submitted by /u/GabeSter
The Polygon Twitter team just announced on Twitter that Polygon would become an algorithmic stablecoin pegged to $1 USD and the price will be backed through an ETH swap.
The swap feature hasn't gone live yet but Matic promptly shot to $1 in anticipation of being able to trade 1 Matic for $1 USD in ETH.
Both Do Kwon and Justin Sun immediately responded allbeit differently when they heard Matic would be supported via an algorithmic Peg to ETH.
What's going to happen next for Polygon isn't entirely clear but tons of investors are angry about their losses after buying above $1.
Edit: The Polygon team just responded to Do Kwon
Stay tuned to the official Polygon Twitter Account for more information on when the Eth to Matic, swap is live.
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