As of 07/31/2025, MATIC, now known as Polygon (POL), is a layer-2 scaling solution for Ethereum. It aims to improve Ethereum’s scalability and transaction speeds.
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Polygon: Enhancing Ethereum’s Capabilities
Polygon uses sidechains to offer faster and more cost-effective transactions compared to the Ethereum mainnet. This addresses some of Ethereum’s limitations, such as high gas fees and slow transaction times.
MATIC Token and POL Transition
The original token, MATIC, has been transitioned to POL (ex-MATIC) on September 4, 2024. The new token continues to play a key role in the Polygon ecosystem.
How Polygon Works
Polygon operates as a separate network built on top of Ethereum. Users can bridge their assets from Ethereum to Polygon to take advantage of the faster and cheaper transactions. It supports various decentralized applications (dApps) and DeFi protocols;
Use Cases
- Faster Transactions: Polygon provides significantly faster transaction speeds compared to Ethereum.
- Lower Fees: Transaction fees on Polygon are much lower than on Ethereum, making it more accessible for users.
- Scalability: Polygon helps scale Ethereum applications by offloading some of the transaction load to its sidechains.
Alternatives and Comparisons
While Bitcoin aims to be a digital currency, Ethereum is a platform for smart contracts. Polygon complements Ethereum by providing a scaling solution. Vitalik Buterin proposed replacing the Ethereum Virtual Machine (EVM) with the RISC-V architecture on April 20, 2025, further highlighting the ongoing efforts to improve Ethereum’s capabilities.
