Matic Network which has recently raised $5 Million via Binance IEO, is now ready to scale Binance chain with its solution. Matic Network will now provide off-chain scaling solution to Binance chain.
Matic Network is an off chain scalable solution on Ethereum blockchain with an adapted version of Plasma Framework. Matic Network in its roadmap has proposed to scale other blockchains as well. While the transaction on the Binance chain gives a hint that the Matic Network is working on this, but there has been no announcement from the team yet.
Transaction of Matic Network on Binance Chain
The transaction can be seen on Binance chain. Here is the link of the transaction. https://explorer.binance.org/tx/84A2BB42E9B28FFEC15FBB6B50CB1C0FDA8CE1CD76AB386ACB8B36FF3F78932E
The transaction explains that a fee of 500 BNB has been transferred. As per the Binance Dex trading specification. A 500 BNB is a charged to Issue an Asset on the platform. The transaction was done on Jul 11 for Asset name – MATC-84A
The total supply on Binance chain could be 1 Billion Token as per the address. The total supply of Matic Network is 10 billion. While ~2.1 billion is currently on Ethereum.
The total supply can be seen on https://explorer.binance.org/address/bnb1a6nkf3g7c2z0jcrqhp8c9upcwmme0y49qx58nz
If this is true, Binance chain will be the second chain to be scaled via Matic Network. And a very high chance of Matic getting listed on Binance Dex. Also, we will have to see what will be the supply on Binance chain and How much will be burnt from Ethereum chain.
Matic Network market cap is USD 32,454,922 and is currently trading at $0.014938 with a circulating supply of 2,172,614,168 MATIC. Matic recently has released its Alpha Mainnet on 30 Jun 2019.