MATIC is the native token of the Polygon blockchain network. MATIC powers the entire Polygon ecosystem and covers transaction fees, staking, and store of value.
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Polygon (#MATIC) Stories Around the Web
## MATIC History
The MATIC token was first released in 2019 after its blockchain's launch in 2017. The release event also included an Initial Exchange Offering on Binance's Launch Platform in April. Polygon released about 3.24 billion pieces of the coin, with each currency costing less than $0.00264. In its first round of sales, less than 2 billion tokens were sold, generating more than $5.1 million for its developers in under 20 days.
MATIC began to experience a bullish trend in February 2021 by rising by over 6800% from its 2-year price fluctuations of below $0.05. In May, MATIC had a market pump, nearly hitting the $2.5 mark. This surge happened three months after its parent network, Polygon, rebranded from Matic Network to its current name.
## Biggest Claim To Fame
MATIC's prominence is owed to its blockchain's collaborations, integrations, and performance over Ethereum. As a result, it is the 14th largest cryptocurrency by market cap.
In early April 2021, Polygon announced an alliance known as “Msetu” with Infosys. The essence of the coalition is to create open-source bridges for firms to develop and function through Ethereum. Further in May, the Indian blockchain company declared the Google Cloud BigQuery collaboration and integration with Google. It also gave a 1 TeraByte free BigQuery to every Google Query user. Thus, they can query the Polygon network and utilize various functions in the system.
Another period of growth came when the AXS TV CEO, billionaire Mark Cuban, announced his investment in Polygon. From that period, Polygon's visibility increased substantially under the radar of investors and traders.
Polygon charges lesser fees and processes up to 60,000 transactions per second swiftly, compared to Ethereum, making MATIC a preferred choice for investment. Its swift processing functionality and Proof of Stake protocol give it an edge over Ethereum's network congestion due to Ethereum's limited amount of transactions per second.
Aside from Polygon's blockchain speed, its Miden Roll-up Zero-Knowledge (ZK) proof enactment has caused an upscale for the network and its token. This implementation caused a volatile market rise, causing the token to pump by over 8000% from January 2022.
## Biggest Criticism
Despite MATIC's vast utility and blockchain adaptations, analysts feel its market cap is too high and, as a result, may become overvalued with time.
Knowing that MATIC was developed to fill the gaps created by the downsides of Ethereum, the Polygon token is seen to become less used soon due to Ethereum's 2.0 and 3.0 upgrades, as well as competition from other networks.
In addition, remarks have been made about MATIC's scaling solution, MATIC Plasma Chains, not being widely adaptable. Since transaction fees on Polygon are not expensive, rollups solutions might veer away from the platform, thus, reducing the rate of adoption of MATIC.
## MATIC Team
MATIC was created by a group of Indian software professionals who have years of experience in financial and technological firms.
__[Jaynti Kanani](https://in.linkedin.com/in/jdkanani)__ is a blockchain professional, co-owner, and Chief Executive Officer of Polygon. He obtained a B.Eng in Information Technology in 2011 at the prestigious Dharamsinh Desai University. After graduation, he began working at Persistent Systems as a software developer. During this period, he embarked on other projects, as well as a loan firm. Before he founded Matic Network, he was a Data Scientist at a property management company.
__[Sandeep Nailwal](https://ae.linkedin.com/in/sandeep-nailwal-60709a33)__ is a co-founder of Polygon, as well as a chief executive at India's crypto Covid-19 scheme. He is an entrepreneur and a software engineer. In 2014, he worked at Deloitte as a consultant, and in 2016, he was a unit head at Welspun Group. Still, in 2016, he co-created the App marketplace, Scopeweaver, until he stopped being the CEO in 2017.
__[Anurag Arjun](https://in.linkedin.com/in/anuragarjun)__ graduated from Nirma Institute of Technology as a computer engineer. He sat for the Common Admission Test and passed by almost 100%. He is a co-founder and the Head of Product at Polygon.
Mihailo Bjelic is one of the owners of Polygon. He has a degree in Information Systems Engineering from the University of Belgrade.
__[MATIC](https://polygon.technology/)__ is a coin developed on the Ethereum 2.0 system. Its market achievements pose some advantages and downsides to the currency. However, it is considered to have more market highs as its network implements more integrations.