Polygon (formerly MATIC)

POL Launched 2019 source

What this page is: neutral, sourced facts about Polygon (formerly MATIC). Every line links where it was checked. 10 facts, 2 from primary sources. Educational, not financial advice.

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Launch

The Matic Network was launched in 2017 by four software engineers: Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic. secondary source source

Founders and creators

The Matic Network was launched in 2017 by four software engineers: Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic. secondary source source

Origin story

POL is the upgrade of the MATIC token. secondary source source
In a Binance Launchpad sale in April 2019, all 1.9 billion MATIC tokens were sold to participants who won the lottery, paying with BNB. primary source source

Stated purpose

Polygon (formerly Matic Network) aims to create a multi-chain blockchain system compatible with Ethereum and to address high transaction fees and slow processing speeds. secondary source source

Consensus mechanism

As with Ethereum, it uses a proof-of-stake consensus mechanism; validators are rewarded with POL tokens proportionally to their POL stake. secondary source source

Supply model

In the April 2019 Binance Launchpad sale, all 1.9 billion MATIC tokens (POL's predecessor) offered were sold to Launchpad participants. primary source source

Main uses today

POL serves as the native gas token of this ecosystem, powering all transactions, and staking token, securing the network. secondary source source

Key milestones

In February 2021, the project was rebranded as Polygon Technology; in August 2021, Polygon acquired Hermez Network for $250 million. secondary source source

Notable events and controversies

In December 2021, Polygon disclosed a security vulnerability that resulted in the theft of 801,601 MATIC tokens. secondary source source

Sources & studies

Last checked: 2026-11-04 · Prices, market caps and circulating supply are left out on purpose because they change by the minute. Educational, not financial advice.

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