Buy Wrapped Matic (WMATIC)
What is Wrapped Matic (WMATIC)?
Wrapped Matic (WMATIC) is a tokenised version of MATIC, the native cryptocurrency of the Polygon network. As an ERC-20 token, WMATIC is designed to ensure compatibility with Ethereum-based protocols and applications while maintaining a 1:1 peg with MATIC.
How does Wrapped Matic (WMATIC) work?
WMATIC operates on both the Polygon and Ethereum networks, leveraging their respective strengths. Key functionalities include:
- Wrapping and Unwrapping: Smart contracts allow users to wrap MATIC into WMATIC or convert it back to MATIC.
- ERC-20 Compatibility: Enables seamless integration with Ethereum-based DeFi protocols.
- Cross-Chain Interoperability: Bridges the Polygon and Ethereum ecosystems, facilitating faster and more cost-effective transactions.
WMATIC inherits Polygon’s Proof of Stake (PoS) consensus mechanism while benefiting from Ethereum’s expanding DeFi ecosystem.
What are the potential use cases for Wrapped Matic (WMATIC)?
WMATIC serves various applications across decentralised finance and cryptocurrency ecosystems, including:
- Staking: Participating in DeFi protocols to earn rewards.
- Liquidity Provision: Supplying liquidity on decentralised exchanges.
- Collateral: Acting as collateral for lending and borrowing platforms.
- Yield Farming: Maximising returns through DeFi strategies.
- Trading: Facilitating token swaps within the Polygon ecosystem.
- Cross-Chain Transfers: Bridging assets between Polygon and Ethereum networks.
Key industries include DeFi, cryptocurrency trading, gaming, and NFT marketplaces.
What is the history of Wrapped Matic (WMATIC)?
WMATIC was introduced as part of the Polygon ecosystem to enhance the utility and compatibility of MATIC tokens within Ethereum-based applications.
Significant Milestones:
- Token Launch: Released as an ERC-20 token for Ethereum compatibility.
- DeFi Integration: Adopted by major DeFi protocols and decentralised exchanges.
- Ecosystem Adoption: Widely used across projects within the Polygon network.
Evolution:
WMATIC has grown alongside the Polygon network, becoming a cornerstone of its DeFi ecosystem. As Polygon’s layer 2 scaling solution gained popularity, demand for WMATIC increased due to its role in cross-chain transactions and its utility in various DeFi applications.
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Frequently Asked Questions (FAQs)
What is the current price of Wrapped Matic (WMATIC)?
The Wrapped Matic price is $0.80108656 AUD, representing a +0.61% from the day prior.
Where is the best place to buy Wrapped Matic (WMATIC) in Australia?
The best place to buy Wrapped Matic (WMATIC) in Australia is right here! Coinstash is one of Australia's leading and most trusted cryptocurrency exchanges. Built by investors, for investors - Coinstash offers a secure and user-friendly platform to buy and sell Wrapped Matic (WMATIC) and over 1,000 other cryptocurrencies. Enjoy low fees, excellent customer support and access to an array of powerful trading tools and investing features.
What is the daily trading volume of Wrapped Matic (WMATIC)?
The trading volume of Wrapped Matic (WMATIC) is $17.8M AUD in the last 24hrs, representing a +0.61% from the day prior.
How can I buy Wrapped Matic (WMATIC)?
Wrapped Matic (WMATIC) can be purchased on Coinstash with AUD or by trading other cryptocurrencies for it. Coinstash offers various AUD deposit methods including bank transfers, POLi and PayID.
What is the market cap of Wrapped Matic (WMATIC)?
The current market cap of Wrapped Matic (WMATIC) is $112.7M AUD.
Can I convert Wrapped Matic (WMATIC) to cash?
Yes - With Coinstash you can convert your Wrapped Matic (WMATIC) to AUD instantly. You can also withdraw AUD to your Australian bank account instantly and for free with no withdrawal fees.
How many Wrapped Matic (WMATIC) are there?
The current circulating supply of Wrapped Matic (WMATIC) is 143.2M.
Is Coinstash a safe place to buy Wrapped Matic (WMATIC) in Australia?
Yes - Coinstash is one of Australia's safest and most trusted platforms for buying and selling Wrapped Matic (WMATIC) and other cryptocurrencies. Coinstash's industry-leading security practices provide the highest level of protection for your investments. Coinstash is licensed, compliant and AUSTRAC registered in Australia. You can learn more about our security practices.