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Polygon (formerly Matic Network) is a blockchain platform that enables blockchain networks to connect and scale. It aims to create a multi-chain blockchain ecosystem compatible with Ethereum. As with Ethereum, it uses a proof-of-stake consensus mechanism for processing transactions on-chain while deriving its security from Ethereum. Polygon's native token is named MATIC. Matic is an ERC-20 token, allowing for compatibility with other Ethereum based digital currencies. Over 7,000 blockchain projects are supported by the platform.
Polygon is used in decentralized applications (dApps) such as Defi, DAOs, and NFTs.