What does Matic stand for?

I'm curious about a term I've been hearing in the crypto space recently - 'Matic.' Could you enlighten me on what it stands for? I've seen it mentioned in relation to blockchain scalability and DeFi applications, but I'm not quite sure what its core meaning is. Could you break it down for me, maybe explain its significance in the wider crypto ecosystem? I'm eager to learn more about this intriguing aspect of the industry.