Modified on: Fri, 22 Sep, 2023 at 12:03 PM
MATIC is the native token of the Polygon network, a Layer 2 scaling solution for Ethereum designed to improve transaction speeds and reduce gas fees on the Ethereum network. Polygon aims to connect Ethereum to a wider ecosystem of multiple compatible blockchains by aggregating Layer 2 scalable solutions and sidechains that will transform Ethereum into a full fledged multi-chain system. Polygon’s goal is to become Ethereum’s Internet of Blockchains, and will facilitate blockchain interoperability whilst taking advantage of Ethereum’s greater overall security. A single Polygon network sidechain has a scalable capacity of over 65,000 transactions per second, with the potential for greater throughput for the entire network as more sidechains are connected together. MATIC is the utility token of the Polygon network and is used for securing the network through staking, participating in network governance, and as a unit of payment for transaction fees on the network. MATIC tokens are released on a monthly basis and have a capped maximum supply of 10 billion tokens.
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