What is Matic Token (MATIC)?
Polygon (formerly known as Matic Network), introduced in 2017, is a protocol and a framework for building and connecting Ethereum-compatible blockchain networks. It aims to address some of Ethereum's major limitations, including its throughput, poor user experience (high speed and delayed transactions), and lack of community governance. Polygon combines the Plasma Framework and the proof-of-stake blockchain architecture, resulting in a faster and more efficient system. The MATIC token is used for governance, staking, and gas fees.
As a layer 2 scaling solution, Polygon enables developers to build scalable user-friendly dApps with low transaction fees without sacrificing security. This has made Polygon an attractive platform for developers and has led to widespread adoption in the DeFi, gaming, and NFT spaces. Its contribution to the Ethereum ecosystem is significant, providing a more accessible and sustainable environment for decentralized applications.