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Coin Market Cap - Polygon (MATIC) Price & Analysis, June 18, 2021 [CoinMarketCap]. Despite its financial struggles, Polygon has grown to dominate a number of markets globally, including the US, Saudi Arabia, and several countries in Asia. The Polygon blockchain ecosystem has brought practical scalability to Ethereum and raised investments from crypto investor Mark Cuban.
As of now, Polygon is one of the most promising cryptos, and it has already surpassed Polkadot (the group's main competitor in most countries).
In their recent data, CoinMarketCap says Polygon, formerly known as Matic, ranks at position 15 in global market cap.
Polygon is a layer two (L2) solution for Ethereum-based compatible blockchain networks that offers fast, inexpensive, and secure off-chain transactions.
Networks like this were created to fix Ethereum's slow transactions and limited user experience. With Polygon, you get the abilities of Matic, but with more advanced features. Matic scaled using Plasma-based technology, allowing for off-chain child blockchains, but Polygon uses smart contracts. The purpose of this is to make blockchains interoperable.
The underlying MATIC token allows users to pay for transactions on the sidechain, vote on Polygon Improvement Proposals (PIPS) and stake the network.
As of 11 March 2021, there were 6.3 billion tokens circulating out of a total market supply of 10 billion. The tokens had a market cap of $9.49 billion and average pricing of $1.5, its all-time high being $2.68. A lot of people have been titling this token as one of the most promising cryptocurrencies in 2021.
Compared to Polkadot, which peaked in August 2020 at an all-time high of $49.69, has a return on ivestment of 719.6%, compared to MATIC’s ROI of 33072%.
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