What are MATIC tokens, and why are they on everyone’s radar?

Crypto enthusiasts, influencers, and analysts are increasingly talking about MATIC tokens this week. What caused such a surge of interest, and is it worth buying these coins?

We can’t give you 100% working schemes, but we can cover the key points. The cryptocurrency market is unstable and unpredictable. Keep this in mind. It is always better to make conclusions and decisions on your own! 

What is MATIC?

Polygon (formerly Matic Network) is a structured and easy-to-use platform for Ethereum scaling and infrastructure development. Its main component is the Polygon SDK, a flexible modular framework that supports creating multiple types of applications.

Polygon effectively turns Ethereum into a complete multi-chain system similar to Polkadot, Cosmos, Avalanche, etc. But it’s more secure and transparent.

Polygon is a Layer-2 scaling solution supported by Binance and Coinbase. The Plasma framework used by Polygon makes it easy to run scalable and autonomous smart contracts.

The platform boasts up to 65,000 transactions per second in a single sidechain, as well as a good block confirmation time of fewer than two seconds. 

Polygon has attracted more than 50 decentralized applications (DApps) to its secure Proof-of-Stake (PoS) Ethereum sidechain. We explained in detail how Proof-of-Stake and Proof-of-Work are different here.

The proprietary MATIC tokens are needed for payments and as a settlement currency between users who work in the Polygon ecosystem. Transaction fees in Polygon sidechains are also paid in MATIC tokens.

Why is there so much talk about these tokens all of a sudden?

Last week, Meta announced that Instagram would use the Polygon network for its new NFT chasing feature. In addition, Reddit users have created more than 3 million wallets to mint and trade “collectible avatars” on the platform. There are about 3 million Reddit Polygon NFTs now, according to Dune.

In this context, the value of Polygon’s tokens jumped 20%, from approximately $0.94 to $1.13. As of November 7, the price of MATIC continues to rise and has already reached $1.19.

How can I make money on this?

Most crypto traders and analysts look positively at MATIC and predict further growth in the price of tokens.

For example, the well-known investor, Lady of Crypto, believes that MATIC has the potential to 10x in the next bull run. 

Crypto analyst Miles Deutscher agrees.

The creator of cryptocurrency education content under the nickname Mac has high hopes for SOL, SHIB, and MATIC next year.