Matic Network becomes Polygon
On February 9, 2021, Matic Network announced in a press release its rebranding under the name Polygon. This name change does not affect the operation of the previous solutions built on the Matic Network and the goal is to extend the possibilities developed on the Ethereum blockchain.
Polygon, a strategic choice
Founded in 2017, the role of Matic Network is to improve Ethereum's infrastructure by offering Layer 2 solutions on this blockchain to make it more scalable. Polygon continues on this path and plans to gather in its ecosystem a maximum of scalability solutions for Ethereum in order to take advantage of the strengths of each of these solutions. This is therefore a strategic change on the part of Polygon, which comes at a crucial time when the costs of the Ethereum blockchain are exorbitant, when DeFi is booming and when the scalability of Ethereum is not sufficient to support all the excitement generated. In spite of the ongoing transition to ETH 2.0, the users of the blockchain cannot afford to wait 18 months (at least) to benefit from faster and scalable functionalities. Polygon therefore offers an alternative adapted to today's needs.
No change for the MATIC token.
Regarding the MATIC token, no change. Indeed, MATIC will retain its central role in the Polygon ecosystem to ensure network security and governance. In addition, all the solutions already developed on Matic Network will remain functional following this name change.
In addition, no action is required for MATIC holders. The name change is therefore essentially strategic and Polygon intends to be successful before Ethereum 2.0 is fully operational.