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What is the issuance volume of MATIC coins? One article introduces the application scenarios of MATIC coins
MATIC, the native cryptocurrency of the scalable Polygon network, serves as a transaction fee payment, staking reward, smart contract gas token, governance tool, and DPoS mechanism participant.
Oct 01, 2024 at 01:53 am
1. MATIC Coin Issuance Volume
MATIC is the native cryptocurrency of the Polygon network, a Layer 2 scaling solution for the Ethereum blockchain. The maximum supply of MATIC coins is 10 billion. As of September 2023, approximately 8.2 billion MATIC have been issued, representing 82% of the total supply.
2. Applications of MATIC Coins
MATIC coins have several applications within the Polygon ecosystem:
- Transaction Fees: MATIC is used to pay for transaction fees on the Polygon network. This is because transactions on Polygon are much cheaper than on Ethereum, as they do not require the same level of computing power.
- Staking: MATIC can be staked to earn rewards and participate in network governance. Stakers help to secure the Polygon network by validating transactions and maintaining its consensus mechanism.
- Gas Token: MATIC acts as a gas token for executing smart contracts on the Polygon network. Gas tokens are necessary to cover the computational costs associated with running smart contracts.
- Governance: MATIC holders can participate in the governance of the Polygon network through the Polygon DAO. By staking MATIC, holders can vote on proposals to improve the network and its features.
- Delegated Proof of Stake (DPoS): MATIC is used in Polygon's DPoS consensus mechanism to select validators who are responsible for verifying blocks and maintaining the network's security.
- Inter-chain Transactions: MATIC is used to facilitate inter-chain transactions between the Ethereum network and Polygon. This allows users to move assets and data between the two networks seamlessly.
- NFT Minting and Trading: MATIC is used to pay for the minting and trading of NFTs on Polygon. This is because NFTs on Polygon benefit from the same low transaction fees as other transactions on the network.
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