Polygon is a leading blockchain scalability platform, utilized for Ethereum scaling and infrastructure development. The company was founded in 2017 and is headquartered in Bengaluru. In context of Ethereum scaling, Polygon caters to various other needs such as L2 solutions like ZK rollups and optimistic rollups, hybrid solutions, sidechains, data availability solutions and stand-alone and enterprise chains.
Some of the dedicated scaling solutions offered by Polygon include Polygon PoS, Polygon Edge, Polygon zkEVM, Polygon Avail, Polygon Miden, Polygon Zero and Polygon Nightfall. The company believes in making Web3 available for all. It allows developers to create user-friendly and scalable dApps (decentralized applications) that offer high security at affordable rates.
As of now, Polygon has helped develop more than 37k dApps, has 130 million plus unique users and registers more than 3 million transactions every day. dApps that use Polygon platform are spread across various segments such as NFT, Games, DeFi, CEX, Utility, DAO, B2B, Social and Tools.
The idea for Polygon came to the founders when they noticed the limitations associated with Ethereum blockchain development platform. It has huge potential, but was facing issues such as poor user experience, low throughput and lack of sovereignty. Due to these issues, Ethereum was not able to unlock its full potential. As a solution, the founders came up with a dedicated protocol and a framework for developing and connecting blockchain networks compatible with Ethereum.
The journey started in 2017 as MATIC Network, which was later renamed to Polygon in 2021. Polygon worked to fix all the issues associated with Ethereum blockchain development platform and has consistently introduced new improvements and updates. Key focus area has been to improve ETH compatibility, security, scalability, sovereignty, user experience, interoperability, developer experience and modularity.
Polygon has received investments worth $451.5 million via seven rounds of funding. Some of the key backers include Sequoia Capital India, Coinbase Ventures and Binance. The company has received investments from various other sources such as Republic Capital, Galaxy Digital, Alameda Research, Makers Fund, Dune Ventures, Steadview Capital, Animoca Brands, Unacademy, Elevation Capital, Sino Global Capital, Variant Fund, Dragonfly Capital and Spartan Fund.
The company has already crossed $1 billion mark in market capitalization. It is currently valued at around $6.5 billion.
Polygon had acquired Predicate Labs in December 2021. The acquisition helped Polygon to improve speed and reduce costs associated with Ethereum transactions.
Polygon competes with companies such as Solana and Avalanche.
About the founders
Polygon was founded by Jaynti Kanani, Sandeep Nailwal, Anurag Arjun and Mihailo Bjelic. Jaynti Kanani had earlier worked with companies such as Housing (.com) and Persistent Systems. Co-founder Sandeep Nailwal had earlier worked with ScopeWeaver, Welspun and Deloitte. Co-founder Anurag Arjun had earlier worked with IRIS Business Services Limited, SNL Financial, Dexter Consultancy and Cognizant Technology Solutions.