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The Polygon Cryptocurrency: How It Started and Where It’s Going

The Polygon cryptocurrency started as MATIC during its inception in 2017. This type of cryptocurrency is mainly for digital app creators that operate off of the Ethereum blockchain. 

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What is Polygon’s Average Price and Current Market Cap?

Polygon cryptocurrency is valued at about $0.895 per share. Hence, its value is pretty close to the United States Dollar (USD). 

Its current market cap is about $8 billion. Since Polygon falls into this category, it is known as what is called mid-cap crypto. This means that Polygon is a popular cryptocurrency while having some more risk investing in it.

How Does Polygon Operate?

Polygon operates on the Ethereum blockchain. Hence, investing in Polygon is flexible because of how the Ethereum blockchain is uniquely structured. There are multiple chains to trading Polygon crypto that allows developers to have increased security when trading while getting the benefits of operating on the Ethereum system. 

Since its inception, there have been more than 1.8 billion transactions conducted for the Polygon cryptocurrency. In 2022, the cryptosystem went carbon negative to perform better for the environment.

Matic Coming Into the Crypto Scene

Matic came onto the cryptocurrency scene when its cryptocurrency system, Matic Network, originated in 2017. However, the coin was finally available to the public for trading 18 months after that in April 2019. 

Its original reason for inception was to increase how scalable and usable cryptos could be on the blockchain. Matic wanted to correct some of these problems without hindering the benefits of decentralized apps. The dApps, otherwise known as decentralized apps, allow crypto traders to trade with each other without having to have a third-party manage the transaction for them. This would encourage crypto traders to have more autonomy and independence in the trading process for an easier experience.

How Did Matic Become Polygon in 2021?

The Matic Network operated under the same name until February 2021 when they changed their name to Polygon Network. The total rebranding threw off investors and confused them at first wondering why the sudden change in the crypto’s name. 

The creators and representatives of Polygon thought that changing the crypto’s name from Matic to Polygon would be a more enhanced representation of their overall mission. Their mission is to boost the scalability of Ethereum for the Web3 system, which provides decentralization benefits utilizing blockchain technology.

The Future of Polygon

Crypto market forecasters believe that Polygon will reach a new highest market cap of $8.68 once the year 2030 comes. That is a growth potential of about $85,000,000 per year starting from this year in 2022. 

DigitalCoinPrice believes that Polygon will be a bullish crypto going forward, going up as much as a value of $10 a share by the time it is 2030. With over $5 billion in assets already garnered in the Polygon Network, more are expected to come in the future.

 

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