Want to learn how to buy Polygon? You can buy MATIC on Coinbase and Binance.
matic
Polygon
$0.411086*
*prices delayed up to 10 minutes
+3.00%
24H
Buy Polygon
The popularity of decentralized finance (DeFi) and non-fungible tokens (NFTs) has increased significantly. This surge has led to congestion in major blockchain networks, resulting in high network fees. At peak usage, token swaps on decentralized exchanges (DEXs) like Uniswap skyrocketed to over $1000 for a single transaction. This is a stark contrast to the zero commission fees that retail traders are accustomed to. Developers of decentralized applications (dApps) on the Ethereum network are exploring alternatives to support their project growth. Polygon may be the solution they are looking for.
Curious about how to buy Polygon (MATIC)? Discover the easiest methods, tips and platforms to jumpstart your investment in this popular cryptocurrency.
How to Buy Polygon (MATIC)
Follow these step-by-step guide on how to invest in Polygon’s native currency, MATIC. The entire procedure can be completed in as little as 10 minutes, requiring only a smartphone or computer, photo ID and a method of payment.
1. Create an Account
To purchase MATIC, start by creating an account on a cryptocurrency exchange using your email address or phone number. During signup, you will need to provide Know Your Consumer (KYC) information. This includes your date of birth, a photo of your driver’s license and your home address. The verification process usually takes a few days. Once your account is verified and active, securely store your login information to protect your account.
2. Make a Deposit
To fund your account for trading MATIC, you can link your bank account for direct deposits or wire transfers, use credit card or debit card, or utilize third-party services like PayPal. If you already have cryptocurrencies, you can transfer them to your exchange wallet using a provided deposit address.
3. Purchase Polygon (MATIC)
Once you have funded your account, you can proceed with your purchase. Determine how much money you wish to invest in MATIC. Use the current market rate to calculate the number of coins you can buy. It’s advisable to monitor price fluctuations for a while. This will help ensure you make the most informed decision and get the best value for your investment.
Once decided, go to the trading section. Search for Polygon (MATIC) and choose the option to purchase tokens. Enter the amount you wish to buy. Carefully review the order details before finalizing your transaction.
What Is Polygon (MATIC)?
Polygon is a protocol and a framework for building and connecting Ethereum-compatible blockchain networks. The open-source technology provides developers with the tools to readily deploy a stand-alone network or a secure sidechain that can optionally leverage the security of the Ethereum network via smart contracts. Nonetheless, Polygon is designed to reduce costs and complexities and to improve the speed of transactions on Ethereum.
In technical terms, Polygon bills itself as a layer-2 network, meaning it acts as an add-on layer to Ethereum. MATIC is used as the unit of payment and settlement between participants who interact within the Polygon network.
How Polygon Works
Polygon validators periodically perform checkpoints against the Ethereum main-chain. This process provides a mechanism to settle any transaction disputes that occur on the sidechain through a cryptographic proof.
With this protocol, users can transfer tokens across Matic without incurring third-party risks and market liquidity limitations. Tokens that leave the Ethereum network are locked and represented as newly minted pegged tokens on the Matic network(1:1). The pegged tokens are burned when the user moves back to the Ethereum network.
The security provided by the Ethereum network is important to how Polygon functions, but it’s ability to maintain security while allowing for scalability is what makes it interesting. Unlike the proof-of-work consensus protocol Ethereum uses today, which is costly in terms of computing resources, Polygon already uses the proof-of-stake mechanism used in Ethereum 2.0.
In addition, Polygon implements a dual-consensus architecture that combines proof-of-stake with Heimdall, where block producers are randomly selected from validators. This design enhances decentralization and allows for a high transaction throughput, achieving up to 7,000 transactions per second on single sidechains, significantly surpassing Ethereum’s 14 TPS.
Brief History of Polygon
Polygon launched in October 2017 under the name Matic by a team who contributed to a number of projects associated with the Ethereum ecosystem. The Polygon team implemented the first version of Plasma, a framework now used by the Polygon Network as proposed by the co-founder of Ethereum, Vitalik Buterin.
Polygon (MATIC) rebranded from the Matic Network to its current name in February 2021. During this time, the ERC-20 token saw a massive rise in price from the first of the year, catapulting from $0.0175 to $0.446 on March 12th, or a 2,548% increase in value. The local peak on March 12th coincided with a recent listing on Coinbase a couple days prior, March 10th.
During the later days of March and into April, a number of cryptocurrency projects announced they were moving, or were planning to add support for smart contract execution on the Polygon network, allowing their applications to scale beyond the current Ethereum main net limitations.
As of Sept. 2, 2024, MATIC is trading for around $0.4114 with a market capitalization of $4.1 billion.
Where to Buy Polygon (MATIC)
Polygon is readily available on major crypto exchanges including Coinbase, Binance, Kraken and Crypto.com and Gemini, You can also buy MATIC by creating a brokerage account in Robinhood. Advanced cryptocurrency users can acquire Polygon via decentralized exchanges like Uniswap using Wrapped Ethereum.
How to Store Polygon (MATIC) Safely
To store Polygon (MATIC) safely, it is crucial to use secure wallets designed for cryptocurrency, such as hardware wallets like Ledger or Trezor, which provide offline storage to minimize the risk of hacks. Additionally, employing a reputable software wallet, such as MetaMask or Trust Wallet, can be effective for easier access while ensuring that private keys are kept confidential and well-protected.
Always enable two-factor authentication (2FA) where available and consider using multi-signature wallets for added security. Regularly back up your cryptocurrency wallet and keep those backups in a safe location.
Is Polygon a Good Investment?
Investing in cryptocurrency comes with risks, and it’s important to only invest what you can afford to lose. As congestion affects layer 1 networks, layer 2 technologies like Polygon offer a way to engage in decentralized finance (DeFi) with lower transaction fees. Inventors should closely monitor the projects that bring their smart contract capabilities to the Polygon network, as well as investigate the growth associated with their participation. Additionally, investors should be aware of competing layer 2 solutions such as Polkadot and Binance Smart Chain as cryptocurrency traders continue to look for scalable solutions to their blockchain-based needs.
Frequently Asked Questions
A
Polygon is a layer 2 network that runs on the Ethereum blockchain.
A
Yes, Polygon is currently accessible on Coinbase’s centralized exchange. Users can trade and invest in Polygon seamlessly on this platform.
