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Polygon 2.0 Kicks off With 3 New Proposals: Details

Thu, 09/14/2023 - 13:27
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Godfrey Benjamin
Polygon has unveiled new proposals to kickstart its upgrade venture
Polygon 2.0 Kicks off With 3 New Proposals: Details
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Polygon, the pioneering Ethereum scaling solution, has unveiled the start of the implementation of Polygon 2.0, the next iteration in its evolution. Taking to its official account on the X App, Polygon Labs said that Phase 0 of Polygon 2.0 begins today with four major upgrades to the protocol.

Polygon (MATIC) Teases Major Announcements and Big Upgrade: Details

These upgrades include the initiation of the native token MATIC to the POL upgrade, transforming the POL token to become the native (gas) token for the protocol's proof-of-stake (PoS) system, positioning the new POL tokens to become the staking token for PoS and, ultimately, the launch of the staking layer, enabling validators to secure a myriad of chains in the Polygon 2.0 ecosystem.

Active work is ongoing in this regard and, according to Polygon Labs, these proposals are currently up for voting by the members of the community. Should the community deem it fit that these proposals are worth the hype and approval is granted, implementation is scheduled to begin by the fourth quarter of this year.

According to the update shared, the first three of the proposals will not affect end users at this stage and, as such, there will be no need for any adjustments

Pressure for MATIC?

Polygon zkEVM Upgrade Details Revealed

The news of the upgrade from Polygon to Polygon 2.0 is an enormous one for the scaling protocol, and there are different impacts for the MATIC token. One is that it might impact the overall demand for the coin as some buyers may anticipate the POL tokens that are billed to come alive soon.

Additionally, investment might hinge on the fact that the emergence of the POL tokens will be accompanied by an airdrop that might benefit current MATIC holders. This sentiment can fuel buy-ups and, thus, stir an upward surge in the price of the MATIC tokens ahead of the full transition.

At the time of writing, MATIC is up 1.6% to $0.5186, cementing growth recorded thus far this month.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.