Polygon (MATIC) is an ERC-20 token that supports the Polygon Network (fka Matic Network), a layer 2 scaling solution for Ethereum. Polygon’s end goal is to provide an improved user experience for Ethereum decentralized applications that are impaired by high gas fees and transaction processing times. Polygon aims to improve network speed and lower the cost of utilizing the Ethereum blockchain by using sidechains, which are separate blockchains anchored to Ethereum’s main chain. Polygon provides components and tools to build projects on top of Ethereum by allowing developers the option to launch stand-alone sidechains that rely on Ethereum as the base layer for security. Since these sidechains run alongside the main chain, users can deposit Ethereum tokens to a Polygon smart contract, interact with them within the Polygon Network and then withdraw the tokens back to the Ethereum main chain.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.