Polygon (MATIC) is an interoperability layer-2 scaling solution for building Ethereum-compatible blockchains. In essence, the Polygon network acts as an add-on layer to Ethereum that does not change the original layer. It is a multi-level platform from which interoperable blockchains can be launched. It seeks to improve the scalability of Ethereum via a plethora of sidechains, and at the same time reduce gas fees associated with the original blockchain.
The MATIC token is used for blockchain governance, staking, and gas fees via a Proof-of-Stake consensus mechanism.
FUNDING
$457.06M | Backed by: The Spartan Group, DragonFly Capital, Galaxy, Peak XV Partners, DCG, CoinFund (+30 more)