It was July 2020 when I first noticed Matic token. It was still called Matic back then. The co-founders of the project were invited as guests on a popular crypto podcast called “Bankless”. The podcast is all about Ethereum network. I am a regular listener of the podcast, still.
It was more than an hour-long podcast. I knew nothing about the technicalities behind blockchains and Ethereum network. I did not understand anything what they were explaining but figured that they are talking about how to solve the existing problems faced by the Ethereum network. I was a newbie back then and was educating myself about chains, gas fees and proof of work and proof of stake models.
After the hour-long show, I concluded that these guys are doing something very important on ETH network but not sure what exactly. A couple of podcasts later and reading many related articles on second layer scaling solutions, I realized that they were trying to increase efficiency of transactions that happens on ETH base layer by taking up to another layer without compromising the security provided by the base layer.
My First Purchase
I put the project on my watchlist after that podcast but purchased the first batch of tokens only in January 2021. It was not because I did not like the project but it was due to my inability and inexperience in investing in crypto projects. Thank God, I purchased the tokens early enough. It took off right after the purchase and we all know what happened after that.
Polygon became the first second layer chain that gained massive popularity. The success of the project brought limelight to this obscure idea of second layer solutions. The project demonstrated that it is possible to implement the theory behind roll ups and bringing transactions to the second layer.
The hard-working team
Sandeep Nailwal is one of the co-founders of the project. I listened to him many times and read his interviews whenever I get chance. I am fascinated by his stories and his view points. It shows that the team is very hard-working and they are hard-core Ethereum followers. The team has demonstrated that they deliver and created this massive network based on the work they put in. It is impressive how they managed to garner so much attention and have created a hub for developers to build dApps.
It is also evident that Polygon is well like by the Ethereum community and the top brass of the network has good things to say about the project.
The AWS of Web 3
The polygon project managed to raise 450 million in its first institutional round from A list investors recently. The amount of funding they got will be enough for them to invest in Dapps and pay for the developers to work in their projects for the next 3-4 years. You will be amazed to see who invested in the project. The list includes popular investors like Kevin O’leary, Alex Ohanian and organizations like Alameda research (SBF – Solana founder), Celsius network, Bitfinex, Voodoo, and Softbank. The list is very long but it already shows how popular the network is among investors.
Looking at the list, we can project that the project will cater so many diverse projects in the future. Celsius is a centralized lending organization and it seems Polygon will be working with them. There are so many other organizations there which could partner with Polygon to bring blockchain solutions to web 2 applications.
Sandeep mentioned in one of his interviews that they aspire to be the AWS of web 3. That means polygon will be the building infrastructure for developers who want to build apps for the next generation of internet. I think that’s really important and shows why Polygon will continue to grow. The hardworking team behind the project, enough funds to support their vision and enough understanding and support of Ethereum network and community could definitely work for them in the years to come.
I will continue to add Matic to my portfolio for long-term holdings. What are your plans? What do you think of Polygon Matic