MATIC (Gas Token)

R7.50

Polygon Blockchain GAS Token.

SKU: 0x0000000000000000000000000000000000001010
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Description

ShariaCoin exists on the Polygon Blockchain, requiring users to hold MATIC tokens in their wallets to facilitate transactions and cover network gas fees. A minimum of 1 MATIC token enables approximately 75-90 transactions. To facilitate seamless transactions, users are advised to include MATIC when purchasing ShariaCoin for swapping on platforms like Uniswap and other decentralized exchanges (DEX’s)

The MATIC token is the native cryptocurrency of the Polygon network, formerly known as the Matic Network. Polygon is a Layer 2 scaling solution for Ethereum, designed to improve the scalability and usability of the Ethereum blockchain by offering faster and cheaper transactions while retaining the security and decentralization of the Ethereum mainnet.

Key Points About MATIC:

Purpose:

Transaction Fees: MATIC is used to pay transaction fees on the Polygon network.

Staking: Users can stake MATIC tokens to help secure the network and earn rewards.

Governance: MATIC token holders can participate in the governance of the Polygon network, voting on proposals and changes.

Technology:
Layer 2 Solution: Polygon operates as a sidechain or Layer 2 solution, providing scalability to Ethereum by processing transactions off-chain before settling them on the main Ethereum chain.

Compatibility: Polygon is compatible with Ethereum and supports the Ethereum Virtual Machine (EVM), making it easy for developers to migrate their dApps from Ethereum to Polygon.

Ecosystem:
Polygon has become a popular platform for decentralized applications (dApps), DeFi (Decentralized Finance) projects, NFTs (Non-Fungible Tokens), and gaming due to its high throughput and low transaction costs.
Many notable projects and platforms, such as Aave, SushiSwap, and OpenSea, have integrated with or expanded to Polygon.

History:
The Matic Network was rebranded as Polygon in February 2021 to reflect its broader vision of being an interconnected blockchain network.
Despite the rebranding, the native token retained the ticker symbol MATIC.

Usage and Adoption:
MATIC is widely used within the cryptocurrency ecosystem and is listed on many major exchanges. It is a crucial part of the Polygon network’s function, contributing to its growth as one of the leading scaling solutions for Ethereum.

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