$Polygon was formerly called Matic Network. Polygon (MATIC) is an Ethereum token that powers the Polygon network, which is used to scale Ethereum. Polygon's goal is to enable faster and cheaper transactions on Ethereum using Layer 2 sidechains, i.e. blockchains that run parallel to the main Ethereum blockchain. Users can send Ethereum tokens to a Polygon smart contract address, transact with them in Polygon, and then withdraw them back to the main Ethereum blockchain. MATIC tokens are used to pay transaction fees and participate in the proof-of-stake consensus.

#matik #matikpolygon $MATIC $ETH