Meet Polygon, the Crypto Unicorn from India 🦄

A $13 Billion+ Unicorn 🦄 Polygon (MATIC), a crypto token by a startup in India crossed $13B market cap and is one of the Top 20 cryptos of the word! How did it happen and you probably never heard of it? A thread 🧵

2/n Polygon’s token was first distributed through Binance’s ICO (Initial Exchange Offering) in 2019 and has raised over $5 million from VCs. Coinbase, the largest exchange, also allowed users to trade Polygon’s token in March 2021. 2100% returns in the last 3 months!

3/n High transaction fees and slow transactions are the biggest issues of Ethereum. Created by three Indians, Jayanti Kanani, Sandeep Nailwal, and Anurag Arjun in 2018, it simply aimed to solve the inefficiencies of the Ethereum blockchain network and scale it further.

4/n How does it work? Polygon aims to provide faster and cheaper transactions on Ethereum using L2 or “Layer 2” sidechains, which are blockchains that run alongside the main Ethereum chain. Simply put, it’s just an efficient layer on top of the Ethereum network.

5/n To put numbers into perspective, the transactions on Polygon get processed 10-15X faster, with a fraction of fees. It is able to achieve this by mirroring the entire Ethereum network and offloading the computational burden of Ethereum transactions to the Polygon sidechain.

6/n The number of applications built on Polygon has increased 8X in just 4 months and has now over 400+ applications in gaming, NFTs, and DeFi. Even, Twitter guy, Jack used it to mint his first tweet as an NFT. Will they be able to sustain this valuation?

A $13 Billion+ Unicorn 🦄 Polygon (MATIC), a crypto token by a startup in India crossed $13B market cap and is one of the Top 20 cryptos of the word! How did it happen and you probably never heard of it? A thread 🧵

2/n Polygon’s token was first distributed through Binance’s ICO (Initial Exchange Offering) in 2019 and has raised over $5 million from VCs. Coinbase, the largest exchange, also allowed users to trade Polygon’s token in March 2021. 2100% returns in the last 3 months!

3/n High transaction fees and slow transactions are the biggest issues of Ethereum. Created by three Indians, Jayanti Kanani, Sandeep Nailwal, and Anurag Arjun in 2018, it simply aimed to solve the inefficiencies of the Ethereum blockchain network and scale it further.

4/n How does it work? Polygon aims to provide faster and cheaper transactions on Ethereum using L2 or “Layer 2” sidechains, which are blockchains that run alongside the main Ethereum chain. Simply put, it’s just an efficient layer on top of the Ethereum network.

5/n To put numbers into perspective, the transactions on Polygon get processed 10-15X faster, with a fraction of fees. It is able to achieve this by mirroring the entire Ethereum network and offloading the computational burden of Ethereum transactions to the Polygon sidechain.

6/n The number of applications built on Polygon has increased 8X in just 4 months and has now over 400+ applications in gaming, NFTs, and DeFi. Even, Twitter guy, Jack used it to mint his first tweet as an NFT. Will they be able to sustain this valuation?