The popular Layer-2 scaling solution for the Ethereum blockchain, Matic Network, has rebranded its project to Polygon. Upon the name change, Polygon also announced plans to enhance its support for the Ethereum network to scale faster and reduce the growing transaction costs.
Matic Network Becomes Polygon
Known as Matic Network until today, the project serves as an open-source scaling solution for the Ethereum network, backed by two of the world’s largest cryptocurrency exchanges – Binance and Coinbase.
In a press release shared with CryptoPotato, the team announced the rebranding, which will convert the name to Polygon. The name change “will coincide with a strategic shift that will see Polygon focus on creating a multichain system akin to Polkadot on Ethereum.”
Apart from the ongoing L2 secured chains and standalone chains, the multichain architecture plans to adopt various new solutions. Those include Optimistic Rollups, recently unveiled by Cartesi, zkRollups, and Validium.
Polygon’s modular SDK will implement all solutions to work together. It will enable different projects to select the scaling option that suits their needs best, instead of being bound by only one option. These developments will essentially make Polygon an L2 aggregator.
Some of Ethereum’s team and developers, such as Ryan Adams, Anthony Sassano, Hudson Jameson, and John Lilic, will join Polygon as advisors to ensure the creation of a “larger front against Polkadot.”
It’s worth noting that the rebranding will not affect any of the existing Matic solutions and implementations. Matic PoS Chain and Matic Plasma Chains will remain fully functional.
The MATIC token will also have a role in “securing and incentivizing the ecosystem, with additional functionality introduced thanks to the new scaling techniques and side chains that will be integrated.”
Familiar Endgame: Lower Ethereum Gas Fees
The main objective of Polygon’s most recent initiative is to decrease the untypically high fees paid on the Ethereum blockchain. As reported last week, the average transaction costs skyrocketed to all-time high levels of nearly $25.
Despite slicing in half since then, the network still presents challenges for retail users trying to take advantage of the ongoing DeFi craze.
Polygon’s mission will be to “elevate the capabilities of the Ethereum mainchain, creating an Internet of Blockchains that supplies on-demand scaling for crypto projects and enterprises,” and ultimately “drive down network fees.”