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When was Polygon(MATIC) coin issued?
Polygon (MATIC) coin, the native utility token of the Polygon blockchain, was initially issued on May 27, 2019.
Dec 10, 2024 at 09:01 pm
When was Polygon (MATIC) Coin Issued?
Introduction
Polygon (MATIC) is a layer-2 scaling solution for the Ethereum blockchain that aims to address scalability, transaction speed, and cost-effectiveness issues. The MATIC token is the native utility token of the Polygon blockchain.
Issuance Date
- Polygon (MATIC) coin was initially issued on May 27, 2019.
Background
- Polygon was initially launched as Matic Network in 2019 by a group of Indian software engineers led by Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun.
- The platform rebranded to Polygon in February 2021 to reflect its expanded capabilities beyond layer-2 scaling.
- The MATIC token was launched alongside the initial release of Polygon and serves as the primary means of paying for transaction fees and securing the network through staking.
Token Issuance Details
- Polygon initially distributed the MATIC token through a private sale, raising approximately $5 million.
- A public token sale followed in April 2019, raising an additional $4.6 million.
- The total supply of MATIC tokens was set at 10 billion, with approximately 60% of the supply initially circulating.
- The remaining 40% of the token supply was allocated for various purposes, including the Polygon Foundation, the team, and future ecosystem development.
Token Distribution
- Private Sale: 19%
- Public Sale: 8%
- Founders and Team: 12%
- Ecosystem Development: 8%
- Strategic Sale: 1%
- Advisors: 2%
- Community Reserve: 20%
- Marketing and Business Development: 8%
- Staking Rewards: 20%
Token Use Cases
The MATIC token is used for various purposes within the Polygon ecosystem, including:
- Transaction Fees: MATIC is used to pay for transaction fees on the Polygon blockchain.
- Staking: MATIC tokens can be staked to earn rewards and help secure the network.
- Governance: MATIC tokens grant holders voting rights on the Polygon network, allowing them to participate in decision-making.
- Utility: MATIC is also used for accessing premium features and services within the Polygon ecosystem.
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