Where did Polygon come from? 

Ethereum developers Jaynti Kanani, Sandeep Nailwal, Anurag Arjun and Mihailo Bjelic founded the Polygon network in 2017. The developers wanted to address the issues of slow transaction times and high fees on the Ethereum network. Prior to a rebrand to Polygon in 2021, the protocol was initially called the Matic Network.

Polygon has become one of the leading Ethereum scaling solutions, with funding from top investors, including Mark Cuban and Sequoia Capital. Close collaboration with the Ethereum community led to Polygon in its current form, a layer-2 scaling solution that enables faster and cheaper transactions on Ethereum, while maintaining the security and interoperability of the network.

The network underwent an upgrade at the beginning of 2023 to further reduce spikes in fees and make the processing of transactions more efficient. At the moment, Polygon is solely focussed on Ethereum but the team has mentioned plans to branch out to other cryptocurrency networks.

*This information should not be construed as a solicitation to trade. All opinions, news, research, analysis, prices or other information is provided as general market commentary for information purposes only and is not investment advice or recommendation. Luno always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.