What Is Polygon?

(Matic) is a utility token on the Matic Network and its MATIC token are two building blocks of the namesake Layer-2 solution designed to bring instant and scalable blockchain transactions paired with easier everyday payments and lower fees. It is designed to perform several main roles: Being a unit of payment on the Network. It is used as a means of settlement between users who take part in the operation of the Matic ecosystem.is a Matic is a Layer 2 scaling solution backed by Binance and Coinbase that aims to provide a generalized Layer 2 platform, enabling Ethereum developers to scale their DApps for large-scale usage. For the initial phase, Matic has launched its hybrid PoS+Plasma sidechain on top of Ethereum.Matic believes the answer to enabling widespread adoption of blockchain technology lies with second-layer solutions focused on scalability. To this end, Matic Network provides massive scaling capabilities whilst leveraging the security and decentralization of the mainchain. As a general-purpose platform, Matic encompasses a variety of niches ranging from gaming to DeFi, with notable projects including VR metaverse projects Decentraland, Somnium Space, The Sandbox, and Whitelabel betting platform BetProtocol.