Recently, millions of dollars of investment news can be seen in the crypto money markets. In this regard, Polygon has raised 450 million dollars in its last investment round.
Sequoia Capital India led Polygon's first major funding round. In addition to Tiger Global and SoftBank, Galaxy Digital, Republic Capital, Makers Fund, Alameda Research, Alan Howard, Alexis Ohanian, Steadview Capital, Elevation Capital, Animoca Brands, Spartan Fund, Dragonfly Capital, Variant Fund, Sino Global Capital and Kevin O ' leary also participated in the investment round.
According to Web3 Signals, a website that tracks venture investments in the crypto space, many of these investors are investing in an Ethereum scaling solution or blockchain infrastructure game in general for the first time.
Ethereum has attracted the largest developer ecosystem of any blockchain, but is plagued by its slowness and high transaction costs (also known as gas fees). Polygon tries to help the Ethereum network solve its growing problems by using techniques to extract a wide variety of transaction information from the blockchain. Moving so many details on the Ethereum blockchain allows Polygon to pack more transaction details in an Ethereum block and significantly scale the number of transactions it can process.
Polygon is a decentralized Ethereum scaling platform that enables developers to build scalable user-friendly dApps with low transaction fees without ever compromising security.
For the first few years, Polygon focused on a technique called Plasma to extract information from the Ethereum blockchain, but in recent years the firm has focused on several new methods to meet this challenge, including zero-knowledge rollups, optimistic rollups, and validium.
Counting Mark Cuban among its supporters, Polygon has emerged as one of the clear leaders among layer2 or sidechain projects trying to help Ethereum scalability. As of January 20, the platform has processed more than 23 million blocks and 1.3 billion transactions. The rise in popularity comes thanks to rapid adoption over the past year. More than 7,000 decentralized applications are based on Polygon, including Aave, Curve, Sushiswap, Pool, Uniswap, the giant NFT marketplace OpenSea, and metaverse projects Decentraland and Sandbox.