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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.
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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.
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Both Do Kwon and Justin Sun immediately responded allbeit differently when they heard Matic would be supported via an algorithmic Peg to ETH.
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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.
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# Edit: The Polygon team just responded to Do Kwon
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Stay tuned to the official Polygon Twitter Account <a rel="noreferrer nofollow noopener" href="https://www.youtube.com/watch?v=5JEbc51kgLo" target="_blank">https://www.youtube.com/watch?v=5JEbc51kgLo</a> for more information on when the Eth to Matic, swap is live.
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