Discover MATIC (-6)

Published in

MetalSwap

3 min readApr 2, 2022

Imagine you are a MetalSwap developer.

The community has done amazing things, actively participating in any aspect of the project and earlier this year voted to spread the XMT token to other blockchains to fit into the concept that soon became known as “MultiChain”.

The obvious first step to take was towards BNB Chain, and the development was done in record time. As for Polygon, which has just been rebranded and is still being explored by several teams, it was decided to stay and observe.

It is important to do a lot of research before taking important steps.

And it is also important to start from the beginning.

Let’s take this short exploratory walk together, just as our legendary developers have already done!

What is Polygon? (MATIC)

The Beginner’s Guide to Polygon MATIC
Polygon, formerly known as the Matic Network, is a scaling solution that aims to provide multiple tools to improve the speed and reduce the cost and complexities of transactions on blockchain networks.

At the center of Polygon’s vision is Ethereum, a platform that is home to a range of decentralized applications, ones where you can join virtual worlds, play games, buy art, and participate in a range of financial services. However, this much activity on its blockchain has rendered Ethereum almost unusable, as the cost of transmission is rising and traffic is becoming clogged.

In a nutshell, Polygon bills itself as a layer-2 network, meaning it acts as an add-on layer to Ethereum that does not seek to change the original blockchain layer.

Polygon wants to help Ethereum expand in size, security, efficiency, and usefulness and seeks to spur developers to bring enticing products to market all the quicker.

After the rebranding, Polygon retained its MATIC cryptocurrency, the digital coin underpinning the network. MATIC is used as the unit of payment and settlement between participants who interact within the network.

Key Takeaways

The Polygon platform, powered by the MATIC token, was launched to connect and grow Ethereum-compatible projects and blockchains.
MATIC tokens are used to govern and secure the Polygon network and pay transaction fees.
Polygon uses a modified proof-of-stake consensus mechanism to efficiently operate the platform.

It was decided to stay and observe.

Now is time to move and develop.

-6

What a time to be in DeFi!

Sources:

https://docs.polygon.technology/

https://www.kraken.com/en-gb/learn/what-is-polygon-matic

Polygon (MATIC) Definition

Polygon is a cryptocurrency, with the symbol MATIC, and also a technology platform that enables blockchain networks to…

www.investopedia.com

Kovan TestNet infobox

http://test.metalswap.finance

WBTCTest contract address: 0x7E3e48f8ddD1826740336A1506bB57148356BA3E

USDTTest contract address:
0xbEe93fD8822c3a61068Abf54A28734644c9f61Ed

You’ll be rewarded on testnet with XMTT2:
0x0729527442b798843DD764F1544D967587d97F4C

XMTT2 will be exchanged with real $XMT at the end of testnet phase with a ratio still to be decided by the team.

⚠️Warning⚠️

❗ METALSWAP ‘s admins or moderators will NEVER contact you directly on any social under any kind of circumstances.

❗ Everything concerning $XMT ‘s smart contracts and addresses is shared by our official channels (list below), do not trust any different info from any different source.

To the MetalSwap!

… and beyond

✎ What is MetalSwap?

MetalSwap is a decentralized platform that allows hedging swaps on financial markets with the aim of providing a coverage to those who work with commodities and an investment opportunity for those who contribute to increase the shared liquidity of the project. Allowing the protection for an increasing number of operators.

With MetalSwap we enable hedge swap transactions through the use of Smart Contracts, AMM style.