MATIC is a level 2 token for Ethereum, formerly Matic Network, now Polygon. The solution allows developers to build interoperable, scalable blockchain applications with low gas fees. Plasma technology processes transactions off the network before completing them on the Ethereum network. Polygon allows developers to create custom blockchains by developing pluggable consensus, staking, and governance modules. MATIC is needed to participate in network management, pay fees, distribute staking rewards, and provide collateral to become a validator.
The project’s original goal in 2017 was to speed up transactions, increase their throughput, and reduce transactions relative to the Ethereum network. In 2021, MATIC reached its All-Time High of $2.8889.
In 2022, the number of dApps on the Polygon network exceeded 19,000, the average monthly number of transactions was 90 million, and the total number of smart contract creators exceeded 153,000.