Matic Network is currently rebranding itself to Polygon, while trying to churn out Ethereum layer 2 scaling innovations. This platform is working tirelessly to solve the throughput issue that is common in Ethereum, and it wants to do with the layer 2 aggregation SDK, which will effortlessly support numerous technologies simultaneously.
This platform uses the Plasma technology to utilize the proof-of-stake (PoS) Ethereum sidechain. Sandeep Nailwal, the co-founder of Polygon has stated that the Version 1 of the software development kit (SDK) for layer 2 aggregation will be available in March. He made this known via a Telegram group.
He added that, “Polygon will support multiple layer 2 solutions such as Optimistic Rollups (OR), zkRollups (ZKR), and Validium, effectively making it an L2 aggregator,” the blog reads. “This approach, implemented via Polygon’s modular SDK, will enable projects to select the scaling solution that best suits their needs rather than being bound by any one option.”
One issue that scared developers and users of Ethereum is its high gas fees. The gas fees seem to be on the rise daily, and it has been linked to the increase in usage of the Ethereum blockchain. The high Ethereum fees are currently driving the creation of innovative layer 2 solutions.
The rebrand of Matic Network to Polygon and its roadmap stating what it intends to achieve in the coming months came at the right time. At the moment, like earlier mentioned, the transaction fees on Ethereum are quite high. Recently, it was noticed that the fee for a transfer was as high as twenty dollars.
This increase in fees have forced decentralized apps hosted on Ethereum to seek for layer 2 solutions that will take care of their needs. Many have opted for the different types of rollups such as ZKR and OR.
As a throughput technology, rollups allow transactions to verified and validated off-chain before being re-published on-chain. These solutions have shown promise to solving the issues that can be seen on Ethereum. The scalability issue besieging Ethereum can be solved at the moment by Rollups, and Vitalik Buterin made this knoen in his autumn blog post.
One thing that the DeFi and crypto world has prided itself with is the fact that it is better than the traditional setup. How then can one achieve massive adoptability, if it is noticed that transaction fees are quite expensive, and scalability is a big issue.
It is common to see skeptics trying to burst the bubble that the DeFi world has surrounded itself with, which is the bubble of being better than the traditional finance world. If the transaction fees of a centralized financing platform is at par with what is obtainable in the decentralized financing world, why then should more users embrace the latter? This is a question that has been asked over and over again.
This is why Polygon is dedicated to ensuring that Ethereum's scalability issues are tackled.
