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Matic

Matic Network, rebranded as in 2021, is a layer-2 scaling platform designed to enhance the by providing faster transaction speeds, lower fees, and improved scalability for decentralized applications. Launched in 2017 as a sidechain solution utilizing proof-of-stake consensus and plasma framework, it addresses Ethereum's limitations in processing speed and cost, enabling over 1,000 with average fees under $0.01. The platform's native cryptocurrency, originally MATIC and transitioned to in September 2024, powers through staking, pays for transaction fees, and facilitates decisions within its . Founded by Indian developers Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun, Matic Network emerged from the need to solve Ethereum's challenges during the 2017 boom, with its mainnet launching in May 2020. The rebranding to marked a shift toward a more comprehensive aggregation layer for Ethereum-compatible chains, incorporating zero-knowledge proofs and custom developer kits to support diverse use cases like (DeFi), non-fungible tokens (NFTs), and . By 2025, Polygon has processed over 5 billion transactions, achieved 99.99% uptime, and facilitated $141 billion in transfer volume, establishing itself as a key infrastructure for applications with millions of active users. Polygon's architecture includes the Polygon Proof-of-Stake (PoS) sidechain for high-throughput operations and advanced tools like zkEVM for secure, Ethereum-virtual-machine-compatible computations, allowing seamless asset bridging between layer-1 and layer-2 networks. Its ecosystem supports enterprise adoption through features like instant settlement in under 5 seconds and integration with stablecoins holding over $3 billion in supply, while ongoing developments aim for 100,000+ to further democratize blockchain accessibility. Despite its growth, challenges such as the 2024 token migration and competition from other layer-2 solutions like and Arbitrum continue to shape its evolution.

History

Founding and Early Development

Matic Network was founded in 2017 in , , by software engineers Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic, with the primary goal of addressing Ethereum's scalability challenges, including high gas fees and slow transaction speeds that became evident during events like the 2017 surge. By 2025, three of the four co-founders had stepped down from their active roles, with Sandeep Nailwal remaining as the sole original founder involved in the project. The founders, drawing from their experience in development, sought to enable faster and more cost-effective decentralized applications while preserving Ethereum's security. From its inception, Matic Network focused on the framework, proposed by Ethereum co-founder , to facilitate off-chain computation and through child blockchains, ensuring that assets remained secure on the mainnet via periodic checkpoints. This approach allowed for high-throughput sidechains that could handle thousands of transactions per second at minimal cost, mitigating 's limitations without compromising . In early development, the team created a proof-of-concept for a proof-of-stake () sidechain, where validators staked MATIC tokens to secure the network and produce blocks at intervals of about one second. This prototype emphasized a checkpointing mechanism to , using Merkle proofs for efficient state verification and fraud prevention. The project's technical foundation was detailed in its whitepaper, which outlined the sidechain architecture combining with PoS consensus to achieve scalable Ethereum compatibility. In April 2019, Matic Network raised $5 million through an initial exchange offering (IEO) on Launchpad and secured $450,000 in seed funding led by Coinbase Ventures. These efforts laid the groundwork for the network's evolution toward a full mainnet launch in 2020.

Launch of the Mainnet

The Matic Network mainnet launched in May 2020 as an Ethereum-compatible proof-of-stake sidechain designed to enhance through faster and reduced costs. The rollout began with an initial set of 10 nodes managed by the Matic and select partners, transitioning gradually to full via public validator auctions. This sidechain architecture leveraged the framework alongside consensus, enabling block times of approximately 1-2 seconds and gas fees under 1/100th of 's, which facilitated efficient asset transfers including , ERC-20, and ERC-721 tokens between the mainnet and Ethereum. The initial token generation event (TGE) for MATIC occurred in April 2019 via Launchpad, where 19% of the total 10 billion token supply—equating to 1.9 billion MATIC—was distributed at a price of $0.00263 per token, raising approximately $5 million. This pre-mainnet distribution supported early development, with the full supply fixed at 10 billion tokens to underpin staking and network operations post-launch. Upon mainnet activation, the network demonstrated early performance capable of processing 1,000 to 4,000 (), with benchmarks reaching up to 17,000 , marking a significant improvement over Ethereum's base layer throughput. Key technical milestones included the deployment of Heimdall as the validator coordination layer and Bor as the Geth-based sidechain executor. Heimdall, built on Tendermint consensus, managed PoS staking synchronization with Ethereum smart contracts and checkpointed Plasma blocks to the root chain for security. Bor handled block production by selecting validators from the staked set using Ethereum block hashes for randomization, ensuring EVM compatibility and high throughput while maintaining periodic state commitments to Ethereum. These components enabled early DeFi integrations, such as QuickSwap, a Uniswap fork that launched on the network in October 2020 to provide low-cost decentralized trading and liquidity provision.

Rebranding to Polygon

In February 2021, the Matic Network announced its rebranding to , expanding its mission beyond plasma-based sidechains to encompass a multi-chain scaling framework for and other blockchains. The name drew inspiration from the geometric shape's multiple interconnected sides, symbolizing a diverse ecosystem of Layer-2 solutions including optimistic rollups and zero-knowledge proofs. This strategic pivot aimed to address 's scalability challenges by creating an "Internet of Blockchains," allowing developers to build without compromising on speed, cost, or security. The rebranding retained the MATIC token as the native asset while shifting focus to support zk-rollups and other advanced Layer-2 technologies, building on the mainnet's foundational infrastructure for sidechain deployments. This evolution positioned as a versatile platform for decentralized applications, attracting broader developer and user adoption in the burgeoning DeFi and NFT sectors. A key milestone in the rebrand's aftermath came in August 2021, when merged with Hermez Network, a leading zk-rollup project, in a deal valued at 250 million MATIC tokens—approximately $250 million at the time—to enhance its zero-knowledge scaling capabilities. The acquisition integrated Hermez's technology and team, marking one of the largest mergers in history and accelerating Polygon's zk-tech roadmap. The period also faced challenges, including a security incident in December 2021, where an attacker exploited a critical in 's multisig —used for network upgrades—stealing 801,601 MATIC tokens valued at roughly $1.6 million. promptly patched the flaw via an emergency hard fork and enhanced its protocols, preventing further losses from a bug that had exposed up to $24 billion in assets. Overall, the spurred significant growth, with Polygon's total value locked (TVL) surpassing $5 billion by late 2021, reflecting heightened ecosystem activity and investor confidence amid the DeFi boom. This surge underscored Polygon's role as a leading scaling solution, though it also highlighted the need for robust in rapid expansion.

Technology

Core Architecture

The Matic Network, rebranded as , employs a hybrid that leverages the mainnet for and finality while utilizing a dedicated sidechain for efficient execution and . This design separates concerns by anchoring the sidechain's state to Ethereum through periodic checkpoints, ensuring that the sidechain operates independently but remains verifiable on the mainnet. Checkpoints involve submitting Merkle root hashes of the sidechain's blocks to Ethereum smart contracts, enabling state synchronization and if needed. This approach balances with Ethereum's robust model, allowing high-throughput processing on the sidechain without compromising the of the overall . At the core of this architecture are three interconnected layers: Heimdall-v2, , and . Heimdall-v2, built on Cosmos SDK and CometBFT, serves as the validation layer, managing validator selection through proof-of-stake mechanisms and overseeing the aggregation of blocks from the execution layer into Merkle trees for checkpointing to . Bor functions as the block production layer, a modified of the Go Ethereum (Geth) client that handles transaction execution and produces blocks in a manner compatible with 's tooling. Finally, the layer provides the foundational security via staking contracts and finalizes checkpoints, ensuring that sidechain states are immutably recorded on the mainnet. This layered structure enables seamless coordination, with Heimdall-v2 coordinating validators and Bor focusing on rapid block finalization. Matic's sidechain maintains full compatibility with the Virtual Machine (EVM), permitting developers to deploy and run existing smart contracts without any modifications. Bor's implementation as an EVM-equivalent environment supports the same and opcodes as , facilitating easy migration of decentralized applications (dApps) and tools like wallets and explorers. This compatibility extends to standard libraries and development frameworks, reducing friction for adoption. The architecture draws inspiration from the framework, originally proposed for scaling, to enable a commit-chain model where the sidechain processes transactions autonomously but periodically commits root hashes to for verification. This Plasma-inspired design allows the sidechain to achieve high scalability—handling thousands of transactions per second—while relying on for dispute proofs and exit mechanisms, thus mitigating risks like invalid state transitions. Following the rebrand to , the architecture has evolved to incorporate zero-knowledge proofs for enhanced efficiency, including 2025 upgrades like the hard fork for improved throughput and enhancements for faster finality, though the foundational hybrid structure remains central.

Consensus and Scaling Mechanisms

Matic Network, now known as , employs a Proof-of-Stake () consensus mechanism through its delegated staking model, where validators are selected based on the weight of their staked POL tokens. The network maintains a set of up to 105 active validators, with the top candidates chosen by stake amount to participate in block validation and production. This process enables efficient block production approximately every 2 seconds, supporting rapid transaction processing while relying on for ultimate security. To achieve scalability, Polygon operates as a sidechain compatible with the (EVM), capable of over 1,000 () as of the hard fork in July 2025, with the roadmap targeting 5,000+ by the end of 2025 and up to 100,000 long-term. Post-rebranding, the network has integrated zero-knowledge (ZK) rollups via Polygon zkEVM, which batches transactions off-chain and submits validity proofs to , enhancing and efficiency without compromising . In January 2024, Polygon introduced the AggLayer protocol, a cross-chain aggregation layer that unifies across multiple chains using shared ZK proofs, allowing blockchains to interoperate seamlessly while maintaining individual models. The October 2025 Rio upgrade further optimized the network for faster, lighter payments with near-zero gas fees. A key security feature in this architecture is the checkpoint mechanism, where batches of sidechain states are periodically submitted to the mainnet for immutability. Validators aggregate approximately 1,000 blocks—spanning about 30-34 minutes—into a Merkle root and propose it as a checkpoint, which requires a two-thirds majority approval before final submission to . This periodic anchoring ensures that Polygon inherits 's finality, mitigating risks associated with sidechain operations while enabling high-throughput scaling.

Security Features

The Matic Network, rebranded as , leverages 's robust security model for final settlement by periodically submitting checkpoints of the sidechain's state root to the Ethereum mainnet, ensuring that any disputes can be resolved using Ethereum's consensus and economic guarantees. This design inherits Ethereum's decentralization and tamper-resistance, while the sidechain operates independently for faster processing. Validators on the Matic sidechain must bond significant stakes of tokens, with slashing penalties enforced for malicious actions such as double-signing or downtime, including stake reductions and temporary jailing per Tendermint consensus rules, to incentivize honest behavior and network liveness. To safeguard treasury operations, the network utilizes multisignature (multisig) wallets, which require approvals from multiple parties before executing transactions, thereby distributing control and reducing single points of failure. The protocol has undergone rigorous third-party to identify and mitigate , including a 2020 audit by Quantstamp focused on the framework's smart , which verified key components for common exploits like reentrancy and issues. In response to a critical discovered in December 2021 in the Proof-of-Stake —potentially exposing over 9 billion MATIC tokens—the team promptly initiated an emergency hard fork to patch the issue, pausing affected operations and restoring network integrity without any funds lost to exploitation. The decentralized validator set, comprising up to 105 active participants selected through staking, helps mitigate centralization risks by distributing validation responsibilities and preventing any single entity from dominating . Following the 2021 incident, enhanced multisig configurations with stricter threshold requirements and improved practices to bolster security. Post-2021 developments include the integration of zero-knowledge proofs in zkEVM, a type-1 zk-rollup that uses zkSNARKs to generate validity proofs for transaction batches, ensuring computational integrity and privacy while settling securely on without revealing underlying data.

Economics and Tokenomics

The MATIC Token

The MATIC token is an ERC-20 compatible utility token deployed on the blockchain, primarily used to facilitate transactions, secure the network through staking, and enable governance participation within the Polygon ecosystem. As the native asset of the Polygon Proof-of-Stake () sidechain, MATIC serves to pay gas fees for transactions on the chain, where fees are denominated directly in MATIC rather than 's , reducing costs for users and developers. It also allows users to bond tokens to validators, contributing to network security via the Proof-of-Stake consensus mechanism. The initial supply of POL is 10 billion tokens, matching the MATIC supply at , with ongoing emissions increasing the total supply. The initial allocation breaks down as follows: 23% to growth, 12% to staking rewards, 16% to the team with schedules, 4% to advisors, 19% to the Launchpad sale, 3.8% to private sale, and 22.08% to treasury. This structure aims to incentivize , , and community involvement while managing inflation through emissions of approximately 2% annually, split equally between staking rewards and community treasury. In September 2024, MATIC underwent a 1:1 migration to as part of 's evolution toward an aggregated Layer-2 framework, enhancing the token's role in cross-chain operations and ecosystem-wide utilities. Despite the transition, legacy MATIC remains bridgeable between and , allowing holders to interact with the network or unmigrate if needed. Launched via an (ICO) in 2019 at approximately $0.0026 per token, MATIC achieved a peak price of $2.92 in December 2021 amid broader market growth. As of November 2025, the circulating supply stands at approximately 10.54 billion tokens, powering over 45,000 decentralized applications (dApps) across the ecosystem.

Staking and Governance

In the Polygon network, staking involves users delegating their tokens (formerly ) to one of the active validators to secure the proof-of-stake () chain and earn rewards. There is no strict minimum amount, though practical starting amounts are often as low as 1 POL to cover gas fees effectively. Delegators select validators based on factors like commission rates and performance, with rewards accruing automatically and claimable periodically. To unstake, users initiate an unbonding process that locks funds for 80 checkpoints, equivalent to approximately 2 days, during which the tokens cannot be moved or used. Staking rewards are derived from a fixed annual issuance mechanism designed to incentivize . Following the , POL features a 2% annual emission rate, with 1% allocated to staking rewards and 1% to the community treasury for ecosystem development. The formula for annual issuance is calculated as (total staked POL / total supply) multiplied by the emission rate, which stands at 1% of the total POL supply for rewards, drawn from the emissions schedule. These rewards are distributed proportionally to all stakers based on their delegated amounts, with validators retaining a commission—typically up to 10%—before passing the remainder to delegators. As of November 2025, the annual percentage yield (APY) for staking ranges from approximately 3% to 5%, varying by performance, total staked amount, and network activity. Governance in is primarily driven by token holders, who can propose and vote on network upgrades, parameter changes, and strategic decisions through an on-chain process facilitated by for off-chain signaling and formal execution. Proposals begin in community forums for discussion and, upon sufficient support, advance to votes weighted by staked or held balances, ensuring decentralized decision-making. Notable examples include the 2021 merger with Hermez Network, approved via community to integrate zk-rollup technology, and the 2024 migration from MATIC to , which enhanced token utility and was ratified through holder votes. To promote , maintains over 100 active validators as of 2025, with efforts to encourage geographic diversity through incentives like community grants and performance bonuses in upgrades such as the 2025 update, which democratizes fee distribution and lowers entry barriers for global participants. This structure reduces centralization risks by distributing validation across regions, including , , and , while capping the active set to ensure efficiency.

Adoption and Impact

Key Partnerships

Matic Network, later rebranded as , initiated its ecosystem growth through key early partnerships that facilitated token distribution and DeFi integrations. In April 2019, the project conducted its initial exchange offering (IEO) on Launchpad, raising $5.6 million by selling 5% of its total MATIC token supply to support network development and mainnet launch. This partnership provided essential liquidity and visibility, enabling Matic to transition from to full deployment in May 2020. Following mainnet activation, Matic forged integrations with leading DeFi protocols to enhance liquidity and scalability; Aave deployed its lending protocol on the network in January 2021, allowing users to bridge assets and earn yields with reduced fees, which spurred a 960% increase in Aave users on shortly after. followed suit in December 2021, launching its v3 decentralized exchange on after community approval, enabling efficient token swaps and liquidity provision that attracted millions in trading volume. Major strategic deals in late 2021 and early 2022 solidified 's position in . In December 2021, acquired Mir Protocol, a startup, for 250 million MATIC tokens valued at approximately $400 million at the time, integrating Mir's ZK-rollup technology to advance 's zkEVM development and compatibility. This acquisition bolstered 's research capabilities in privacy-preserving solutions. Complementing this, in February 2022, secured $450 million in funding through a private token sale led by Sequoia Capital India, with participation from SoftBank Vision Fund 2, Tiger Global, and Galaxy Digital, valuing the project at $20 billion and funding infrastructure expansion. More recent alliances have extended 's reach into consumer brands and enterprise . In September , Polygon partnered with to power its NFT loyalty program, enabling members to earn and trade digital collectibles on the , marking one of the first major corporate adoptions of Polygon for experiences. Concurrently, integrated Polygon for its Collectible Avatars NFT in , allowing users to create, buy, and display profile pictures as blockchain-based assets, which drove over 2 million avatar mints in the initial months. In September 2023, Cloud joined as a on the Polygon proof-of-stake network, leveraging its to secure transactions and enhance , joining over 100 existing validators to improve network reliability. Most notably, in January 2025, , a subsidiary of , announced a with Polygon Labs to integrate capabilities into its services for over 450 million users in , focusing on -enabled digital payments, , and identity solutions to accelerate local adoption. These partnerships have profoundly impacted 's growth, driving total value locked (TVL) to a peak exceeding $10 billion in late and sustaining expansion into , NFTs, and payments through 2023. By attracting institutional validators and mainstream brands, they enhanced , user onboarding, and dApp diversity, positioning Polygon as a leading scaling solution with billions in cumulative transaction value.

Use Cases and Ecosystem Growth

Polygon has established itself as a leading platform for (DeFi) applications, hosting prominent protocols that leverage its low-cost and high-speed transactions. For instance, Aavegotchi, a gamified DeFi platform combining non-fungible tokens (NFTs) with yield farming, operates natively on Polygon to enable affordable in-game economies. Similarly, Balancer, an automated for provision, launched on Polygon in 2021, allowing users to create and manage custom pools with minimal fees. By mid-2025, thousands of decentralized applications (dApps) were deployed across the Polygon ecosystem, with over 800 active projects reported. The network's DeFi sector has seen robust activity, with total value locked (TVL) reaching approximately $1.23 billion by mid-2025, up from $0.86 billion at the start of 2025. This expansion, driven by protocols like Aave and QuickSwap, contributed to a roughly 43% TVL increase year-to-date as of August 2025. Daily transaction volumes on Polygon-based decentralized exchanges (DEXes) rose by 50% quarter-over-quarter in mid-2025, underscoring the platform's role in facilitating efficient and trading. In the realms of NFTs and gaming, Polygon attracts projects seeking reduced transaction costs compared to Ethereum. OpenSea, the largest NFT marketplace, integrated Polygon support in 2021, enabling users to mint, buy, and sell NFTs with near-zero gas fees, which has boosted accessibility for creators and collectors. Decentraland, a platform, migrated key functionalities like its marketplace to in 2021, allowing seamless token transfers and low-cost wearables trading across Ethereum and networks. To further this sector, Studios was launched in July 2021 as a dedicated arm for advancing gaming and NFTs, partnering with developers to bridge traditional gaming studios into blockchain environments. Enterprise adoption highlights Polygon's utility beyond consumer applications, particularly in secure data verification and asset tokenization. In 2022, Indian authorities piloted Polygon for blockchain-based complaint handling by police services, enhancing transparency and immutability in public grievance processes. More broadly, the utilized Polygon in 2023 to issue verifiable certificates, providing tamper-proof credentials to citizens. In the financial sector, Polygon's ecosystem achieved $1 billion in tokenized real-world assets (RWAs) earlier in 2025, with TVL at approximately $879 million as of November 2025, supporting institutional-grade tokenization initiatives that integrate traditional assets with DeFi rails. In November 2025, R25 launched an institutional-grade RWA protocol on Polygon, introducing yield-bearing rcUSD+ backed by real-world assets to boost DeFi integration. Polygon's ecosystem has experienced substantial growth in user engagement, evolving from roughly 100,000 monthly in to over 546,000 daily active addresses on average in 2025. This expansion is evidenced by the network's unique address count, which surged alongside dApp deployments and transaction volumes. The introduction of the AggLayer in January 2024 has further accelerated this by enabling unified liquidity and trustless interoperability across zero-knowledge (ZK) chains, facilitating cross-chain DeFi applications such as seamless lending and trading without fragmented . In 2025, Polygon processed over $192 billion in lending volume.

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