Polygon pol

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Polygon is a protocol and framework for building and connecting Ethereum-compatible blockchain networks. It’s designed to alleviate Ethereum’s scalability and usability issues without compromising decentralisation.

For now, Polygon is not totally completely connected to Ethereum, but is in the process of doing so (see below). For this reason, you’ll see Polygon’s main blockchain, Polygon PoS, described as a ‘sidechain’.

Polygon launched in 2017 as Matic Network before rebranding in February 2021. Regardless of the name, the project has always existed to help Ethereum scale.

Polygon uses Polygon CDK, a flexible network that enables interoperability between its two core blockchain solutions: secured chains and sidechains.

Polygon’s solution is to create this framework to build and connect Ethereum-compatible blockchain networks. This will turn it into a multi-chain system, similar to Polkadot or Cosmos.

Its prime products include:

• Polygon PoS: A non-Ethereum network. (Is currently transitioning to a blockchain that is more aligned and directly secured by Ethereum.)
• Polygon zkEVM: A 100% secured Ethereum network compatible with the Ethereum Virtual Machine (EVM).
• Polygon Miden: A 100% secured Ethereum network that is incompatible with the EVM, using its own design.
• Polygon CDK: A toolset and framework to help build custom, application-specific chains backed by Polygon and Ethereum.

Of note, two other projects were previously housed under the Polygon umbrella before spinning out. The first was Avail (formerly Polygon Avail) in March 2023, and the second was Privado ID (formerly Polygon ID) in June 2024.

Several high-profile names from the Ethereum ecosystem were advising the Polygon team: Hudson Jameson (Ethereum Foundation), Ryan Sean Adams (Bankless), Anthony Sassano (The Daily Gwei), Pete Kim (Coinbase) and John Lilic (ex-Consensys).

Polygon Today

Throughout 2024, Polygon is undergoing a phased upgrade to Polygon 2.0, which will include the following major changes:

• [Achieved] Renaming MATIC to POL and giving its native token more productive power.
• [In Process] Transition its PoS sidechain to be increasingly secured by Ethereum.
• [In Process] Decentralise core governance.
• [In Process] A focus on allowing ‘value’ to flow natively across its many different networks.

Polygon’s native token is POL, an ERC-20 token used to pay for services in the Polygon ecosystem. For example, transaction fees are paid in POL. It also serves as a settlement currency between users operating in the ecosystem. POL owners participate in the PoS consensus as POL is used to pay staking rewards.

The supply of POL is constantly increasing. At the time of writing, the token has an emission rate of 3.0%. This rate is modifiable through a governance proposal.

The composition of POL’s total supply is as follows: ecosystem (23%), foundation (21.9%), Launchpad sale (19%), team (16%), network operations (12%), advisors (4%), seed round (2.1%) and early supporters (1.7%).