The Polygon exchange recently crossed $1 billion in trade volume, a milestone that has been achieved by very few companies. The fact that an Indian startup is a crypto unicorn is a testament to the growing global interest in cryptocurrency. The Polygon exchange is also the first Indian startup to enter the unicorn club.
In 2018, shortly after the bitcoin crash, many casual crypto currency enthusiasts and Nocoiners were quick to write off the potential of the ecosystem. Many saw this collapse as a time to liquidate and turn away from cryptocurrencies. Ethereum, which was three years old at the time, still suffered from scalability issues and slow transactions with little bandwidth. While some blockchains have tried to address scalability issues and boast of high throughput, they have also had to make a serious compromise on decentralization, one of the key benefits of blockchain technology.
In April 2018, the Reserve Bank of India issued an infamous ban that prohibited banks from trading cryptocurrencies, creating a state of limbo in the Indian ecosystem. It was therefore all the more surprising that Jainti Kanani, Sandeep Nailwal and Anurag Arjun came out with a white paper for the then Matic network shortly after the ban in May 2018.
2018 – Matics on the rise
When Jayant, then a data scientist at Housing.com, Sandeep Nailwal, a blockchain expert, and Anurag Arjun, former Vice President of Product Management at IRIS Business Services Limited, developed Matic, the world had no idea they were working on something revolutionary. Matic Network, a Bangalore-based startup, aims to solve scalability and usability problems without compromising on decentralization.
They planned to leverage the existing developer ecosystem by providing us with a side-chain scaling solution for existing dApps. Initially, this Ethereum-based blockchain was launched on the Kovan Testnet test network, which offers near-instantaneous transfers, high transaction throughput and increased scalability. In 2018, the focus was on creating something revolutionary.
Basic properties of the matrix/polygon matrix
- Almost instantaneous transactions: This is achieved by using a PoS layer to verify blocks and periodically publish Merkle roots directly to the Ethereum mainchain. This results in a transaction time of <2 seconds.
- Low throughput transactions : By using a separate layer of block producers to produce blocks, the Matic network solves the problem of delay between the production of adjacent blocks on public blockchains like Ethereum.
- Scalability: In theory, platforms can use multiple sidechains and process millions of transactions per second. Additional side chains are added to further increase horizontal scalability.
- Low accuracy of POS : At the primary level, only the blocks of the data chain from the previous checkpoint to the next checkpoint can be stored. This will allow the use of low-precision PoS nodes (low-cost devices), and in the future the aim is to enable mining on mobile devices.
- Interchangeability : The Matic network uses a state-based architecture on top of the Ethereum virtual machine. Any valid Ethereum address is a valid Matic address, so the recipient does not need to be on the Matic network to receive the payment.
- Low transaction costs : Achieve economies of scale by executing a large number of transactions at the block producer level.
- Improved usability : Matic Network aims to create a ubiquitous mobile/browser application that enables better user interaction with digital applications.
In short, in addition to solving scalability issues for dApps in the Ethereum ecosystem, Matic also acts as a universal DeFi platform with the goal of increasing blockchain adoption.
2019: Market creation
While 2018 was all about the global launch of the platform, 2019 was all about growth and building the market. IEO’s launch of the Binance Launchpad will certainly be a milestone for them.
By entering into a strategic partnership with Binance, the Matic network was able to raise over $5 million, which was the best value in the industry at the time. A total of 1.9 billion MATIC tokens (19% of total supply) were offered for sale on Binance, with a maximum of 114,004.56 ($300) allocated to each winning ticket (16,666 in total).
They have also entered into a strategic alliance with Coinbase Ventures, which invested in Matic Network in a seed round. Matic used this investment to realize its vision of scaling dApps. They integrated the Coinbase wallet alongside the existing Matic wallet, providing additional security and access to the Matic network.
This allowed users to use the dApps built on Matic directly from their Coinbase wallet if they wanted to. In addition, they have also included stable currencies such as the USDC and DAI to counter volatility and provide stable payment tracks.
While this investment has attracted attention, it should in no way affect Matic Network’s progress in 2019. In early March, the company announced a developer support program that provides Matic teams with funding, technical advice, security checks, marketing and publicity services, investor relations, and access to Matic-sponsored hackathons (which have become mainstream since the initial announcement). They provided $500,000 to fund the dApps with the sole purpose of bringing Ethereum to the public.
They have organized over 50 hackathons to help Web 3.0 BUIDLers and make a significant impact on the global decentralized movement. They continue to hold hackathons around the world (especially in India) and offer various rewards to innovators to encourage them to work with Blockchain. Events such as Inout, ETHWaterloo and ETHIndia were particularly successful in 2019.
Polygon Tech in 2019
The product has become much more mature and will leave the proof-of-concept phase in 2019. In April 2007 they officially introduced the Matic Wallet with integrated support for plasma chains. With an expanded team of more than 10 developers, the team was not only able to deliver Testnet ahead of schedule, but also to deliver the alpha and beta versions of Mainnet in September 2019!
In 2019, more than 40 dApps integrate with the Matic network, making it the most popular Tier 2 solution. In fact, its adoption rate is so astounding that it is in the top 15 blockchain platforms in terms of adoption rate. Notable dApps that will integrate with Matic in 2019 include Decentraland, Harmony, Incento and BetProtocol.
In general, polyganum was widely used: 250+ DAapps, ~20M+ txns and ~390K unique portfolio users. Here’s a list of all the DApps on Polygon. Well-known DeFi dapps include Aave (market value over $5 billion), Sushi, Curve. Most prediction markets, such as Polymarket, PlotX and many others
For Polygon, the target customers are DApp developers. If you are an Ethereum developer, you are already a Polygon developer and can use Polygon’s fast and secure transactions for your DApp. Currently, the average number of transactions is 1.2 million per day, and the network is very close to Ethereum’s performance of 1.4 million transactions per day! At the same time, $1.2 billion in MATIC tokens have been pledged to secure the network, while $5 billion is locked up in TVL.
Acceptance by developers is just one side of the coin, because without the support of the community, Matic wouldn’t be where it is today. Together with the elite team of Matic Mitra (ambassadors of the global project), they managed to spread the message in all countries. It was a huge success, as evidenced by a 2,200% increase in followers on Twitter and a 600% increase in followers on Telegram.
2020 – Exit
While the year 2020 will forever be remembered for the deadly COVID-19 pandemic, the cryptocurrency ecosystem has seen a huge resurgence in popularity as the public has finally woken up to the inherent flaws of centralized systems. Matic, entering its second year, was able to launch an official mainnet and add 77 new dApps to the Matic ecosystem.
In fact, Matic has maintained its position as the most widely used Tier 2 platform in the industry. With the shift to DeFi, NFT, gaming, and other projects, adoption really ramped up in 2019. In particular, AMM DEX from WazirX, EasyFi, OroPocket, Decentraland, Terra Virtua, TradeStars, NIFTEX, DiTo are some of the popular dApps that are integrated with the Matic network.
Although stablecoin support was announced in 2019 (it was announced along with a partnership with venture capital firm Coinbase), support officially appeared on the mainnet along with the 2020 product launch. USDT, USDC and DAI are available to Matic network users for stability reasons.
The hackathons have continued until 2020. Thanks to their partnership with DevFolio, they have doubled the number of hackathons they host over the course of the year to over 100. They have doubled down (literally) on their motivation to encourage global talent to work with blockchain, with a particular focus on India.
They have continued to support promising developers working on Ethereum. The original fund of $500,000 has been increased to over $2 million. In parallel, an incentive program with reliable monthly payments was proposed. It’s about meeting the needs of teams who need a reliable and predictable source of cash flow in the early stages of an application’s lifecycle, before they reach a sustainable growth point.
Under the name Build-n-Earn, the Matic network helped 36 dApps in 2020 by helping them raise over $105,000. At the same time, they launched the multi-million dollar DeFi incubator program. In addition to financial support, they helped deFi teams leverage the Matic Layer 2 solution by providing access to a wide range of development tools and tokens from the Matic ecosystem.
Matic has stayed true to its focus on improving the user experience and has formed 16 strategic partnerships with industry leaders such as Chainlink, Ren Protocol, LTO Network, Ankr, Razor and Moonpay. The community continued to grow in 2020, with 68,700 followers on Twitter and 41,500 on Telegram. Global awareness of the Matic ecosystem continued to grow and Matic launched 14 regional Telegram communities.
2021: Previous path of polygon
In 2021, Matic renamed itself Polygon, ostensibly to implement its Polkadot pattern on Ethereum. The founders of Matic, together with Mihajlo Bjelic (a Serbian engineer in information systems), founded Polygon. Although Polkadot is not an official slogan on Ethereum, the community found it easier to understand and thus popularized it. However, with Polygon’s new SDK (Software Development Kit), developers can now create dApps on Ethereum-based infrastructure without having to choose a specific technology.
Although 2021 is only four months away, Polygon’s goal couldn’t be clearer: grow the ecosystem. As the number of actors in the Polygon ecosystem increases, it is fair to divide the different actors into three different categories.
- Toolbox for developers
- Toolbox for developers
- Bountyblock: Gamification tools for blockchain, NFTs and brands
- OpenGSN: The network of service stations minimizes connection friction for dApps. Allows users to interact with Ethereum contracts without ETH.
- Headset: Ethereum Development Environment
- MathWallet: The crypto-currency wallet has over 1 million users and supports over 60 blockchains.
- Metamasca: Cryptocurrency wallet; gateway for dApps; over 5 million users.
- Arkane Network: Multi-blockchain portfolio, with access to markets and the NFT API.
- Razor net: Secure, unauthorized, decentralized and multi-chained oracle network
- Proveable Things: The most common level of transmission in the world.
- BandProtocol: Decentralized Oracle, scalable across the chain.
If you had told us in April 2018 that a startup out of Bangalore was getting serious in the blockchain space, we would have asked you to take a sip of the tea you were drinking. Polygon has come a long way to get where it is today, despite regulatory issues that have forced many startups to pack up or leave.
With the one-year anniversary of the Mainnet launch just around the corner (May 31), I thought it would be the perfect time to write a post about Polygon’s journey and take the opportunity to congratulate the team on their success so far. The crypto-currency space shows no signs of slowing down, and neither does Polygon.
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. He is one of the very first enthusiasts of blockchain and cryptocurrency in India. After working in the field for several years, he founded IBC in 2016 to help other early adopters learn about the technology.
Before joining CBI, Hitesh founded 4 companies in the field of cyber security and IT.
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