The layer-2 scaling solution Polygon, formerly known as MATIC network, was developed in 2019 to overcome a number of Ethereum blockchain restrictions, including transaction speed, throughput, and gas costs. It was initially intended to be a scaling solution, but it quickly became a multifunctional ecosystem that has drawn much interest. In the midst of the Initial Exchange Offerings (IEO) boom in 2019, MATIC, its native token, made its Binance Launchpad debut.
Let’s start with the basic introduction of the Polygon Network Coin (MATIC) coin and a step-by-step process for buying MATIC tokens in India.
Polygon Network (MATIC)
Polygon uses a proof-of-stake consensus process, which means that one way you may make money on MATIC you own is by staking. This mechanism is used to create new MATIC and protect the network.
The heavy work is done by validators, who check new transactions before adding them to the blockchain. In return, they might get a portion of the fees and the newly developed MATIC. Running a full-time node (or computer) and staking your own MATIC are requirements for being a validator. You can lose some of your staked MATIC if you commit a mistake or act deliberately (or even if your internet connection is unreliable).
Delegators use a dependable validator to stake their MATIC indirectly. Staking has never been this low commitment. However, research is still necessary since if the validator you choose engages in harmful behavior or commits errors, you could lose some or all of your staked MATIC.
How to Buy MATIC Tokens in India?
By following a few simple steps, you can buy MATIC tokens in India via WazirX, India’s most trusted and widely used cryptocurrency exchange.
Now, you can buy MATIC tokens using P2P trade. Here are all your questions answered about P2P.
Step 1 – Sign-Up on WazirX
To start trading the MATIC token, you should first create your account by signing up on the WazirX platform. Or you can directly Log-in if you already have an account with WazirX.
Here’s a guide explaining how to open an account on WazirX.
Step 2- Verify your email account and set up your account security.
The following step is to verify your email address. After signing up, you’ll receive a verification link on your email address by which you’ve just created your account.
On clicking on the link, you’ll have two options to assure the security of your account – the authenticator app and mobile SMS (as shown in the image below)
Note: The authenticator app is a more secure way to stay safe when compared to mobile SMS because there’s a risk of delayed reception or SIM card hacking.
Step 3 – Complete the KYC.
After selecting the appropriate country, complete the KYC process.
Note: Without completing your KYC, you will be unable to trade P2P or withdraw funds on the WazirX app.
Step 4 – Add funds to your WazirX account through P2P.
After linking your bank account to your WazirX account, you can buy USDT through P2P to the WazirX wallet. The USDT will work as funds to buy other coins.
Step 5 – Buy MATIC on WazirX
After logging in to your WazirX account, you can select USDT from the “Exchange” tab. You can see all the price charts, order book data, and an order input form on the right side of the screen.
Click “Buy MATIC” after entering the amount and checking the total USDT amount to be paid.
Your order will be placed according to the price you have input. A seller willing to sell at the price will be notified and then you can exchange the tokens using P2P.
It might take a few minutes for the order to be completed, but as soon as it is executed, you will receive the MATIC coins you purchased in your WazirX wallet. Happy Trading!
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.