Polygon 2.0, a significant upgrade to the Polygon network, is set to revolutionize the Ethereum scaling protocol. The roadmap, unveiled in June 2023, envisions a network of zero-knowledge (ZK) Layer-2 chains with unified liquidity and infinite scalability features.
Accordingly, Polygon Labs has unleashed the Polygon Improvement Proposals (PIPs) for community evaluation and review in preparation for the upcoming changes.
Ushering In Phase 0
Reports indicate that Polygon Labs has released proposals for the Polygon 2.0 roadmap – “Phase 0 (Frontier).” These proposals are focused on converting MATIC, the Polygon Proof-of-Stake (PoS) chain’s native asset, to POL.
Additionally, POL is designed to serve the entire Polygon ecosystem, including the PoS and zkEVM chains and other future chains. The token will also be used for staking rewards, administration costs, and gas payments.
The PIP-17, the first proposal, describes the asset upgrade procedure. This includes information about the POL token contracts and configurations.
On the other hand, the PIP-19, the second proposal, suggests making POL the governance asset of the Polygon PoS chain by elevating the protocol’s Plasma Bridge Contract. Thus, developers utilize this in moving assets from Ethereum to the Polygon network and other platforms.
Besides converting MATIC to POL, the proposed upgrade is expected to facilitate withdrawal requests from the bridge using the POL token. Ultimately, the Polygon 2.0 upgrade is expected to improve the Polygon ecosystem’s scalability, security, and sustainability.
Also read:It will also make it easier for developers to build and deploy Polygon applications. With the upcoming MATIC to POL upgrade, Polygon, the leading Ethereum scaling solution, is set for another significant operational transformation.
The POL token is also intended to address some of MATIC’s shortcomings, which include its fixed supply and limited utility. In addition, POL will have a variable supply of 2% annually, allowing the Polygon ecosystem to scale more quickly and accommodate future growth potential.
Gearing Up For A Total Revamp
Polygon Labs has announced some exciting future developments for the Layer-2 scaling solution. The announcement further revealed that the proposed conversion of MATIC to POL will improve the network in several ways, including a significant improvement in its efficiency.
Another significant change coming as part of the Polygon 2.0 roadmap is introducing a Layer 2 zkEVM Validium chain, which will replace the PoS chain. While this statement may appear technical, the platform can process transactions faster than before without compromising security.
Polygon Labs team is investigating how the network is governed and how best to improve it. The team has proposed significant changes to the network’s governance structure.
This implies that the process for making decisions about the platform’s future will improve, giving the community a strong voice in shaping Polygon’s future direction. Furthermore, the Polygon team recently unveiled the Chain Development Kit (CDK) to accelerate the growth of the Polygon ecosystem.
This innovative kit, backed by Polygon co-founder Sandeep Nailwal, enables developers to launch a zkEVM Layer 2 chain in less than ten minutes. Its launch has sparked a surge in interest from other top crypto players.
For instance, Astar Network, a prominent Japanese blockchain, announced its intention to embrace the Polygon ecosystem by deploying a zkEVM Layer 2 via the CDK.
At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.