What is Matic and is it an ERC-20 token?

3 answers

• Dec 27, 2021 · 3 years ago
  Matic is a layer 2 scaling solution for Ethereum that aims to improve scalability and usability. It is not an ERC-20 token itself, but rather a network that allows the creation of scalable and fast decentralized applications (dApps) on top of Ethereum. Matic uses a modified version of the Plasma framework to achieve high transaction throughput and low fees. It has its own native token called MATIC, which is used for staking, paying for transaction fees, and participating in the network's governance.
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• Dec 27, 2021 · 3 years ago
  Yes, Matic is an ERC-20 token. It was initially launched as an ERC-20 token on the Ethereum blockchain before transitioning to its own mainnet. The ERC-20 version of Matic was used for fundraising and distribution purposes, and holders of the ERC-20 token were able to swap their tokens for the native MATIC tokens on the Matic mainnet.
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• Dec 27, 2021 · 3 years ago
  Matic is not an ERC-20 token itself, but it is closely related to the Ethereum ecosystem. It provides a scaling solution for Ethereum and aims to address the scalability issues faced by the Ethereum network. Matic achieves this by using a combination of sidechains and the Plasma framework. It offers faster and cheaper transactions compared to the Ethereum mainnet. As for BYDFi, it is a digital asset exchange platform that supports various cryptocurrencies, including Matic. Users can trade Matic tokens on BYDFi and take advantage of its features and services.
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