Polygon (POL), formerly known as MATIC, is the native token of Polygon, a network of blockchains designed to make Ethereum faster and cheaper to use. POL replaced MATIC in 2024 through a token upgrade, and holders could migrate MATIC to POL at a one to one ratio. Polygon PoS, the best known chain in the network, processes transactions for a small fraction of Ethereum's fees and has been used by major brands for payments, loyalty programmes and digital collectibles. POL is used to pay for transactions and to stake, which helps secure the network and earns rewards. The project was founded in India in 2017 under the name Matic Network by Jaynti Kanani, Sandeep Nailwal and Anurag Arjun.