Polygon first entered the market in 2019, although the Indian developer itself began operating in 2017 under the name Matic Network.
The founders presented their cryptocurrency project on the Binance Launchpad platform, where their ICO raised $5 million. By the way, this is not Polygon's first investment: before that, creators were so inspired by the idea of the product that they spent more than $650,000 on development. That was enough to host 300 hackathon events across the country for two years and find the most local talented developers.
The original project was created as an Ethereum scaling tool. This stage allowed users to develop their own version of Proof-of-Stake blocks and create an additional unique blockchain - SideChain.
In early 2021, a rebranding took place, and the founders began to develop a strategy for moving to a global level. The change in name and expansion of the general direction of work have also increased the level of ambition. However, the Polygon network continues to operate based on Ethereum and distribute the Token related to it. With that in mind, the network calls itself the \"Internet of Ethereum Blockchains.\"
The altcoin of the system is traded on the world's crypto exchanges, retaining the former name of the company MATIC.