Scaling Solution Polygon (MATIC) Introduces Improvement Proposals for 2.0 Transition
Polygon (MATIC), a layer-2 scaling solution, is making changes to its protocols as the first phase of its technical upgrade begins. The project aims to become the “value layer of the internet” with Polygon 2.0. In a recent statement, the developer announced the release of three Polygon Improvement Proposals (PIPs) as part of Phase 0 of Polygon 2.0.
The PIPs propose converting MATIC’s native asset into POL tokens and using POL as the protocol’s gas token and staking token. The developer states that Phase 0 focuses on four main upgrades, including the initiation of MATIC to POL upgrade, making POL the native gas token for Proof of Stake (PoS), making POL the staking token for PoS, and launching the Staking Layer.
If endorsed by the community, implementation will begin in late 2023. The proposed changes are not expected to affect end users at this stage.
Hot Take: Polygon (MATIC) Prepares for Technical Upgrade with Proposed Changes
Polygon (MATIC) is gearing up for its anticipated technical upgrade with the introduction of three improvement proposals. These proposals aim to convert MATIC into POL tokens and establish POL as the network’s gas and staking token. This marks the first phase of Polygon’s transition to Polygon 2.0, which seeks to scale Ethereum blockspace and create a valuable layer for the internet. The upgrades outlined in Phase 0 include key enhancements such as launching the Staking Layer and making POL the native gas token for Proof of Stake. With implementation potentially starting in late 2023, Polygon continues to advance its vision for unlimited scalability and unified liquidity.
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