MATIC has been one of the most-hyped tokens of the last months. In this article, we provide you with all the details you need to know about MATIC and a step-by-step explanation of how to buy it.
Background about MATIC and Polygon
The following paragraphs will give you an overview of MATIC and the Polygon network. Please skip this part in case you want to go through the step-by-step buy instructions.
What are MATIC and Polygon?
MATIC is the core token of the Polygon network. Polygon is a layer-2 scaling solution for Ethereum that aims to address the network’s scalability issues. It was founded in 2017 and launched in 2019 with the goal of creating a more efficient and scalable blockchain network. Polygon achieves this by using a combination of technologies, including sidechains, Plasma, and a modified version of the Proof of Stake (PoS) consensus algorithm.
The Polygon network is designed to be interoperable with Ethereum, meaning developers can easily port their Ethereum-based applications and smart contracts to Polygon. This allows for faster and cheaper transactions and greater scalability and throughput. The network also supports a wide range of decentralized finance (DeFi) protocols, including lending, borrowing, and trading platforms.
Polygon’s Key Advantage
One of the key advantages of the Polygon network is its low transaction fees. Compared to Ethereum, which has experienced high gas fees during periods of high network congestion, Polygon transactions are significantly cheaper, making it a more attractive option for users looking to save on transaction costs. Polygon has a growing ecosystem of developers and projects building on the network, including well-known DeFi platforms like Aave, Curve, and SushiSwap.
Why are MATIC and Polygon so promising?
Overall, MATIC and the Polygon network represent a promising solution to the scalability challenges facing Ethereum and other blockchain networks. By offering faster and cheaper transactions, as well as interoperability with Ethereum and a robust DeFi ecosystem, Polygon is well-positioned to play a significant role in the future of decentralized finance and blockchain technology more broadly.
To buy Bitcoin on Binance, you need to have an account. Go to the Binance website enter your email address and create a strong password. You will receive a verification email from Binance. Click on the link in the email to verify your account.
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Partnerships
In addition to its technical features, MATIC/Polygon has been gaining attention and popularity recently due to a number of high-profile partnerships and integrations.
One of the most notable of these is the partnership with Facebook’s Novi, formerly known as Calibra, which is developing a digital wallet for the upcoming Diem stablecoin. Novi plans to use the Polygon network to facilitate faster and cheaper transactions for Diem, which could help make the cryptocurrency more accessible and convenient for users.
Gaming Platforms
Other major partnerships include collaborations with the gaming platform Atari and decentralized exchange (DEX) QuickSwap. Atari plans to use Polygon’s technology to create a blockchain-based gaming ecosystem. At the same time, QuickSwap has already migrated to the Polygon network and seen a significant increase in trading volume as a result.
These partnerships and integrations have helped drive up demand for the MATIC token, which is used as the native currency of the Polygon network. As of March 2023, the MATIC token is ranked among the top 20 cryptocurrencies by market capitalization and has seen significant price growth in recent months. Additionally, the Polygon network has become increasingly popular among developers and users looking for a more efficient and cost-effective alternative to Ethereum.
Overall, the combination of MATIC/Polygon’s technical capabilities and growing ecosystem of partnerships and integrations has helped fuel its recent success and made it one of the most promising projects in the blockchain space today.
How to buy MATIC with Binance
Basically, you can buy MATIC on many crypto exchanges. Below is a step-by-step explanation of how to buy on Binance.
Buy MATIC Step 1: Sign Up for an Account
To buy Bitcoin on Binance, you need to have an account. Go to the Binance website enter your email address and create a strong password. You will receive a verification email from Binance. Click on the link in the email to verify your account.
Buy MATIC Step 2: Verify
As a next step, you have to complete the identity verification. Binance requires that you verify your identity before you can buy Bitcoin. To do this, go to the “User Center” in the top right-hand corner of the Binance website, click on “Identification,” and follow the instructions to complete the verification process. You will need to provide some personal information, such as your name and address, and upload a photo of your government-issued ID and a selfie.
Buying MATIC Step 3: Deposit Funds
Once your account is verified, you can deposit funds into your Binance account. To do this, click “Wallet” in the top right-hand corner of the Binance website and select “Deposit.” Choose the cryptocurrency or fiat currency you want to deposit and follow the instructions to transfer funds from your bank account, credit card, or another wallet to your Binance account.
Buying MATIC Step 4: Let’s go Shopping
Alright, it’s time to buy MATIC. After you have deposited funds, go to the “Trade” section of the Binance website and select “Spot.” We’ll use the Spot view for this guide since this is the easiest and most comprehensive.
Next, click on the “MATIC Markets” tab and select the trading pair you want to use. For example, if you deposited USD, you’ll want to select the MATIC/USD trading pair. Usually, Binance pre-selects MATIC/USDT as the market, so you don’t have to change anything.
Alternatively, you can search for MATIC in the upper-right search box and select MATIC/USDT afterward.
Spot Market Overview
Buying MATIC Step 5: Place Your Order
The Spot Market probably looks overwhelming at first sight but is straightforward to use.
First, you can place several types of orders on Binance, but for simplicity’s sake, we’ll focus on a basic “market” order. This means you’ll be buying MATIC at the current market price. To do so, you have to click on Market since Binance pre-selects Limit.
Afterward, to place a market order, enter the amount of USDT (dollar) you want to buy in the “Buy MATIC” box on the right-hand side of the screen. Once you’ve entered the amount, click on the “Buy MATIC” button to complete your order.
After you’ve placed your order, you’ll need to wait for your MATIC to arrive in your wallet. This typically only takes a few seconds or minutes, but it can take longer during times of high network congestion. You can check the status of your order by going to the “Order History” tab.
Congrats! You are now the owner of MATIC tokens!
Buying MATIC Step 6: Transfer to Your Wallet (Optional)
Once your MATIC has arrived in your Binance wallet, you’ll want to withdraw it to a wallet you control. This is important because it gives you full control over your MATIC, and you don’t have to worry about losing access to it if Binance shuts down or is hacked. To withdraw your Bitcoin, go to the “Wallet” section of the Binance website, select MATIC, and click “Withdraw.” Enter the Bitcoin address of your personal wallet and the amount you want to withdraw and click “Submit.” Binance will send a confirmation email to your registered email address. Click on the link in the email to confirm the withdrawal.
That’s it! By following these steps, you should be able to buy MATIC on Binance and withdraw it to your personal wallet. As with any investment, be sure to do your research and only invest what you can afford to lose. Good luck!
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Important: This article contains affiliate links. Moreover, this article is no financial advice. Crypto assets are high-risk assets. Please do your research before investing.