- BitBoy Crypto recently provided a 101-style Polygon (MATIC) crash course.
- The crypto influencer covered key topics like native tokens, staking, and other elements of its ecosystem.
- BitBoy also told his followers about Polygon’s upcoming POL token that would replace MATIC.
Ben Armstrong, aka BitBoy Crypto, recently published a 101-style informative video that provided a crash course on the Ethereum scaling solution Polygon. In the video posted on YouTube, the crypto influencer highlighted Polygon’s milestones and upcoming events, including the changing of the ticker of the network’s native token.
BitBoy Crypto told his followers that the ticker of Polygon’s MATIC token would be changed to POL, which would become the primary token of the network. Polygon’s users will be able to exchange their MATIC tokens for the new POL tokens once the ticker changes. MATIC tokens are currently used to pay fees on the Polygon networks. Validators that wish to run nodes are also required to stake MATIC.
Polygon is one of Ethereum’s oldest and most successful layer-two scaling solutions. As an Ethereum Virtual Machine (EVM) blockchain, Polygon is compatible with Ethereum applications, which paves the way for high transaction speeds at low costs. zkEVM, Polygon’s zero knowledge rollup, which is currently in beta, aims to increase security and decentralization.
Last year, Polygon announced other blockchain networks called supernets for its blockchain ecosystem. Supernets are additional chains, based on Polygon’s proof-of-stake consensus mechanism, that are developed for a specific reason. BitBoy Crypto also talked about the Polygon SDK (software development kit), which contains modular library tools that help developers build on the blockchain.
At the time of writing, MATIC was trading at $0.55. The token has lost more than 9% of its value over the past week, which took its market capitalization down by more than $550 million. MATIC currently has a market capitalization of over $5.1 billion and a daily trading volume of $275 million. Data from Coinglass showed that the total open interest on MATIC’s perpetual contracts went down by 1.4% over the past 24 hours.
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