Polygon, formerly known as Matic Network, is a Layer-2 scaling solution for Ethereum that aims to improve the network's scalability and reduce transaction costs. By processing transactions on a separate, Ethereum-compatible blockchain and then returning them to the main Ethereum chain, Polygon significantly alleviates network congestion. It employs a proof-of-stake (PoS) consensus mechanism and supports a wide range of decentralized applications (dApps), including DeFi, DAOs, and NFTs. Polygon's native token, MATIC, is used for governance, staking, and paying transaction fees. The platform is known for its fast transaction speeds and near-zero gas fees, making it a popular choice for developers and users alike.