Even after the name change, the team decided to make $MATIC the native token that underpins the entire Polygon ecosystem. The rebranding contributed to its price growth as the agreement also implemented new features. $MATIC is now one of the top 20 currencies by market cap.
$MATIC is issued in the ERC 20 format. Every transaction on the Polygon blockchain, including sending tokens, using smart contracts, and performing PoS pledges on the chain requires the use of MATIC coins. The transaction volume per second (TPS) on the test network is 6000-10000 transactions, and the handling fee for each transaction is only $MATIC tokens equivalent to about $0.01-0.02, which is much cheaper than the main chain. The $MATIC token has three main use cases in the Polygon ecosystem:
gas fee. Whenever you trade on Polygon or use a Polygon based application, you will pay a small fee in $MATIC. This fee incentivizes various miners to process and validate the transactions you try to make.
Governance. Those who hold $MATIC tokens have certain privileges. $MATIC can be used for Polygon Improvement Proposals (PIPs) for governance voting to determine the orientation of polygons.
cyber security. Polygon’s PoS mechanism uses staked MATIC tokens to achieve consensus on the network. As a user, you can stake $MATIC and contribute to securing the network while earning rewards. This method ensures that users do not act dishonestly due to the risk of losing their staked MATIC tokens.
75% Technology Development
Total issuance: 10,000,000,000 (updated on 2020/01/06)
Total circulation: 6,872,890,164 (updated on 2020/01/06)
Private sale price: $0.01, $0.015
Public sale price: $0.00263