Matic Network plans to become the first Layer 2 solution aggregator on the Ethereum chain to build a modular, universal and flexible expansion framework for Ethereum.
Original title: “Matic turns into Polygon. The price of the currency is skyrocketing, and the prospect of Layer 2 aggregator is good? 》
Written by: Azuma
On February 10th, Matic Network, a star expansion project on the Ethereum chain, announced that it will undergo a brand upgrade and the project name will be changed to Polygon.
With the change of the project name, Matic Network’s vision will also be further expanded-it plans to become the first Layer 2 solution aggregator on the Ethereum chain to build a modular, universal and flexible expansion framework for Ethereum.
Stimulated by this good news, the price of MATIC has soared. As of 13:00, it was quoted at 0.116 USDT, with a 24-hour increase of 62.1%.
As a veteran Layer 2 expansion project, Matic Network has previously received seed funding support from Coinbase Ventures, and has also received extensive attention as Binance’s IEO project. On the whole, Matic Network is relatively mature in all Layer 2 expansion projects , This point is also reflected in its data:
Launched high-performance Matic Plasma Chains based on the Plasma expansion solution;
Built the Ethereum sidechain Matic PoS Chain, which supports the Ethereum Virtual Machine (EVM) and can also share the security of the Ethereum network;
More than 80 Dapps have been deployed, including the recently popular NFT game Aavegotchi;
More than 200,000 independent addresses have been generated, and more than 7 million transactions have been processed;
The explosion of DeFi and NFT has brought a prosperous on-chain ecology to Ethereum. In the face of high gas costs, expansion has also become the focus of the market. However, with the innovation of various new solutions, Plasma has gradually “fallen out of favor” due to the relatively complicated issues such as fund withdrawal. New directions such as zkRollups and cross-chain compatibility have become the new darlings of the market, betting on Plasma’s Matic Network. It also seems a little bit bleak.
Based on this background, the Matic Network project team, which has been working hard on the expansion circuit for a long time, made its own reflection:
The Ethereum expansion track is not a winner-takes-all game. Different projects have different needs, so a variety of different expansion plans may coexist for a long time;
The expansion plan on the Ethereum chain is quite mature and extremely dynamic. The main reason hindering the widespread adoption of various solutions is that the deployment is too complicated and lacks a common structure;
Cross-chain compatible solutions can indeed provide better performance than Ethereum, but the significant disadvantages of these solutions are that they cannot share the security of the Ethereum network and lack network effects and synergy. Most developers and projects still hope to be in Ethereum Build its expansion plan within the ecosystem.
Therefore, Matic Network decided to upgrade to Polygon. According to the official description, Polygon is defined as the first structured and easy-to-use Ethereum expansion and infrastructure development platform. The core component of Polygon is Polygon SDK, which is a modular and flexible development framework that supports the construction and connection of two mainstream expansion paths:
Stand-alone chains (ie side chains): This type of path can build side chains independent of Ethereum. The side chain network has its own verification mechanism and will be fully responsible for its own network security, but it can also provide better independence and flexibility. From the point of view of use cases, this direction is more suitable for projects that do not require the highest level of security (such as games) and projects with strong community power (the ability to establish a sufficiently decentralized and secure verification mechanism by itself).
An example of the structure of Polygon, which may also be the origin of its new name “Polygon”
Taken together, what Polygon has to do is to empower all existing Ethereum expansion plans, starting from the inside, and continue to explore the expansion of Ethereum. As Jaynti Kanani, co-founder of Matic Network, said:
“From the very beginning, we have only one mission-to promote the mass adoption of Ethereum. Based on this mission, we are ready to open the next more grand chapter. Through Polygon, we hope to make Ethereum a one A powerful and highly scalable multi-chain environment has become the backbone of the Web3 revolution.”
It should be noted that all the completed development work of Matic Network, such as Matic Plasma Chains and Matic PoS Chain solutions, will continue to exist and will continue to develop and become an important part of the Polygon ecosystem. The brand upgrade will not generate new tokens, and MATIC will continue to exist as the sole token of Polygon and will play a more important role in the future.
However, the new plan will also bring new challenges. Compared with simply building side chains or Plasma Chains, Polygon’s future development tasks and difficulties are bound to increase significantly. Odaily Planet Daily will continue to pay attention to the results.
In any case, today when various Layer 2 solutions are relatively fragmented, the “integration” approach proposed by Matic Network has opened a new door to the entire expansion track, and may also become a part of Ethereum’s long road to expansion. Big milestone event.
Disclaimer: As a blockchain information platform, articles published on this site only represent the author’s personal views, and have nothing to do with ChainNews’ position. The information, opinions, etc. in the article are for reference only, and are not intended as or regarded as actual investment advice.