What is MATIC Token used for?

Modified on Tue, 31 Jan, 2023 at 3:44 PM

MATIC is the ERC-20 token on Ethereum blockchain and has 2 main functions:

1. Fees  -  MATIC's main function is being a unit of payment for transaction fees on the Polygon platform and is the medium currency for all transactions on the system as well.

2. Staking  -  In order to be selected as a validator on Proof-of-Stake, the users must stake their MATIC to ensure the honest validation of blocks.

 

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