Polygon is very much an up-and-coming blockchain to keep an eye out for. You can’t keep them out of the news. As a result, their MATIC token is clawing its way into the top 10 by market cap. Currently, they are on spot #9.
Most people buy MATIC on a CEX. So, we are going to have a look at the 3 best centralized exchanges for Polygon.
An update on token unlockš
As per initial distribution, founders token share was to unlock in Oct '21 and Apr '22. They did not claim these tokens.
Yesterday, those tokens (640M $MATIC) were claimed by founders, and they have committed to stake all the tokens in the network. https://t.co/aeqnhI1r7g
— Polygon (@0xPolygon) August 2, 2022
1) Binance
Binance is currently the biggest centralized crypto exchange in the world. Since April 2019, Binance already lists the MATIC token. To be precise, they had a MATIC token sale in the form of a lottery.Ā The price was 1 MATIC = $0.00263. Compare that with the current price of $1.45. That’s a 2,351% historical ROI. Not a bad deal if you held on to the tokens. Let alone if you look at the ATH of $2.92 in December 2021.
Centralised exchanges play a key role in this industry.#Binance is working towards bringing more transparency, trust and security to the space and we feel that a joint effort is needed to accelerate this further.
Read our guidelines in the blog below. https://t.co/c9c2AgVCyS
— Binance (@binance) February 16, 2023
Back to Binance, though. They have some impressive stats to show. According to CoinGecko, their daily volume is $14.5 billion. That’s about seven times as much as second placed Coinbase. They also have 69.2 million monthly visitors. That’s almost double from Coinbase and almost tenfold from OKX, who’s the third biggest CEX. For our US readers, Binance.US also offers MATIC.Ā
Binance also gives a few options to earn with your MATIC. For example, they offer a ‘simple earn’ product. With this, you can deposit and lock your MATIC for 30, 60, or 90 days. Rewards are up to 6.39% if you lock your MATIC for 90 days. Below is a picture of their āSimple Earnā feature.
Source: Binance Earn
2) Coinbase
Coinbase is the second-biggest centralized crypto exchange. According to CoinGecko, they have a daily trading volume of $2.3 billion. Their monthly visitor count sits at 35.9 million. That’s great numbers and puts them well ahead of the third ranked exchange. OKX.
Introducing Coinbaseās new ERC-20 self-service asset recovery tool. A safe, simple, and secure way for our customers to recover almost 4,000 unsupported ERC-20 tokens. pic.twitter.com/YsszqPJ7EH
— Coinbase (@coinbase) December 15, 2022
However, after the FTX collapse, CEXes started to show proof of their reserves. There are only a few top exchanges that haven’t shared this information yet. Unfortunately, Coinbase is one of these exchanges.Ā
Although Coinbase has an earning program, MATIC is not listed in it. On the other hand, they have an extended ‘Learn’ program. You can also find a good explanation on how to buy MATIC on Coinbase. Centralized exchanges all work similarly. This makes it easy and convenient in case you change CEXes. Coinbase listed MATIC in March 2021.
Keep in mind, though, that with a centralized exchange, you need to take part in their KYC process. The ‘Know Your Customer’ process. They are required by law to have these processes. This involves providing an official ID document and having your picture taken.
This week the NYDFS ordered US-based Paxos to stop issuing US dollar-denominated stablecoin BUSD and the SEC issued a Wells notice to Paxos. We donāt know what aspects of BUSD might be of interest to the SEC.
What we do know: stablecoins are not securities š§µ— Coinbase (@coinbase) February 15, 2023
3) Kraken
CoinGecko lists Kraken as the 5th exchange in volume. Their daily volume is just above $1 billion. On a monthly basis, they welcome five million visitors. However, like Coinbase, they haven’t shown proof of their reserves.
Kraken listed MATIC in July 2021. Like all top exchanges, Kraken has an extended explanation on how to buy MATIC.Ā This comes with a thorough explanation of Polygon. They also offer a staking feature for MATIC. Flexible staking currently offers 1-2%. However, if you bond MATIC, you can earn up from 2% to 5%. Kraken distributes rewards on a weekly basis. See the picture below.
Source: Kraken staking
Conclusion
In this article, we showed you the best three centralized exchanges for Polygon and MATIC. These are Binance, Coinbase, and Kraken.
The current price for MATIC is $1.45. The market cap is $13 billion. Their max supply is 10 billion MATIC. Out of this supply, already 9 billion circulate.
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