Crypto Gloss

Mihailo Bjelic

Definition: Mihailo Bjelic is a co-founder of Polygon (originally Matic Network), the Ethereum Layer 2 scaling ecosystem, alongside Sandeep Nailwal, Jaynti Kanani, and Anurag Arjun. He has been instrumental in defining Polygon’s technical direction, particularly its transition to zero-knowledge proof (ZK)-based scaling technology through Polygon zkEVM and the AggLayer.

Key Contributions

  • Co-founded Matic Network in 2017, later rebranded to Polygon in 2021, making it one of the first EVM-compatible Layer 2 scaling solutions
  • Participated in winning a Binance Launchpad IEO in 2019, raising $5M for Matic Network
  • Led Polygon’s 2021–2022 acquisition strategy, where Polygon spent approximately $1B+ acquiring ZK technology teams: Hermez ($250M), Mir Protocol ($400M), Plonky2 devs
  • Articulated the vision for Polygon 2.0 and the AggLayer — a unified liquidity layer connecting multiple ZK-based Polygon chains
  • Polygon’s native token (MATIC) rebranded to POL in 2024 as part of the Polygon 2.0 roadmap

Timeline

  • 2017 — Co-founded Matic Network with Sandeep Nailwal, Jaynti Kanani, and Anurag Arjun.
  • 2019 — Matic Network IEO on Binance Launchpad; raised $5M.
  • 2020 — Matic launched on Ethereum mainnet.
  • 2021 — Rebranded to Polygon. Raised $450M from investors including Sequoia.
  • 2021–2022 — Polygon acquired Hermez ($250M) and Mir Protocol ($400M) for ZK capabilities.
  • 2023 — Polygon zkEVM mainnet launched. AggLayer whitepaper published.
  • 2024 — MATIC rebranded to POL; Polygon 2.0 roadmap underway.

Controversies

  • Massive ZK acquisitions — The $1B+ in ZK team acquisitions drew questions about capital allocation and whether Polygon was overpaying for nascent technology. Some critics questioned the governance process behind these decisions.
  • Competition with Ethereum L2s — Polygon’s aggressive expansion has put it in competition with Optimism, Arbitrum, and other leading L2s, with ongoing debates about which approach (Optimistic vs. ZK rollups, chain vs. sidechain) will win.

Social Media Sentiment

Bjelic is respected in the Ethereum developer community for Polygon’s technical ambition. Polygon’s aggressive ZK acquisition strategy in 2021–2022 was controversial but is now seen as forward-looking given the shift toward ZK rollups as the dominant scaling paradigm. The AggLayer vision has attracted positive developer attention.

Last updated: 2026-04

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