Cumberland Counterparties

Polygon Technology is arguably the leader in the Ethereum L2 space and offers a secure, cost-efficient scaling platform for Ethereum projects. Best known for its PoS commit chain (technically an L1) – which leads the Ethereum L2 pack in terms of transactions, addresses and TVL – Polygon has continued to innovate to deliver novel solutions to the dApp community. Polygon has been highly acquisitive in recent years, using its token and cash reserves to make a number of strategic investments, particularly in the zk-rollup space.

In this report, we look at Polygon’s growth strategy and emerging product suite and try to understand how the project and investment case likely evolve going forward, particularly given...