Matic has officially become an algorithmic stablecoin as price is set to $1 USD.

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by COINS NEWS 8 Views

Matic has officially become an algorithmic stablecoin as price is set to $1 USD.

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.

https://preview.redd.it/fdnvoj5nw0ea1.png?894&format=png&auto=webp&s=f56aa64e2a6578118632fa57d880e583a01fc55b

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.

https://preview.redd.it/j74s2f1ov0ea1.png?545&format=png&auto=webp&s=418c240ff80dc7d468ef49a7eb34dfe00593923d

Both Do Kwon and Justin Sun immediately responded allbeit differently when they heard Matic would be supported via an algorithmic Peg to ETH.

https://preview.redd.it/d2ytvpy3y0ea1.png?894&format=png&auto=webp&s=fa82fc6a9a4ec5d61c230452424126f28b402df2

https://preview.redd.it/sbfh7xvsy0ea1.png?894&format=png&auto=webp&s=5da89d5a1d20399d1fe8f05c6e2a8ec637a2cd45

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.

https://preview.redd.it/c0xe5espz0ea1.png?894&format=png&auto=webp&s=de7e917a2a295b5425b2303ea5ea737b40c4b09d

Edit: The Polygon team just responded to Do Kwon

https://preview.redd.it/32emrcay31ea1.png?894&format=png&auto=webp&s=1efd9b978142feae90ab355591d0921308ab04f4

Stay tuned to the official Polygon Twitter Account for more information on when the Eth to Matic, swap is live.

submitted by /u/GabeSter
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