Technology & Internet • Cryptocurrency

Matic

Matic was the original name of Polygon, a blockchain scaling project built to improve Ethereum’s transaction speed and lower costs.

By Ethan Anderson| Reviewed by Olivia Bennett, Standards & Fact-Checking Lead| Updated July 26, 2026|2 min read| Fact-checked

Matic Network was the original name of Polygon, a blockchain scaling project built to improve Ethereum’s transaction speed and lower costs. Launched in 2017, the project rebranded to Polygon in early 2021. The MATIC token served as Polygon’s native cryptocurrency for gas fees, staking, and network participation before being superseded by POL through a 1:1 migration. Polygon and MATIC have been available on major exchanges used by Canadian readers, including Coinbase and Kraken, making the token relevant to the Canadian cryptocurrency market.

History

The project launched in 2017 as Matic Network and later rebranded to Polygon in early 2021. Sources describe the original project as focused on solving Ethereum’s scalability problems.

Token function

MATIC was the native cryptocurrency of Polygon Chain and was used to pay gas fees, support staking, and participate in network consensus. It was also described as a token used for governance in some exchange and learning materials.

Technical design

Polygon has been described as a Layer 2 scaling solution, sidechain, or infrastructure platform that runs alongside Ethereum. It was designed to enable faster and cheaper transactions for Ethereum-based applications.

Migration to POL

Polygon’s developer documentation states that MATIC has been replaced by POL via a 1:1 migration. Validator and staking rewards are now distributed in POL.

Key facts

Matic Network was the original name of Polygon before a 2021 rebrand.
Polygon is a Layer 2 scaling solution and sidechain for Ethereum.
MATIC was the native token used for transaction fees, staking, and governance.
MATIC was issued as an ERC-20 token on Ethereum.
MATIC has been superseded by POL through a 1:1 migration.

🍁

Canadian context

Polygon and MATIC have been available on major exchanges used by Canadian readers, including Coinbase and Kraken, making the token relevant to the Canadian cryptocurrency market.

Frequently asked questions

What is Matic?

Matic was the original name of Polygon, a project built to scale Ethereum and reduce transaction costs.

What was the MATIC token used for?

MATIC was used to pay transaction fees, stake on the network, and support consensus participation on Polygon.

When did Matic become Polygon?

The project rebranded from Matic Network to Polygon in early 2021.

Was MATIC an Ethereum token?

Yes. MATIC was issued as an ERC-20 token on Ethereum.

Is MATIC still the current Polygon token?

Polygon’s developer documentation says MATIC has been superseded by POL through a 1:1 migration.

References

Coinbase — https://www.coinbase.com/learn/crypto-basics/what-is-polygon
Supports: Matic Network rebranded to Polygon; MATIC is used for fees, staking, and governance; 2021 rebrand timing.
Polygon Developer Docs — https://docs.polygon.technology/pos/concepts/tokens/matic
Supports: MATIC was Polygon Chain's native cryptocurrency; used for gas fees and staking; MATIC superseded by POL through 1:1 migration.
Kraken — https://www.kraken.com/learn/what-is-polygon-matic
Supports: MATIC released in 2019 as an ERC-20 token; maximum supply of 10,000,000,000 tokens.
CoinMarketCap — https://www.coinmarketcap.com/currencies/polygon/
Supports: Polygon was previously Matic Network; MATIC is the native token; max supply 10 billion.
Coinbase — https://www.coinbase.com/price/polygon
Supports: Polygon formerly known as Matic Network; Layer 2 scaling solution; MATIC used for transaction fees and proof-of-stake participation.