@Polygon
Polygon is a layer-2 scaling solution for the Ethereum network, designed to improve transaction speeds and reduce costs. Initially known as the Matic Network, the project rebranded to Polygon in 2021. Its native token, formerly MATIC, was upgraded to POL in September 2024 to enable new functionalities.
Key features:
Faster and cheaper transactions: By processing transactions off the main Ethereum chain, Polygon provides significantly faster processing speeds and lower fees.
Scalability for Ethereum: It helps address Ethereum's issues with network congestion and high transaction fees, making it a key solution for decentralized applications (dApps).
Proof-of-stake mechanism: The network is secured by a proof-of-stake consensus mechanism where validators stake their $POL tokens to process and validate transactions.
Broad adoption: Polygon has attracted significant developer interest and has been used by major companies like Mastercard, Starbucks, and Disney for their Web3 initiatives.
POL token utility: The POL token is used for network security, transaction fees, and governance within the Polygon ecosystem.
