Polygon is a secondary Ethereum scaling solution and a layer-2 solution that runs in parallel to a mainnet but processes transactions outside of it. This leads to higher transaction throughput and cheaper gas prices. Over 19k+ dapps have been used by Polygon to scale their performance. The network was previously known as Matic Network, and was launched in October 2017. The project was co-founded by Jayanti Kanani, Sandeep Nailwal, and Anurag Arjun.
The network used a plasma-driven scaling strategy and Proof-of-Stake (PoS) sidechains to help Ethereum scale as user demand surged. Therefore, the protocol has evolved into a popular scaling choice for various applications. Polygon’s native digital asset is MATIC, which is an Ethereum-based ERC-20 token. The Matic tokens are used for settlements between users and services on the network. The scaling solutions provided by the platform are polygon POS, polygon zkEVM, polygon avail, polygon edge, polygon nightfall, polygon miden, and polygon zero. With nearly 130 million unique users and 3 million daily transactions, the platform is bringing dApps to completion faster, safer, and without the need for gas.