What is Polygon (POL)?
- Author
- CRYPTO PORT Editorial
- Published
- Updated
- Reading time
- 6 min
In short
Polygon is a family of networks built to work around Ethereum's high fees and limited throughput. It started as Matic Network in 2017, centred on an EVM-compatible Proof of Stake chain, and has expanded into zero-knowledge proof technology. Since 2024 its native token has been migrating from MATIC to POL.
Key points
- EVM compatibility lets Ethereum applications run with little modification
- Low fees have attracted NFTs, games and corporate loyalty programmes
- Has expanded into a zero-knowledge zkEVM and a design for linking multiple chains
- The token is in the middle of a migration from MATIC to POL
Definition
A set of EVM-compatible chains and related technology built to offload Ethereum's execution and reduce fees.
Polygon addressed a simple complaint: people wanted Ethereum but could not afford its fees. For NFT minting or games — many small transactions — mainnet gas is a practical barrier. Polygon moves that execution to a separate chain and records results back to Ethereum, cutting costs.
The core Polygon PoS chain has its own validator set and periodically submits checkpoints to Ethereum. EVM compatibility means wallets such as MetaMask and Solidity contracts work unchanged. Fees are far below mainnet, which is the main reason projects adopt it.
Later came a zkEVM, which uses zero-knowledge proofs to verify execution results on Ethereum, and work on a layer that connects multiple chains together. The goal is that as chains proliferate, users stop having to think about which one their assets are on.
Typical uses include NFT marketplaces, blockchain games, corporate loyalty and ticketing programmes, and payment pilots. The token pays gas and is staked by validators, and has been migrating to POL in stages since 2024.
Watch out for
- · The Polygon PoS chain is secured by its own validator set, so its security assumptions differ from Ethereum's
- · The MATIC-to-POL migration is ongoing and exchanges and wallets are adapting at different times
- · Moving assets to and from Ethereum requires a bridge, with its own risks and waiting periods
Frequently asked questions
Can I use my Ethereum address?
The address format is identical but the networks are separate. Balances on Polygon and Ethereum are independent, and choosing the wrong network when sending can lose funds.