Polygon Labs Release Polygon 2.0 Phase 0 Proposals For Community Feedback } Tokenhell

Navigate This Article

Toggle

• Ushering In Phase 0
• Gearing Up For A Total Revamp 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 uation 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 eco, 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 eco’s scalability, security, and sustainability.

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 iable supply of 2% annually, allowing the Polygon eco 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 eco.

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 eco by deploying a zkEVM Layer 2 via the CDK.

Navigate This Article

Toggle

• Ushering In Phase 0
• Gearing Up For A Total Revamp

Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at [email protected] if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.