Polygon, formerly called Matic, is an Indian blockchain scalability platform that aims to solve the problems Ethereum is currently facing, such as scalability, high gas fees, and low transactions per second (TPS). The solution platform is used as a framework for connecting Ethereum-compatible blockchain networks. Its native token is MATIC, which ranks as one of the top 15 cryptocurrencies globally.
The multi-chain platform is involved in some of the biggest new trends in the crypto space: Decentralized Finance (DeFi), Decentralized Apps (DApps), Decentralized Autonomous Organizations (DAOs), and non-fungible tokens (NFTs).
Polygon is based in Mumbai, India and was founded by software engineers Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic. It has enjoyed an incredible price increase in 2021 so far.