I know what MATIC is, but what TF is wMATIC?

To put it simply, wMATIC is “wrapped MATIC”, but before we get into that, let’s begin by introducing some core concepts:

First, there’s the MATIC token

Though it was originally built on the Ethereum blockchain, MATIC is the native currency of the Polygon Network.

Second, there are alt tokens

When a dApp (or decentralized application) is built on Polygon, Ethereum, or numerous EVM-compatible blockchains, the dApp usually implements its own form of token. For example, think of 99Starz STZ token, or QuickSwap’s QUICK token.

Finally the ERC-20 Standard

Even though Polygon is layer-2 scaling solution for Ethereum, the Polygon Network still relies on the ERC-20 standard that defines how tokens are transferred and how to keep an invariable and continuous record of those transactions on the Polygon Network.

Why You Need wMATIC

MATIC Doesn’t Conform to the ERC-20 Standard

Wrapping MATIC allows you to trade directly with other ALT tokens

You need wMATIC to be able to trade MATIC for other ERC-20 tokens on decentralized platforms like QuickSwap. Because decentralized platforms running on Polygon use smart contracts to initiate trades directly between users, each and every user must employ the same standardized format for every token they trade. This uniformity ensures that tokens don’t get lost in the deep sea of smart contract transactions.

Ready to Wrap?

Interestingly enough, you don’t actually wrap anything.

The Future of wMATIC

Hopefully, wMATIC’s days are numbered

Just as steps are being taken to update Ethereum’s codebase to make ETH compliant with its own ERC-20 standards, those same updates are being explored to bring MATIC into compliance with Polygon’s standards. As technology is constantly evolving, it is possible that the ERC-20 standard itself may be replaced as new standards get adopted to resolve problems that earlier web developers hadn’t yet thought of.

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Next-gen Layer 2 DEX powered by Polygon (formerly known as Matic). Trade at lightning-fast speeds with near-zero gas fees at https://quickswap.exchange