Is Polymesh a layer 1?

Is Polymesh indeed categorized as a Layer 1 blockchain? Given its unique features and functionality, it seems to possess characteristics that might fall under the Layer 1 umbrella. However, the definition of Layer 1 can vary depending on context and specific criteria. Could you please clarify whether Polymesh meets the typical qualifications of a Layer 1 blockchain, and if so, how does it differ from other Layer 1 platforms? Additionally, what are the key benefits and limitations of considering Polymesh as a Layer 1, and how does this positioning impact its overall functionality and usage in the cryptocurrency and finance industry?