Polygon launched as Matic Network in 2017 to solve a major problem with blockchains—they’re not great at scaling up to large numbers of transactions while maintaining low fees. The original Matic network employed a layer of infrastructure on top of the Ethereum blockchain to enhance the transaction experience. Matic rebranded to Polygon in February 2021 to become a Swiss Army knife for scaling solutions. Polygon now allows developers to use several additional secondary blockchains and infrastructures, such as Optimistic Rollups, zkRollups, Validium, and Matic POS (Proof-of-Stake) for the same purpose—to build projects with lower fees and faster speeds, without sacrificing the security of the blockchain. Polygon’s token is MATIC.
Polygon exists to connect secondary blockchains and layers for Ethereum, which is the most popular platform for blockchain projects. Its founders believe that scaling up to a large number of users will probably require several solutions, and intend for Polygon to act as glue and bridges to allow these solutions to work together effectively. The MATIC token can be used to pay transaction fees in Polygon’s system, and can be traded on exchanges.
The total OpenSea Polygon traders have increased to record levels from just 15 users in late June 2021, to over 846,433 users as of Jan. 6, according to data by user niftytable on Dune Analytics