Polygon Releases Proposals On Ethereum Scaling And POL Token

Blockchain firm Polygon Labs on Thursday announced the official beginning of Polygon 2.0 implementation with the release of three Polygon Improvement Proposals (PIPs). Also, the initiation of migration of MATIC to POL token. This is a major announcement from Polygon as it looks to scale Ethereum for unlimited scalability and unified liquidity.

Polygon Announces 2.0 Implementation Proposal

Polygon Labs in an official announcement on September 14 revealed the release of three Polygon Improvement Proposals (PIPs) for Polygon 2.0 implementation. The plan unveiled in June will likely be completed in early Q4 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.https://t.co/gk7FW0zCpc pic.twitter.com/YJo3BtQy4y

— Polygon (Labs) (@0xPolygonLabs) September 14, 2023

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PIP-18 has Phase 0 plans to build a network of interconnected zero knowledge-powered L2 chains that scale Ethereum to the size of the Internet.

It will make significant changes including upgrades from MATIC to POL token as the native token for Polygon PoS and staking token for Polygon PoS. Also, the launch of the Staking Layer and migration of Polygon public chains leverage the layer.

PIP-17 has POL token handling emission and token migration from MATIC, enabling staking, community ownership, and governance.

PIP-19 will upgrade the Polygon PoS native token to POL while ensuring maximum backwards compatibility. This will happen by upgrading the native MATIC Bridge Contract.

MATIC Changes POL Token

MATIC price jumped more than 1% in the last 24 hours, with the price currently trading at $0.521. However, traders didn’t immediately respond to the Polygon 2.0 implementation and POL token migration. The 24-hour low and high are $0.509 and $0.524, respectively.

Trading volumes decreased by 12% in the past 24 hours, indicating lack of interest from traders. Moreover, the SEC’s consideration of MATIC as securities and Binance dropping Polygon support and removing MATIC pairs impacted its price action.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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