What is Polygon (MATIC)?

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What is Polygon (MATIC)?

Polygon is an Ethereum layer-2 scaling solution that combines the Plasma Framework with proof-of-stake blockchain architecture. Operating alongside Ethereum, Polygon allows for comparatively faster and cheaper transactions, while taking advantage of Ethereum’s security and vast ecosystem. 

The Polygon mainnet launched on May 19, 2020. The project, previously known as the Matic Network, was founded in 2017 by Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun in Bangalore, India.

Polygon - in their own words

Polygon is described as the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Core to the protocol is the Polygon SDK, a modular, flexible framework that supports the construction of a vast array of applications. Utilizing Polygon, developers can create any type of required infrastructure, including optimistic rollup chains, ZK rollup chains, and stand alone chains. Polygon claims up to 65,000 TPS on a single side chain, with block confirmation times of under two seconds.

MATIC utility?

MATIC is the network’s native token - it serves two distinct roles on the network. First, MATIC serves as the means by which users pay network fees accrued from executing transactions on the protocol. Second, MATIC holders can stake their tokens to smart contracts deployed on the Ethereum main chain in order to take part in the validation process and receive a cut of transaction fees produced by the network. 

What does this mean for USDC and MATIC?

USDC and MATIC on Polygon is easily accessible for users, exchanges, fintechs, institutional traders, and developers, enabling several use cases:

• Near instantaneous programmatic payments, anywhere in the world
• Trading, borrowing, lending etc. through blockchain applications
• Payments for e-commerce, NFT marketplaces, gaming, and more

When using the Polygon Network, users also benefit from the faster transactions and lower fees associated with third generation layer one blockchain. For more on Polygon, check out their blog here.

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