The MATIC token can be used within the Polygon ecosystem. You can use MATIC to pay transaction fees, stake cryptocurrency, or participate in network governance. Crypto exchanges act as marketplaces that facilitate buying and selling cryptocurrencies. Although some exchanges are fairly simple, others are intended for more advanced investors, offering features like crypto staking, margin accounts and futures trading. Polygon is designed to scale the Ethereum network and improve its functionality. And it has become popular among decentralized finance platforms, with a strong, rich DeFi and non-fungible token (NFT) ecosystem.
Matic can be stored in web-based wallets, including Coinbase and Bitski. These wallets, also called hot wallets, are convenient and easy to use. They’re generally safe but can be exposed to hacks or other security breaches because they are accessed online through third parties.
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- While you may purchase MATIC with a credit card, we strenuously advise against it.
- There are about 8 billion coins in circulation with a maximum supply of 10 billion.
- Cold storage also gives you more control, or custody, of your holdings than hot wallets, where a third-party company technically stores your crypto.
Polygon is not the only proof-of-stake technology advertising scalability as its primary advantage. Solana, for example, also touts high speeds and low cost and, as of July 2022, has a market cap nearly double that of Matic. We believe everyone should be able to make financial decisions with confidence. NerdWallet, Inc. is an independent publisher and comparison service, not an investment advisor. Its articles, interactive tools and other content are provided to you for free, as self-help tools and for informational purposes only. NerdWallet does not and cannot guarantee the accuracy or applicability of any information in regard to your individual circumstances.
How to get Polygon MATIC?
Cryptocurrency is a new and quickly growing type of technology and investment. Matic is a Layer-2 scaling system, a technology built on top of another blockchain — in this case, Ethereum — for faster transactions. There are about 8 billion coins in circulation with a maximum supply of 10 billion. Use your Polygon MATIC to purchase goods and services from any participating merchant that accepts Polygon MATIC and cryptocurrency. Purchase Polygon MATIC in more than 150 countries using the local currency of your bank account. You can also do this with any DEX you’re comfortable with.
Here’s how to move your tokens to metamask from coinbase. The very first time you sell or buy using the Hawku Marketplace you will need to grant the marketplace contract that Hawku uses (0x) authorization to do your buying and selling transactions. This is a transaction on the blockchain and requires a tiny bit of the MATIC coin which is used as gas (or a way to pay the transaction) on the Polygon network. There are some cryptocurrency exchanges that offer trading pairs, allowing customers to trade and purchase MATIC with Tether (USDT), a popular stablecoin.
Both centralized and decentralized exchanges typically allow payments using a bank transfer and, sometimes, a credit card. In addition, some exchanges accept mobile-friendly payment methods like Apple Pay or PayPal. The network uses staking, a process in which Matic owners can use their tokens to help validate new transactions in return for Matic tokens.
Get MATIC on Polygon
After you buy Polygon MATIC, you can transfer it to anyone across the globe, as long as you know their Polygon MATIC wallet address. Buy Polygon MATIC instantly with a credit or debit card, bank transfer, Apple Pay, Google Pay, and more. This article explains exactly how you can buy Matic on Metamask. You’ll also learn how to add the Polygon network to your wallet, purchase some Matic on Coinbase, and more.
Once you’ve done that, follow the steps below to set up Matic on your metamask. If you’re looking to buy Polygon NFTs, you first need to get some Matic – its native token. Several exchanges sell Matic, such as Crypto.com, Binance, Coinbase Pro, and 1inch Exchange. However, it’s a different ball game if you want to buy Matic on Metamask. Keep reading to find out how you can buy and send Matic to Metamask with ease.
- Its articles, interactive tools and other content are provided to you for free, as self-help tools and for informational purposes only.
- You’ll also learn how to add the Polygon network to your wallet, purchase some Matic on Coinbase, and more.
- The MATIC token can be used within the Polygon ecosystem.
- Decentralized exchanges let you buy directly from others.
A fiat on-ramp allows you to convert from fiat currencies (e.g. USD, EUR, GBP) into crypto in your wallet. Withdraw MATIC directly to your Polygon wallet from an exchange that supports withdrawals directly to Polygon (i.e. most major exchanges). Below is a comprehensive step-by-step guide for the easiest and fastest ways to get MATIC onto your MetaMask wallet on the Polygon network.
Examples are hypothetical, and we encourage you to seek personalized advice from qualified professionals regarding specific investment issues. Our estimates are based on past market performance, and past performance is not a guarantee of future performance. I’ll cover both processes below, but first, you need to add the Polygon network to your Metamask. The best part about this method is you don’t need any MATIC to begin with in order to swap for MATIC.
Connext allows you to bridge your tokens from a non-Polygon chain onto Polygon. Supported chains include Ethereum, BNB Smart Chain, Arbitrum, Optimism, Avalanche, Fantom, and more. Go to Ramp and follow the prompts.Make sure to search for and select “MATIC — Polygon on Polygon” in the “you get” dropdown list. Follow any of the below methods to get MATIC on Polygon. Cryptocurrency is always at risk of serious fluctuations. That’s especially true for Polygon’s native currency, MATIC.
The network also claims that it can handle thousands of transactions per second (TPS)—which is pretty quick in comparison to Ethereum’s TPS of around 15. MATIC can also be used for crypto staking and paying transaction fees. Unlike some other cryptocurrencies with unlimited supply, MATIC is limited, and there will never be more than 10 billion coins in circulation. You’ll also pay transaction costs to users who verify transactions.
What You Can Purchase With MATIC
As a rule of thumb, always send a small amount first to check that the process works perfectly and you didn’t miss anything like the wallet address. The transaction might take some time to process, depending on how congested MetaMask or Coinbase may be, especially during peak hours. Before you can buy Matic on Metamask, you have to add the Matic mainnet rpc to your wallet. If you don’t have a Metamask wallet yet, our article on setting up a Metamask Wallet can guide you.
Matic is the digital token used on Polygon, a protocol built on Ethereum. The organization behind it claims it can process transactions about 467 times faster than Ethereum at a fraction of the cost and that about 2.7 million people use it every month. As of Aug. 1, 2022, Matic was the 13th largest cryptocurrency, with a market cap of $7.2 billion. MATIC can be used to participate in DeFi applications on the Polygon network, at much quicker transaction speeds and lower gas fees than the Ethereum mainnet.
Why is MoonPay the best way to buy Polygon MATIC?
Polygon is a Layer 2 scaling solution for the Ethereum blockchain that allows users to transact quicker and more cheaply than on the Ethereum mainnet. Polygon has a complete ecoystem of DeFi and NFTs that take advantage of the Ethereum blockchain while improving transaction times and lowering gas fees for participants. Polygon Labs develops Ethereum scaling solutions for Polygon protocols, collaborating with ecosystem developers to offer scalable, affordable, and eco-friendly Web3 infrastructure.
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