MATIC token

Polygon is a network of secure second-tier (L2) solutions and stand-alone sidechains with the main goal of increasing Ethereum's scalability and reducing transaction costs.

Chain features

Until 2021, the Polygon network was called the Matic Network.
Matic Network is a platform for scaling Ethereum. This means that Matic is not a separate blockchain - rather, it is an add-on to Ethereum that allows users to access the functionality of the second cryptocurrency.

The Matic Network solved the problems of Ethereum network congestion and offered a second-tier solution - instead of conducting transactions directly on the Ethereum network, they were first handled by Matic itself. This was due to Plasma technology. Only then did the transactions enter the main Ethereum network. This allowed the Matic Network to reach speeds of 7,200 transactions per second (TPS). For comparison - in Ethereum this figure is about 15TPS.

The network has its own official cryptocurrency MATIC. It became public for the first time in 2019. Polygon (MATIC) is a cryptocurrency based on the Proof-of-Stake method. This means that coin holders receive an income that is calculated based on their number. Those who keep tokens on a wallet connected to the network are involved in the process of confirming online transactions.