Polygon is a protocol for creating Ethereum-compatible blockchains and layer 2 scaling solutions. The project was founded in 2017 by a 4-man team in response to Ethereum’s hefty transaction fees and slow network speeds.
Apart from providing developer tools for creating sidechains, Polygon has its own Proof of Stake chain called the Polygon Network. The network is popular for DApp building due to its scalability and low costs, and can be easily accessible via the Matic wallet mobile app.
All Polygon side chains built using the Polygon SDK are compatible with the Ethereum Virtual Machine. Many popular DeFi DApps have deployed versions to the Polygon Network to take advantage of its benefits.
MATIC is Polygon’s native utility token that allows for paying network fees and participation in the Proof of Stake consensus model. MATIC tokens power the Polygon Network and have a maximum supply capped at 10 billion, making it deflationary.
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