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Ethereum is one busy ecosystem and plays a massive role in driving the web3 movement forward. However, despite its novel architecture, the blockchain is limited in its scalability due to challenges such as network congestion and high gas fees.
To help solve these challenges, Layer 2 scaling solutions were birthed. One such platform is Polygon (formerly Matic Network), designed to bring interoperability between multiple EVM-compatible blockchains, including Ethereum.
Let’s explore the Polygon universe and learn why its token, MATIC, is one of the top Layer2cryptocurrencies in the market.
Key Takeaways:
Following its rebranding from Matic Network in 2021, Polygon has grown tremendously to become a leading Layer 2 scaling solution for Ethereum with a vast suite of web3 products in its ecosystem.
The project has proposed a major upgrade on its ecosystem, dubbed Polygon 2.0, that will bring unlimited scalability and unified liquidity to the platform.