Polygon (formerly known as the Matic Network, hence the token ticker MATIC) is a layer 2 scaling solution built on the Ethereum network.
Offering faster and cheaper transactions than the Ethereum network itself, Polygon enables developers to build and run sophisticated dApps (decentralised apps) that can process thousands of requests a second across multiple blockchains – while still taking advantage of Ethereum’s considerable network effects.
Like the ETH token, MATIC is the fuel that powers the Polygon network, facilitating the payment and settlement of transactions. Polygon uses a Proof-of-Stake consensus mechanism, which means that holders of the token can “stake” their tokens and receive more MATIC in return.
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