Polygon MATIC is the ERC20 utility token of the Polygon platform powered by the Ethereum blockchain. Tokens are used to pay for services at the landfill and as the currency of settlements between users who work in the Polygon ecosystem. Transaction fees on Polygon sidechains are also paid with MATIC tokens. Polygon (Matic Network) itself is an Ethereum-based hybrid POS + Plasma sidechain that allows Ethereum developers to scale their DApps for large-scale use. The project uses a layer-2 solution. Commercially, the sidechains of Polygon are structurally designed to support a variety of decentralized finance (DeFi) protocols available in the Ethereum ecosystem. In simple terms, developers can port their products to Polygon, which will work in the Ethereum ecosystem, but avoid scaling issues.
Polygon (formerly Matic Network) was launched in October 2017. Polygon was co-founded by Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun.
