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?width=894&format=png&auto=webp&v=enabled&s=0c4b9251a64bbe3c78e2b64e31a0945ae65c1648 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?width=545&format=png&auto=webp&v=enabled&s=946c1c0ab777388a8368c22448e8bf7c49682026 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?width=894&format=png&auto=webp&v=enabled&s=9f66344e9956c39f59bbaaef201514871f0818f5 https://preview.redd.it/sbfh7xvsy0ea1.png?width=894&format=png&auto=webp&v=enabled&s=a8604e0ba50f844fdb8ef174e9fbf1c6d9841f00 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?width=894&format=png&auto=webp&v=enabled&s=19c35d985dd3dfd847d5420dc00631120972c6b1 # Edit: The Polygon team just responded to Do Kwon https://preview.redd.it/32emrcay31ea1.png?width=894&format=png&auto=webp&v=enabled&s=059c813ee403a9f5b83d2373c38335681eb03cf7 Stay tuned to the official Polygon Twitter Account https://www.youtube.com/watch?v=5JEbc51kgLo for more information on when the Eth to Matic, swap is live.
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