Polymath Price

What Is Polymath (POLY)?

POLY (Polymath) is the utility token that fuels the Polymath Network, a project designed to provide a unified technological framework for the issuance of security tokens compliant with regulated capital markets.

Initially, the project was launched on the Ethereum blockchain and was instrumental in the creation of the ERC1400 token standard, which can interact with Polymath’s ST20 protocol.

However, the Polymath team then developed its native blockchain, known as the Polymesh blockchain initiative, a public, permissioned enterprise-grade Layer 1 blockchain that’s aligned with regulated capital markets.

POLY is instrumental in the operation of the Polymath token studio, which makes the creation, issuance and management of security tokens simple and compliant with existing regulations.

Following its upgrade to the Polymesh blockchain (whose native token is POLYX), most crypto exchanges delisted POLY and supported a mainnet swap of POLY tokens to POLYX in the ratio of 1:1.

Polymath Price 

The POLY token gained momentum immediately after it was launched, when its ICO ended in mid-January 2018. POLY began trading in February 2018, pumping hard from $0.28 to hit its ATH of $1.59 on February 20. In the weeks that followed, POLY’s price corrected, sliding to a low of $0.30 on March 30. 

Another pump at the beginning of April 2018 led to a peak of $1.16 on May 15, before POLY’s price dumped again to find support around $0.05, where it stagnated for many months. There was barely any movement in POLY’s price charts for most of 2019 and 2020. However, POLY wasn’t left behind when tokens began climbing in January 2021. Its price rose from $0.08 on January 1, 2021 to a high of $0.67 on the last day of March, before retreating to a $0.20 support level in June.

The last quarter of 2021 was highly bullish for POLY as the token’s price formed a triple top pattern, with monthly peaks around $0.90 in September, October and November. Polymath’s native chain, Polymesh, went live on October 28, 2021. After the excitement of the mainnet launch died down, POLY’s price lost its momentum, cascading further as the Terra LUNA crash triggered the start of a long crypto winter. POLY has remained at $0.20 for most of 2022. 

What Is POLY Used For?

POLY is an ERC-20 token used to power Ethereum-based transactions on its network. Unlike POLYX, POLY doesn’t have any governance or staking functionalities. POLY is used to:

• Pay for transaction fees, e.g., when minting security tokens

• Facilitate network maintenance fees

• Pay for services such as identity verification and compliance checks on the network

Polymath Tokenomics 

POLY has a total supply of 1 billion tokens. However, the platform believes that the majority of POLY tokens will be converted to POLYX, which doesn’t have a fixed cap on its max supply. Bridging between POLY and POLYX has not affected the token’s total supply.

Who Is the Founder of Polymath? 

Polymath was co-founded by Chris Housser and Trevor Koverko in 2017.

Read more: Polymath Crypto: Tokenizing Securities With Blockchain

How to Store POLY

Since POLY is an ERC-20 token, you can store it in MyEtherWallet, MetaMask, Parity, imToken and Exodus Wallet. Meanwhile, POLYX tokens can be stored in the blockchain’s native Polymesh Wallet.