What currency does Polygon(Matic) belong to? Let me explain to you in one minute what MATIC coin is?

The currency types of Polygon (MATIC) are: 1. Utility tokens, used to pay transaction fees; 2. Governance tokens, allowing holders to participate in network management. MATIC coins are used to pay for Polygon network transactions, staking, and governance, and their value increases with network usage.

Coin type of Polygon (MATIC)

Polygon (MATIC) is an Ethereum sidechain that provides a high-throughput and low-cost environment compatible with the Ethereum mainnet. MATIC is the native token of the Polygon blockchain and has the following currency types:

• Utility token: MATIC is mainly used to pay transaction fees on the Polygon blockchain and serves as collateral to ensure network security.
• Governance Token: MATIC holders can vote on the development and management of the Polygon network by participating in governance proposals.

What is MATIC Coin?

MATIC coin is the backbone of the Polygon blockchain and is used for:

• Transaction Fees: There is a MATIC fee for any transaction on the Polygon network. This helps prevent network congestion.
• Staking: MATIC holders can stake their tokens to validators to help secure the network. Validators receive staking rewards that are used to secure the network.
• Governance: MATIC holders can participate in the decision-making process of the Polygon network through governance proposals.
• Utilities: Certain decentralized applications (dApps) and services use MATIC as payment or incentives.

MATIC Coin increases in value with usage and adoption of the Polygon network. It is widely available on cryptocurrency exchanges and adopted by many decentralized applications and services.

Polygon (MATIC) Current Price Analysis

Current Price: $0.4854

Polygon (MATIC) has declined over the last 24 hours and is trading at $0.4854.

PRICE MOVING FACTORS

• NETWORK UPDATES: MATIC’s recently implemented network updates have increased the efficiency of the platform, which supports the price of the currency.
• Market Sentiment: The downward trend in the overall cryptocurrency market has also affected the price of MATIC.

Future Trend Forecast

MATIC’s long-term prospects remain optimistic. It is expected that its price will continue to rise as its network development continues and wider adoption of DeFi and NFT applications occurs.

Investor Advice

For short-term holders, it is prudent to stay on the sidelines as the market may pull back further. MATIC remains an attractive option for long-term investors as it is expected to deliver long-term growth.

Short-term trend forecast

MATIC is expected to fluctuate between $0.45 and $0.55 in the coming days.

Indicator

• Trading volume: 304949780.15765 USD
• Circulating market capitalization: 4808242701.553 USD
• Circulation volume: 9905740582.4686
• Maximum supply: None
• Total supply: 9905740582.4686

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