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What is MATIC coin? What can MATIC coins do? How to store MATIC coins?

Polygon's cryptocurrency, MATIC, facilitates fast and secure transactions, governance participation, and rewards through staking, while enabling low-cost interactions on the blockchain.

Oct 06, 2024 at 03:30 pm

What is MATIC coin?

MATIC is the cryptocurrency of the Polygon network, a blockchain platform that offers fast, secure, and scalable transactions. It was launched in 2017 by the Polygon Foundation, a non-profit organization based in India. MATIC is used to pay for gas fees - the costs associated with using the Polygon network - and to participate in governance decisions.

What can MATIC coins do?

MATIC coins can be used for the following purposes:

To pay gas fees. Gas fees are the costs associated with using the Polygon network. These fees are used to reward validators for verifying transactions and to keep the network secure.
To participate in governance decisions. MATIC holders can vote on proposals that affect the development of the Polygon network. This includes decisions related to the addition of new features, the allocation of funds, and the direction of the project.
To stake. Staking is the process of locking up your MATIC coins to earn rewards. Rewards are paid in MATIC and are based on the amount of coins you stake and the length of time you stake them for.

How to store MATIC coins?

MATIC coins can be stored in a variety of wallets, including hardware wallets, software wallets, and exchange wallets. Hardware wallets are the most secure option, but they can be more expensive than software wallets. Software wallets are less secure than hardware wallets, but they are more convenient to use. Exchange wallets are the least secure option, but they are the easiest to use.

Here are some of the most popular wallets that support MATIC:

Hardware wallets:

Ledger Nano X
Trezor Model T

Software wallets:

MetaMask
Trust Wallet

Exchange wallets:

Binance
Coinbase

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