Binance./r/nThere are various decentralized platforms providing sidechains or Layer 2 solutions such as Liquid Network, Loom Network, Raiden Network, or Lightning Network. Therefore, Polygon has its work cut out for it when it comes to the market share.<\/p>\r\n<h2>Who Developed Polygon?<\/h2>\r\n<p>The Matic Network was founded by a team of 3 Indian nationals - Sandeep Nailwal, Jaynti Kanani, and Anurag Arjun in October of 2017. <\/p>\r\n<p>Sandeep Nailwal began as a software engineer and has been working with blockchain technologies since 2015. He holds an MBA in Technology, Finance, and Supply Chain Management from the NITIE. Sandeep co-founded a crypto-related project called ScopeWeaver.com. He’s currently working as a blockchain programmer.<\/p>\r\n<p>Before the launch of the Matic Network, Jaynti Kanani worked as a data scientist at Housing.com. He went to the Dharmsinh Desai Institute of Technology where he gained a Bachelor’s degree in Information Technology. When the Matic Network was launched, he took the role of CEO up until late 2021.<\/p>\r\n<p>Co-founder Anurag Arjun takes care of the business side of things when it comes to Polygon. He successfully completed his Bachelor’s studies at the Nirma Institute of Technology and gained a Bachelor’s degree in Computer Engineering. Anurag is the sole member of the core team without a programming background. Besides Polygon, he has also co-founded a consulting company called Dexter Consultancy where he worked as a product manager for 4 years.<\/p>\r\n<p><strong>In its early days, the Matic Network played a significant role in the development of the Ethereum blockchain<\/strong>. Some of their most notable contributions include Dagger - the Ethereum event notification engine, the WalletConnect protocol, and Plasma MVP.<\/p>\r\n<p>One of the main goals of the Matic Network team was to address the elephant in the room - Ethereum’s scalability problem.<\/p>\r\n<p>It was rebranded to Polygon in April of 2021.<\/p>\r\n<h2>Ethereum’s EIP-1559 Upgrade and the London Hard Fork<\/h2>\r\n<p><a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//crypto-terms//what-is-ethereum-improvement-proposal-eip/">Ethereum Improvement Proposal (EIP)<\/strong><\/a> 1559 revolves around the calculation mechanism of transaction fees. It’s part of the London Hard Fork.<\/p>\r\n<p>London Hard Fork went live on the Ethereum network in August of 2021. Next year, it was officially activated on Polygon in January of 2022.<\/p>\r\n<p>The transaction fee calculations will no longer be processed on the first-price auction. A base fee model has been implemented in its place. This means that Polygon tokens will be burnt as base fees.<\/p>\r\n<p>EIP-1559 upgrade enforces stability. Most importantly, <strong>it allows network participants to roughly calculate the transaction fee<\/strong>. This way they don’t lose significant amounts of tokens by overpaying.<\/p>\r\n<p>As a consequence of this upgrade, MATIC tokens will become more deflationary. This is due to the fact that these tokens will no longer be distributed among miners, but instead will be burned. <strong>Around 27,000,000 MATIC tokens will be burned every single year<\/strong>. In turn, this could also mean an increase in the Polygon price.<\/p>\r\n<p>Unfortunately, EIP-1559 doesn’t bring anything to the table when it comes to decreasing the transaction fees across the Ethereum network.<\/p>\r\n<p><em>Don't forget to check the MATIC price via the graph above before making purchase decisions.<\/em><\/p>","url":"https:\/\/www.bitdegree.org\/cryptocurrency-prices\/polygon-matic-price","crypto_currency_info":{"id":209,"crypto_currency_id":97,"description":"Polygon (MATIC) is a cryptocurrency . Polygon has a current supply of 10,000,000,000 with 7,701,069,510.62 in circulation. The last known price of Polygon is 1.65167326 USD and is up 3.79 over the last 24 hours. It is currently trading on 348 active market(s) with $968,561,232.97 traded over the last 24 hours. 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