From MATIC to POL: Polygon’s 2.0 Upgrade Targets Internet-Level Scalability

September 19, 2023

Details have been launched about Polygon’s upcoming improve, Polygon 2.0. The firm, identified for its Ethereum scaling options, has launched just a few Polygon enchancment proposals (PIPs) as a part of its shift to a community of interconnected zero-knowledge-powered chains.

Polygon 2.0 Unveiled in 3 PIPs

According to the announcement, Polygon 2.0 focuses on scalability and interoperability by implementing zero-knowledge (ZK) know-how. The intent of the improve is to transition Polygon right into a community resembling the construction of the Internet. This community of ZK-powered chains seeks to boost Ethereum’s capability with out compromising its safety.

“Three Polygon Improvement Proposals (PIPs) were released that lay out the specific changes that, following community endorsement, will begin to take place in early Q4 of this year,” the replace particulars.

The preliminary proposals think about modifications to Polygon’s present Ethereum contracts, aiming to forestall inconvenience for customers and builders. Key adjustments embrace transitioning the native token from MATIC to POL and introducing a Staking Layer for validators.

Polygon builders notice that the first goal is to develop Ethereum block area in a way just like the community construction of the web. Polygon believes that with ZK know-how, Ethereum block area can doubtlessly match the expanse of the web.

The PIPs embrace:

In the previous month, Polygon’s MATIC token has declined greater than 10% towards the U.S. greenback and 4% within the final two weeks. MATIC ranks 14th amongst greater than 10,000 cryptocurrency belongings, with a market capitalization of about $4.81 billion.

Regarding decentralized finance (defi), the full worth locked (TVL) in Polygon stands at $773.13 million, unfold throughout 474 defi protocols. With the upcoming transition to POL, customers could have the chance to swap MATIC for POL at a 1:1 price. Polygon’s current assertion concerning the Polygon 2.0 transition signifies that the upgrades can be carried out in phases, relatively than all of sudden.

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