Wrapped Matic (WMATIC) is revolutionizing the blockchain landscape by seamlessly bridging compatibility gaps between Polygon's native cryptocurrency, MATIC, and other blockchain networks. This wrapped token facilitates smooth interactions with decentralized finance (DeFi) applications, decentralized exchanges (DEXs), and platforms that don't natively support MATIC. Imagine accessing diverse DeFi protocols built on Ethereum by leveraging WMATIC, enhancing your crypto versatility and usability. With WMATIC, your journey into DeFi becomes more inclusive and far-reaching. So, why stay limited when you can unlock broader horizons with WMATIC? Ready to explore more about its unique features and immense potential? Keep reading.
What is Wrapped Matic (WMATIC)?
Wrapped Matic (WMATIC) is a tokenized version of MATIC, the native cryptocurrency of the Polygon network. It is designed to facilitate seamless integration and interaction between the Polygon network and other blockchain networks or platforms that may not natively support MATIC.
Purpose and Utility of WMATIC
The primary purpose of WMATIC is to address compatibility issues and enable the use of MATIC in various decentralized finance (DeFi) applications, decentralized exchanges (DEXs), and other platforms that may not directly support MATIC. By wrapping MATIC into WMATIC, users can leverage the wrapped token to interact with these platforms and take advantage of their features and services.
How WMATIC Functions
Wrapped Matic is essentially a certificate or a token that represents the underlying Matic. It has the same value as the original Matic and can be unwrapped at any time to retrieve the original asset. This process is typically done on a 1:1 ratio, meaning one WMATIC is equivalent to one MATIC.
Use Cases
Wrapped Matic can be bought, sold, and traded on various exchanges, both centralized and decentralized. It can also be stored in different types of wallets, including hot wallets for frequent trading and cold wallets for long-term storage. Additionally, WMATIC can be used for lending, staking, and yield farming to generate passive income.
Tokenomics and Distribution Model
The tokenomics and distribution model of Wrapped Matic (WMATIC) involve a fixed supply of tokens that are always equal to the total supply of MATIC tokens. This is because 1 Wrapped Matic is equivalent to 1 Matic, ensuring a 1:1 peg between the two tokens. The total supply of MATIC is capped at 10 billion tokens.
Distribution Breakdown
- Initial Exchange Offering: Conducted on Binance, which sold around 19% of the total supply.
- Private Funding Rounds: Sold an additional 3.8% of the token's supply.
- Team Allocation: 16% of the total supply.
- Advisors: 4% of the total supply.
- Network Operations: 12% of the total supply.
- Foundation: Approximately 22% of the total supply.
- Ecosystem: Approximately 23% of the total supply.
Inflation Control Mechanisms
A portion of fees paid to execute transactions on the Polygon network are burned, reducing the supply and increasing the MATIC token's scarcity. If network demand is strong enough and the number of MATIC burned exceeds the amount minted via staking rewards, then the asset can become deflationary.
Market Data
Coin Statistics
- Current Price: $1.1572
- Market Cap: $0.00
- 24h Price Change: 2.90%
- 7d Price Change: 6.09%
- 30d Price Change: 38.84%
- 24h High: $1.1590
- 24h Low: $1.1283
- All-Time High: $611690.1589 (2022-01-19T12:44:00.000Z)
- All-Time Low: $0.2874 (2021-04-19T21:43:08.000Z)
- Circulating Supply: 0.00
- Total Supply: 0.00
The Team Behind WMATIC
The Wrapped Matic (WMATIC) crypto token is part of the Polygon ecosystem, which is a scaling solution for the Ethereum blockchain. The team behind Polygon and WMATIC includes a diverse group of individuals with various backgrounds and expertise in the blockchain and relevant industries. Here are some of the core team members:
Core Team Members
- Jaynti Kanani: Co-founder of Polygon, Jaynti is a blockchain researcher and developer with experience in building scalable and secure decentralized applications. He has a background in computer science and mathematics.
- Sandeep Nailwal: Co-founder of Polygon, Sandeep is a blockchain entrepreneur and consultant with experience in building and scaling blockchain-based businesses. He has a background in computer science and business administration.
- Mihailo Bjelic: Co-founder of Polygon, Mihailo is a blockchain researcher and developer with experience in building decentralized applications and protocols. He has a background in computer science and mathematics.
- Jordi Baylina: Technical Lead at Polygon Labs, Jordi is a blockchain developer and researcher with experience in building scalable and secure decentralized applications. He has a background in computer science and mathematics.
- Antoni Martin: Head of Research at Polygon Labs, Antoni is a blockchain researcher and developer with experience in building decentralized applications and protocols. He has a background in computer science and mathematics.
- Brendan Farmer: Research Scientist at Polygon Labs, Brendan is a blockchain researcher and developer with experience in building scalable and secure decentralized applications. He has a background in computer science and mathematics.
Notable Advisors and Partners
The Polygon team has established partnerships with notable organizations in the blockchain industry, including Coinbase, the Ethereum Foundation, and Sommelier Finance. In terms of investors, Polygon has completed a VC round, raising $450 million in new venture financing. The Polygon Foundation, established by the co-creators of Polygon, is dedicated to supporting Polygon, including research, development, and education.
Unique Features and Benefits
Wrapped Matic provides several strengths to its users. It offers an upgraded and improved version of the original Matic token, enhancing its functionality and usability within the DeFi ecosystem. It is designed to conform to the ERC-20 token standard, making it compatible with a wide range of Ethereum-based applications.
Enhanced Interoperability
By wrapping Matic, users can access Ethereum-based DeFi protocols and utilize Matic in a more versatile manner. This interoperability is crucial for users who want to leverage the benefits of both the Polygon and Ethereum networks.
Passive Income Opportunities
WMATIC can be used for lending, staking, and yield farming, allowing users to generate passive income. These opportunities make WMATIC an attractive option for investors looking to diversify their crypto portfolios.
Security and Scalability
The Polygon network, which WMATIC is a part of, is known for its robust security and scalability features. This ensures that transactions are processed efficiently and securely, providing a reliable platform for users.
Conclusion
Wrapped Matic (WMATIC) is a powerful
