What is Polygon (POL)?
Polygon is an ecosystem of various solutions designed to make Ethereum more scalable — in other words, to increase the number of transactions that can be processed. The cryptocurrency is called POL, although it was previously known as MATIC.
Polygon, formerly known as Matic Network, has developed a Layer 2 sidechain for Ethereum that has become highly popular. A sidechain means it operates as a separate blockchain but is connected to the main blockchain — in this case, Ethereum. Because they are linked, they can communicate with each other, and assets can be transferred between them.
The purpose of Polygon and other such "sidechains" is to scale the Ethereum network more efficiently, enabling it to handle more users and more transactions in a faster and cheaper way.