Re-Branding (Day 312)

While checking out Matic today I saw this modal saying that the project is being rebranded as Polygon. I don't have enough knowledge about the Matic network so I'm not sure why they rebrand it, as Matic has been sponsoring many hackathons and probably is a better-known brand.

Another rebranded product comes to mind is Aave.

AAVE, or formerly ETHLend, is a well-known decentralized finance project or DeFi that is focused on making loans with cryptocurrencies, using a simple interface and under a scheme that revolutionized this sector. --bit2me

First saw Aave in the DeFi hackathon back in 2019--the last in-person hackathon before the pandemic hits. I don't even know how to pronounce the word Aave. ETHLend was so well-known, why did they rebrand it in such a hard-to-remember foreign word?

Well, according to today's DeFiPulse, Aave has $5.54B TVL (total value locked), the 2nd largest TVL project in the DeFi space. Judging from that, the rebrand is a success.

The other rebranding comes to mind is from my former employer Massdrop. Massdrop has rebranded itself to Drop--a super common word and I'm amazed that if you type the word drop in Google the first result returned is drop.com, even on top of a much better known brand like dropbox. The SEO effort must be incredible to yield such a result. Maybe it tries to make reference to the term "drop" as new product launches for the newer generations.

Well, I guess a rebranding effort at least indicates that the company is rich enough to re-educate the public of their new name!