In the past 24 hours, the price of Polygon has increased by 1.7%. It's price has risen by 0.1% in the last 7 days. The current price per MATIC is $1.34 AUD. There is a current circulating supply of 7,441,499,127 MATIC.
Polygon is a protocol and framework designed to connect Ethereum-based blockchains to create a single multi-chain network. Polygon provides multiple scaling solutions to blockchains, minimising transaction fees and development difficulties.
The Polygon network acts as a layer-2 scaling solution alongside Ethereum. Blockchains can scale on Polygon with lower fees. This allows Ethereum to scale easily without the network becoming clogged by excess traffic. This in turn, reduces gas fees and brings more decentralised apps (DApps) to the Ethereum network.
Polygon uses the Plasma Framework to allow for easy execution of scalable smart contracts. The framework is built on a proof-of-stake consensus protocol that can facilitate up to 65,000 transactions per second (TPS).
To learn more about Polygon (MATIC) check out our guide to Polygon on Swyftx Learn.
The MATIC price chart displays the real-time price movements of MATIC in Australian dollars, we have used candlesticks to accurately track the asset price. Candlestick charts are a tool used for crypto technical analysis, they provide traders with a visual representation of an asset’s price movements over a certain period.
The candlesticks are presented as either red or green candles, each candle represents a period of time i.e. 1 hour, 1 week or 1 month. The candlestick has two parts, the body and the wick. The body symbolises the open and close price of the specific time period. The wick symbolises the highest and lowest prices of said period. A red candle indicates that the asset’s closing price was lower than its opening price. A green candlestick tells us that the closing price was higher, indicating that the asset price has risen.
To learn more about reading candlesticks and using them when trading, check out our guide to candlestick charts on Swyftx Learn.
Polygon was created in 2017 by 3 co-founders: Jaynti Kanani, Sandeep Nailwal and Anurag Arjun. Polygon was originally named the Matic Network; however, its name was changed in 2019.
Many of Polygon’s team were major contributors to the development of the Ethereum ecosystem, playing integral roles in implementing Web3, Plasma and the WalletConnect protocol.
Polygon solves many of Ethereum’s limitations such as low throughput, high transaction and gas fees, and development difficulties. Polygon offers a software development kit for Ethereum-compatible DApps, making it easier for them to be built on Polygon.
There are also multiple scaling solutions offered by Polygon to give developers the opportunity to choose which scaling solution best fits their project.
Much like, the price of MATIC is determined by its supply and demand. An increase in demand for Polygon will cause the asset price to increase. Whereas an increase in traders wanting to sell MATIC will cause its price to fall.
Supply is also a contributing factor to Polygon’s price. When there is an excess supply of MATIC but low demand, the price will fall. When there is high demand but low supply the asset price will rise.
MATIC tokens are used for governance on the Polygon network. Token holders can stake their MATIC to vote on decisions made on the network. MATIC can also be staked by validators to secure the network and earn rewards.
Creating an account with Swyftx is a quick process. First you will need to provide your email, phone number and a valid form of identification (Passport or ID). We will then begin the verification process which should only take about minutes.
After your account has been verified you can deposit AUD into your trading account via numerous payment methods including Credit or debit card, Bank transfer, OSKO, PayID and POLi.
It should only take a few minutes for the funds to land int your Swyftx account. Once they are available you can start trading Polygon (MATIC).
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