The MATIC price update as of now is $0.5846. In the previous 24 hours, its trading volume was $2,989,219, and its value has decreased by -1.65%. As of now, MATIC's live market cap is $1,544,305,911, and it is ranked as the #2390 on the Coincu. MATIC has a circulating supply of 10,000,630,875 and a maximum supply of 10,000,630,875.

What is Polygon: An Overview of the MATIC Network

Polygon, formerly known as the Matic Network, is a scaling solution designed to improve the speed, reduce the cost, and simplify transactions on blockchain networks.

Polygon operates as a layer-2 network, acting as an additional layer to the Ethereum blockchain without making any modifications to the original blockchain layer. Just like its geometric namesake, Polygon offers various sides, shapes, and applications, providing a simplified structure for the development of interconnected networks. Its main objective is to support the growth of Ethereum in terms of size, security, efficiency, and utility, while also encouraging developers to bring innovative products to the market quickly.

Despite the rebranding, Polygon has retained its MATIC cryptocurrency, which serves as a payment and settlement unit among participants in the network.

Key Features of Polygon

Polygon (MATIC Network) enables the creation of Optimistic Rollup chains, ZK Rollup chains, stand-alone chains, or any other necessary infrastructure for developers.

Polygon (MATIC Network) transforms Ethereum into a comprehensive multi-chain system, often referred to as the Internet of Blockchains. This multi-chain system, similar to Polkadot, Cosmos, Avalanche, and other projects, takes advantage of Ethereum's security, active ecosystem, and openness.

Here are some notable features of Polygon:

• Scalability: Matic sidechains offer fast, low-cost, and secure transactions. Finality is achieved on the mainchain, with Ethereum serving as the first Layer 1 base chain that is compatible.
• High throughput: On the internal testnet, a single sidechain can handle up to 7,000 transactions per second (TPS). Multiple chains will be created to achieve horizontal scaling.
• User experience: Polygon provides a seamless user interface and developer abstraction from the main chain to the Matic chain. It also offers native mobile apps and an SDK with WalletConnect support.
• Security: Matic chain operators participate in the Proof of Stake (PoS) system, ensuring the security of the network.
• Public sidechains: Matic sidechains are public, permissionless, and capable of supporting multiple protocols, unlike individual dApp chains.

The Matic Network aims to develop a plasma-influenced Layer 2 scaling solution that can "provide throughput capable of satisfying transaction demand for mainstream adoption of dApps." It stands out in terms of its technological approach to Layer 2 and its potential to support a wide range of use cases.