Polygon Labs Introduces Polygon 2.0 Implementation and POL Token Migration
Blockchain company Polygon Labs has officially announced the start of Polygon 2.0 implementation by releasing three Polygon Improvement Proposals (PIPs). This marks a significant milestone for Polygon as it aims to enhance Ethereum’s scalability and liquidity.
Polygon Announces 2.0 Implementation Proposal
Polygon Labs has revealed the release of three Polygon Improvement Proposals (PIPs) for the implementation of Polygon 2.0. The company plans to complete this initiative in early Q4 of this year.
“Central to the Polygon 2.0 vision is the idea of empowering the community — the builders, creators and all others who make the Polygon ecosystem possible.”
1/ The wait is over. Polygon 2.0 implementation kicks off now with the release of 3 Polygon Improvement Proposals (PIPs), and a roadmap for Phase 0. pic.twitter.com/YJo3BtQy4y
— Polygon (Labs) (@0xPolygonLabs) September 14, 2023
The first proposal, PIP-18, aims to create a network of interconnected zero knowledge-powered L2 chains that can scale Ethereum to the size of the Internet. It also includes migrating from MATIC to POL token, which will serve as the native token for Polygon PoS and staking.
PIP-17 focuses on POL token emission, migration from MATIC, and introducing staking, community ownership, and governance features.
PIP-19 will upgrade the Polygon PoS native token to POL while maintaining backwards compatibility by upgrading the MATIC Bridge Contract.
MATIC Changes POL Token
The price of MATIC has increased by over 1% in the past 24 hours and is currently trading at $0.521. However, traders have not yet reacted to the news of Polygon 2.0 implementation and POL token migration. The 24-hour low and high for MATIC are $0.509 and $0.524, respectively.
Trading volumes for MATIC have decreased by 12% in the last 24 hours, indicating a lack of interest from traders. Additionally, concerns about MATIC being classified as securities by the SEC and Binance dropping support for Polygon have affected its price.
Hot Take: Polygon Labs Sets Stage for Ethereum Scalability
Polygon Labs’ announcement of Polygon 2.0 implementation and POL token migration represents a major step towards achieving unlimited scalability and unified liquidity for Ethereum. By empowering the community and introducing new features like staking and governance, Polygon aims to enhance the overall ecosystem. However, the market response has been muted so far due to concerns regarding regulatory issues and exchange support. Nevertheless, this development sets the stage for a more efficient and scalable Ethereum network in the future.
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