What is MATIC Token used for?

Modified on Tue, 31 Jan 2023 at 03:44 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.


Was this article helpful?

That’s Great!

Thank you for your feedback

Sorry! We couldn't be helpful

Thank you for your feedback

Let us know how can we improve this article!

Select atleast one of the reasons
CAPTCHA verification is required.

Feedback sent

We appreciate your effort and will try to fix the article