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.

#Matic #officially #algorithmic #stablecoin #price #set #USD

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Smile_lifeisgood

I want to punch you but in that way that you do to a friend when they prank you good.

Gloomy_Square_6204

God, why did you do that, I started to believe it too. Phew

OST_By_Daniel_Miller

People aren’t giving the OP enough credit for how much effort this actually took.

kirtash93

My heart stopped until I saw the comedy tag, bro.

Future-Tomorrow

Tell me you bought MATIC at the top, without telling me you bought MATIC at the top.

Shit was funny though 😂

markcorrigans_boiler

Thank God for flares

Potstar1

Comedy?

Magners17

I’ve been making arbitrage plays like crazy on this thing!! The other day I saw it drop it 0.9876 and was able to make a huge swing trade for almost a 0.7% gain!!!

latebloomer07

10/10 for the effort put into this.

Shadoww2020

Waw, I have to be careful what I read. I almost shit my pants.

AodaFyr

fuuck man. you got me! that’s evil.

also i was thinking why peg a a good thing to something that loses 10% a year.

moonkingdome

Stable coin from 3 bucks Stuck at 1

lucabovo26

People that invested in Matic and getting concerned after this post really shows how much research was done by said investors.

cecil2638

I bought some at 0.99 this gave me a fright.

DMugre

420 Retweets

69 Quotes

***Chef’s kiss***

# noice

DarthLukas71

Dude, I was just thinking that this morning. You read my mind. 👏🏻

GME-NeverSell

BREAKING: MATIC just lost its peg!!!! It’s at $0.995. Be careful. Do your own research, and don’t get caught holding the bag like you did with UST. Yes, I mean you!!!!
(Actually I mean me)

poopysmellsgood

Can we vote this guy off the island? I was ready to dump my bag, glad I looked into it more haha.

Primary_Technical

I lost a breath there sir .

deathbyfish13

Good now do moons, I’d kill for a $1 moon lol

ckh27

Hahaha this tricked me good one

dnkyntz

Got me. Well done 👍

steamyp

quality shitpost lol love it

slasula

Dammm didn’t see comedy tag first time round

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