What is MATIC coin? MATIC coin issue price, total amount and white paper introduction

Polygon's MATIC coin, launched in 2019 at an ICO price of $0.00263, powers the Polygon ecosystem, enabling transactions, staking, and governance.

Oct 03, 2024 at 10:17 am

What is MATIC Coin?

Polygon (previously known as Matic Network) is a blockchain platform that aims to provide a scalable, secure, and efficient alternative to Ethereum. Its native cryptocurrency, MATIC, is used to power the Polygon ecosystem and perform various operations on the network.

1. MATIC Coin Issue Price

MATIC was initially issued through an initial coin offering (ICO) in April 2019 at a price of $0.00263.

2. MATIC Coin Total Amount

The total supply of MATIC is capped at 10,000,000,000 coins. As of March 17, 2023:

Circulating supply: 6,901,530,115 MATIC
Total staked: 62,153,262 MATIC

3. MATIC Coin White Paper Introduction

The Polygon White Paper, released in May 2019, outlines the following key aspects of the MATIC coin:

Utility: MATIC is used for the following purposes:
- Transaction fees on the Polygon network
- Staking to secure the network and earn rewards
- Participating in governance
Scalability: MATIC leverages a unique "Plasma" architecture that allows the Polygon network to handle high transaction volumes by offloading computational tasks to other blockchains.
Security: MATIC uses a combination of Proof-of-Stake and Plasma to ensure network security and integrity.
Compatibility: MATIC is compatible with Ethereum Virtual Machine (EVM), allowing developers to easily port existing applications to Polygon.
Governance: MATIC holders participate in governance by voting on proposals to improve the Polygon platform.

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