The Matic Token Climbs After the Successful IEO
Even though Bitcoin is in the spotlight again in 2019, when it more than doubled in value, there are newer cryptocurrencies that posted a much better performance so far. It is the case with the MATIC token, issued and part of the Matic Network.
The Matic Network IEO
Organized as a Layer 2 scaling solution, the Matic Network achieves scale by utilizing side chains for off-chain computation. Asset security inside the network is ensured using the Plasma framework and a decentralized network of Proof-of-Stake (POS) validators.
The platform wants to become the platform where developers will deploy and run decentralized applications, after being an important contributor to the Ethereum ecosystem. Among its most important features, the Matic Network had scalability, high throughput, smooth user experience, security, and public sidechains.
Contributing to the well-functioning of the entire system is the MATIC token, which had been launched on April 25th, 2019, following an Initial Exchange Offering on the Launchpad platform. By opening one of TDS Capital account types, or a Binance account, people can get involved in token sales hosted by exchange platforms.
Matic sold 1.9 billion tokens on the Launchpad platform, being the first sale that had taken place using new lottery rules. As with all the other projects which were supported by Binance, this one had also been a huge success for the issuers, Binance, and most importantly – the people who bought the token.
During the token sale, Binance clients were able to buy a Matic token for 0.26 cents. Since the sale ended, the token had been listed on other exchanges, including Hotbit, IDEX, and Bilaxy, with the most important volumes still on Binance, which leads the way with $175 million in 24h volume.
Price surges after IEO
Coinmarketcap.com started to show quotes for Matic on April 29th, when the price of a token was 0.44 cents. At the time of writing, the price sits at 2.97, more than 6 times the price at the start of trading, and more than 10 times for people who received tokens during the IEO.
Although the interest for new cryptocurrencies is not as it was more than a year ago, tokens backed by exchanges seem to enjoy a better treatment from the market participants, especially if the underlying project solves important issues, and the team working to implement the promises made before the IEO is doing its job.