MATIC is the native cryptocurrency token of the Polygon platform (previously known as the Matic Network). It’s an Ethereum token that powers the Polygon Network, a scaling solution for Ethereum.
Polygon aims to provide faster and cheaper transactions on Ethereum using Layer 2 sidechains, which are blockchains that run alongside the Ethereum main chain. Users can deposit Ethereum tokens to a Polygon bridge smart contract, interact with them within Polygon, and then later withdraw them back to the Ethereum main chain if needed. The MATIC token is used to pay transaction fees and participate in proof-of-stake consensus.
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