum as a crowded train with delayed stops. Polygon adds extra tracks, making the journey smoother. It’s like upgrading from a slow local train to a speedy express.

Polygon (MATIC) makes crypto life more convenient and more efficient. Polygon also claims to be carbon neutral, and hopes to be carbon positive soon.

Fun stuff in the Polygon ecosystem

Blockchain games are popular on Polygon.

At the time of writing, Yuliverse was topping the rankings for Polygon gaming dApps (apps on a decentalised blockchain instead of on the internet).

Yuliverse operates within a future cyberpunk world. It uses NFTs which players can buy and sell.

Another top Polygon game is Matr1x Fire.

It is a mobile shooting game within the Metaverse that operates on the Polygon network. Matr1x Fire immerses players in a futuristic cyberpunk world with captivating visuals. The game’s art style combines neon lights, advanced technology, and dystopian elements.

Players take part in fast-paced shooting battles and players can combat for NFTs (non-fungible tokens) and digital art assets. These assets have appreciation potential and include avatars, weapons, profile pictures (PFPs), gloves, and other props. Collecting rare and valuable NFTs adds an interesting layer to the gameplay.

Polygon NFTs

NFTs can be created directly on Polygon or moved there from other blockchains. Generally speaking, Polygon NFTs have competitive transaction fees and efficient transactions compared to Ethereum’s mainnet.

More well-known NFT collections include y00ts and Hell Cats. There are NFT marketplaces like OpenSea and Magic Eden on Polygon too. They are like NFT shopping malls where users can buy and sell these digital treasures.

Over 843 million NFTs have been minted (created) on the Polygon blockchain so far.

Spending MATIC in the Polygon Ecosystem

There are a lot of ways to use MATIC in the Polygon ecosystem. First, users have to connect to the MATIC Bridge. This just means that you can move your digital assets between Ethereum and Polygon networks.

Note about bridging

POL stands for Polygon Ecosystem Token. It’s the new native token of the Polygon ecosystem.

MATIC is the current token, but POL is designed to gradually replace MATIC over a period of 4 years as part of Polygon 2.0.

Why bridge first? If you’re new to the Polygon ecosystem, bridge your existing funds (such as MATIC) to Polygon first. Otherwise, you won’t have any funds available to process transactions within the Polygon network.

Once funds are on Polygon, users can explore over 19,000 decentralised applications (dApps). Users will need MATIC to pay for transaction fees (gas) within the Polygon ecosystem.

Is Polygon (MATIC) a good investment?

Polygon has gained significant attention in the crypto space due to its scalability solutions for Ethereum. Polygon aims to address Ethereum’s scalability issues by providing more efficient and competitively priced transactions.

It is a growing ecosystem of dApps, NFT projects, and DeFi platforms. Many projects are integrating with Polygon to leverage its benefits. In this way, MATIC is expected to grow in usage.

However, no one has a crystal ball and nothing is certain in the world of cryptocurrencies! Crypto is generally very volatile, with the risk of abrupt market changes, corporate collapse, inadequate client fund segregation, and cyberattacks. Don't invest anything you aren’t prepared to lose.

Price history of Polygon MATIC

Polygon MATIC was launched in April 2019 with a price of US$0.00263.

Since then, like all cryptos, it has experienced some wild volatility in price.

At its all-time high price, at the end of 2021, it reached US$2.92. After that peak, the price corrected heavily to US$0.38 just 6 months later. Since then the price has risen to US$1.01 (at the time of writing, 28 March 2024). Past performance is not a guarantee of future results.

General belief in the crypto industry is that, at the time of writing, because Ethereum is going up in price, that Polygon MATIC will follow. But that’s not a given and nothing can be certain in the volatile world of cryptocurrencies.

Investing in Polygon MATIC carries risks. Consider your financial goals, risk tolerance, and research before making any investment decisions. Don’t invest unless you’re prepared to lose all the money you invest. This is a high‑risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.

How to buy Polygon MATIC

If you want to buy Polygon (MATIC), follow these simple steps:

Download the CoinJar App

First, download the CoinJar app on your iOS or Android device. You can find it on app stores.

Create an Account

Sign up for a CoinJar account within the app. Verify your identity. UK residents are required to complete an assessment to show they understand the risks associated with what crypto/investment they are about to buy, in accordance with local legislation. Additionally, they must wait for a 24-hour “cooling off” period, before their account is active, due to local regulations.

Payment method

After your ID has been accepted, you can then create an account on the exchange. After this is done, you can move normal everyday money like Pounds (fiat) via your chosen payment method into your crypto account.

Make a Purchase

Once your account is set up and verified, you’re ready to buy Polygon (MATIC). Use your card, or a bank transfer to deposit sterling to your account in order to make the purchase. CoinJar supports various payment methods, so choose the one that suits your investment risk appetite. Remember , don’t put all your eggs in one basket. Putting all your money into a single type of investment is risky. A good rule of thumb is not to invest more than 10% of your money in cryptocurrency.

Congratulations! You’re now part of CoinJar, which has been in operation since 2013. Explore the app, research before you invest, manage your portfolio, and keep an eye on your Polygon (MATIC) investment. Please be aware that due to possible future regulatory changes CoinJar may be unable to support MATIC cryptocurrencies.

Conclusion: Should an investor buy MATIC?

In summary, Polygon is a powerful scaling solution that combines certain features of Ethereum with its own unique features.

Whether you’re interested in games, staking, NFTs, or smart contracts, Polygon offers a vibrant ecosystem for crypto enthusiasts. As the Polygon ecosystem grows, it is possible that the MATIC value may rise. However, nothing is certain in the world of crypto, and don’t invest anything you can’t afford to lose.

Remember: Don’t invest unless you’re prepared to lose all the money you invest. This is a high‑risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.