In 2017, a group of visionary software engineers embarked on a mission to crack Ethereum's scalability trilemma. Six years later, their journey has evolved into something even more ambitious: building the infrastructure for an infinitely scalable Web3. And at the heart of this transformation is Polygon's native token, MATIC, the first Layer 2 token to arrive at Yield App.
It's time to shine a light on Ethereum's scaling champion and its transformative odyssey. How well do you really know MATIC? Let’s find out.
✌️ 1. This singular token has two names
Polygon began its journey in 2017 as Matic Network, a single Layer 2 solution, before the team decided to rebrand it as we know now. But the decision to keep the MATIC ticker for Polygon's native token continues to cause mild confusion, possibly paving the way for the $POL ticker with Polygon 2.0 on the horizon. But, more on that later!
⛽️ 2. It’s used as gas within Polygon’s ecosystem
Users need MATIC to handle transaction fees when they're using dApps or protocols on the network. The more people use these services, the more they want MATIC tokens. This increased demand has caused the token's value to go up. It's pretty remarkable – back in May 2020, it had a market cap of just $6 million, and now it's soared to over $7 billion!
🇨🇭 3. It’s the Swiss army knife of Ethereum scaling
Polygon is not your average Layer 2. It’s a sprawling ecosystem of scaling solutions boasting tens of thousands of dApps and an impressive average of over 3 million daily transactions. This network employs a mix of sidechains, Plasma frameworks, and various scaling techniques, like Optimistic Rollups, to create a high-speed, low-delay environment for developers. The upshot of this is that dApps developed on Polygon can handle transactions much more swiftly than their Ethereum counterparts, all the while cutting down on transaction costs.
🪙 4. It may one day be replaced by POL
If approved by the community, POL will work as a multipurpose token that can be used to validate multiple Polygon-based networks. Touted as a next-generation protocol token, POL will allow validating and securing hundreds of chains at the same time while executing multiple roles concurrently.
The initial supply is proposed to mirror that of MATIC. To upgrade your MATIC to an equivalent amount of POL, you'll need to send your tokens to the upgrade smart contract. Want to make sure you get the upgraded token while earning yield? You could simply transfer your MATIC to Yield App and let us do the work for you!
👟 5. It’s the blockchain of choice for big brands
Reddit, Adidas, Lufthansa, and Starbucks. Polygon has become the favorite blockchain of major brands stepping into Web3. In 2023, Polygon surpassed Ethereum as the most popular Web3 choice for brands. With his digital trading card collection, even Donald J. Trump ventured into Web3 via Polygon. It’s official – Polygon makes Web3 great again!
6. It’s your Web3 ID card
Polygon ID is the first identity solution that allows users to use zero-knowledge proofs to interact with smart contracts, based on rich Verifiable Credential documents issued off-chain. This means you can take your Web3 identity with you wherever you go. One person – one profile. All the while keeping you in control of your data, because your privacy is protected with zero-knowledge proofs.
💥 7. It’s “destroying everyone else”
Mark Cuban is a billionaire, entrepreneur, television personality, and Polygon investor. In a panel discussion at the DeFi Summit virtual conference, Cuban praised Polygon's ecosystem, saying that Polygon is “destroying everyone else” except bitcoin and ethereum.
🎢 8. Even Mickey Mouse loves MATIC
In July 2022, Disney made headlines by inviting Polygon to its annual Accelerator Program, which is a business development program designed to accelerate the growth of innovative companies from around the world.
You've probably heard about this big Disney announcement because, for the first time, they've brought a blockchain into the mix. It's a strong signal that Disney might be eyeing Polygon's blockchain tech for their upcoming digital services and products.
Imagine if Disney teams up with Polygon on NFTs - we're talking lightning-fast transactions, cheap fees, and the ability to scale like crazy. That means Disney could supercharge its NFT plans and use Polygon to seal the deal on transactions in 3D worlds, metaverse shops, and AR game purchases. Cool, right?
📈 9. Your MATIC can work harder for you
In October 2023, Yield App unlocked passive income opportunities for MATIC holders. You can now earn up to 3% p.a. on your MATIC holdings, make daily swaps of up to $10,000 between MATIC and other assets, and set your portfolio on the path to maximum profitability.
💰 10. It’s easy to earn with Yield App
To unlock the earning potential of your Polygon tokens, it's as simple as transferring your MATIC tokens to Yield App, selecting an Earn product, and voilà! You're on your way to daily passive income in the exciting world of Web3.
Supercharge your earnings with MATIC on Yield App today!
DISCLAIMER: The content of this article does not constitute financial advice and is for informational purposes only. The price of digital assets can go down as well as up, and you may lose all of your capital. Investors should consult a professional advisor before making any investment decisions.