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Wednesday, 13 Oct 2021
Crypto Notes
Crypto Notes ₿ by Rohas Nagpal
By Rohas Nagpal

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All about Polygon (MATIC)

Over the last few weeks, we discussed Dogecoin (DOGE), Cardano (ADA), Binance Coin (BNB), Solana (SOL), Bitcoin (BTC), Ether (ETH), Filecoin (FIL), and Polkadot (DOT). This week we take on Polygon (MATIC).

     

Let's start with some interesting crypto news.

El Salvador, which recently made Bitcoin legal tender, is funding a new veterinary hospital from the profits it has made from Bitcoin.

The value settled on the Bitcoin network has reached a daily all-time high of $31 billion. This is an increase of almost 40 times since the beginning of 2020.

Sri Lanka's major e-commerce platform, Kapruka, will start accepting cryptocurrencies soon. This development has come in the wake of news that the country will soon adopt crypto laws to attract global investments.

1. What is Polygon (MATIC)?

Name: Polygon

Symbol: MATIC

Overview:

The Ethereum blockchain is slow and costly. Polygon has a bunch of products and services to solve this problem.

Polygon's software development kit enables the building of Ethereum sidechains - blockchains linked to Ethereum via a two-way peg. These sidechains are of multiple types:

Bundling transactions into blocks which are batched into a single submission to the Ethereum blockchain (Plasma Chains)

Allowing multiple transfers to be bundled into a single transaction (zk-Rollups)

Plasma Chains which also scale Ethereum smart contracts (Optimistic Rollups)

MATIC is Polygon's native token and has the following uses:

pay for transaction fees in the network,

be the unit of payment and settlement in the Polygon ecosystem,

power the Polygon proof-of-stake sidechain

Consensus mechanism:

MATIC is an Ethereum ERC-20 token. Polygon sidechains are Proof-of-Stake.

2. Metrics

As of 12 October, its core metrics are:

Price metrics

Current Price: $ 1.19
All-time high (May 18, 2021 $ 2.68
All-time low (May 09, 2019) $ 0.003012

Supply metrics:

Circulating supply: 6.72 billion MATIC
Total supply: 10 billion MATIC
Maximum supply: 10 billion MATIC

Note:

Circulating Supply is the number of coins / tokens in public hands.

Total Supply is the number of coins / tokens created minus the number burned.

Maximum Supply is the maximum amount of this crypto that can ever exist

Figures have been rounded off for convenience

Marketcap & Volume metrics:

Market Cap: $ 8 billion
Fully Diluted Market Cap: 12 billion
Volume (24h): $ 618 million
Volume / market cap ratio: 0.07686
Total Value Locked (TVL): $ 8.4 billion
Market Cap / TVL Ratio 0.9619

Note:

Market cap = Current Price x Circulating Supply

Fully Diluted Market Cap is the market cap if the maximum supply was in circulation

Volume (24h) is the fiat value of this crypto traded over the last 24 hours

Dominance measures a crypto's total market capitalization relative to the total market cap of all cryptos

Volume / market cap ratio = 24h Volume / Marketcap

Total Value Locked = Total assets value currently staked or locked in the protocol.

Figures have been rounded off for convenience

Risk metrics:

  Volatility Sharpe ratio
Last 30 days 1.15 - 0.08
Last 90 days 1.33 1.2
Last 1 year 2 3.03
Last 3 years 1.89 2.06

Note:

Volatility measures the annualized standard deviation of daily returns

Sharpe Ratio measures the excess return for a given level of risk

3. Wallets

The popular wallets include Trust Wallet and Metamask.

Note: The data/graphs are from CoinMarketCap, Messari, and Future Money Wallet.

     

Rohas Nagpal is an author, an amateur boxer, a blockchain architect, a Tintinologist and a retired hacker.

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