Polygon (formerly known as Matic Network) is a layer-2 scaling solution for Ethereum, designed to enhance the blockchain’s scalability, speed, and affordability. Launched in 2017, Polygon uses a variety of technologies, including sidechains and Plasma chains, to process transactions off the main Ethereum network while periodically communicating with it for security purposes. This approach allows for significantly faster transaction speeds and lower fees, making it an attractive option for developers and users who want to overcome the limitations of Ethereum's congestion and high gas fees.
Polygon’s native token, MATIC, is used for paying transaction fees, staking, and governance within the network. The platform has become popular for decentralized applications (dApps) across various sectors, including finance, gaming, and NFTs, due to its ease of integration with Ethereum’s existing ecosystem. Polygon has positioned itself as a versatile and developer-friendly platform, fostering a robust environment for building scalable and user-centric blockchain applications. By offering an interoperable framework that supports both Ethereum and other blockchain networks, Polygon plays a pivotal role in expanding the functionality and adoption of blockchain technology.