MATIC, now known as Polygon (MATIC), is a cryptocurrency that was created in 2017 by a team of developers led by Jaynti Kanani. The project was initially called Matic Network, and it aimed to address scalability issues on the Ethereum blockchain by using sidechains to enable faster and cheaper transactions.

The team launched the Matic Network in April 2019, and the Matic token (MATIC) was used as the native currency on the network. The Matic Network used a hybrid Proof-of-Stake (PoS) and Plasma-based architecture, which enabled it to process up to 10,000 transactions per second, far more than Ethereum's 15 transactions per second.

In May 2020, the Matic Network rebranded as Polygon and shifted its focus from being just a layer 2 scaling solution for Ethereum to being a full-fledged multi-chain scaling infrastructure platform. The Polygon network allows developers to create and deploy their own customized sidechains, or "commit chains," which are secured by Polygon's PoS consensus mechanism. Polygon also supports other blockchain networks, including Ethereum, Binance Smart Chain, and more.

As part of the rebranding effort, the Matic token was also rebranded as the Polygon token (MATIC). The token serves multiple purposes on the Polygon network, including being used for transaction fees, staking, governance, and more.

Since the rebranding, the Polygon ecosystem has seen significant growth and adoption, with a number of decentralized applications (dapps) and blockchain projects building on the network. In addition, the value of the MATIC token has grown significantly, reaching an all-time high of over $2.60 USD in May 2021. As of March 14, 2023, the price of MATIC is approximately $0.86 USD, with a market capitalization of over $5.7 billion USD.