Polygon Labs Propose Phase 0 of Transition to Polygon 2.0: MATIC Becomes POL
Polygon Labs developers have presented three proposals for improvements to their ecosystem, which will lead to the migration of the crypto MATIC to POL. If these updates are accepted, POL will become the gas token and staking token on Polygon PoS by the end of Q4 this year. The goal is to create a network of interconnected layer-2 chains with unlimited scalability and unified liquidity.
Details of the Transition Plan to Polygon 2.0
Three developers from Polygon, known as “H_Rook,” “Gretze,” and “Mateusz,” have submitted proposals outlining the plan for converting MATIC to POL within the decentralized ecosystem. The new infrastructure will consist of four layers dedicated to staking, interoperability, execution, and transaction validities.
The aim is to provide users and developers with a highly interconnected layer capable of supporting infinite throughput, similar to the traditional web. The concept of unified liquidity is also important to ensure seamless movement of assets within the new version of Polygon 2.0.
Polygon’s innovative architecture is expected to play a crucial role in the development of the blockchain industry in the coming years.
Market Analysis: Impact on MATIC Price
Despite the positive project updates, MATIC’s price has not been affected positively. The coin continues to face negative momentum for altcoins overall.
MATIC remains below the 10 EMA on a daily timeframe, indicating bearish control. Further declines are expected, with potential support at $0.50. Breaking this level could result in a sharp descent for MATIC.
The overall situation is bearish and influenced by Bitcoin’s movements as it faces a critical period. It is advised to be cautious and avoid overexposure to altcoins like MATIC, which could be detrimental to the crypto portfolio.
Current MATIC Market Data
MATIC currently trades at $0.52 per token, with a market capitalization of $4.8 billion and a trading volume of $203 million in the past four hours.
Hot Take: Polygon 2.0’s Ambitious Vision for the Future
Polygon’s transition to Polygon 2.0 represents an ambitious vision for the future of blockchain technology. By creating a highly interconnected network of layer-2 chains, Polygon aims to provide unlimited scalability and unified liquidity. This innovative architecture has the potential to revolutionize the industry and make Web3 more similar to the traditional web. With its proposed improvements and migration from MATIC to POL, Polygon is positioning itself as a leading figure within the blockchain landscape.
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