Polygon Releases Proposals On Ethereum Scaling And POL Token

Blockchain agency Polygon Labs on Thursday introduced the official starting of Polygon 2.0 implementation with the discharge of three Polygon Enchancment Proposals (PIPs). Additionally, the initiation of migration of MATIC to POL token. It is a main announcement from Polygon because it seems to be to scale Ethereum for limitless scalability and unified liquidity.

Polygon Declares 2.0 Implementation Proposal

Polygon Labs in an official announcement on September 14 revealed the discharge of three Polygon Enchancment Proposals (PIPs) for Polygon 2.0 implementation. The plan unveiled in June will probably be accomplished in early This fall this 12 months.

“Central to the Polygon 2.0 imaginative and prescient is the concept of empowering the group — the builders, creators and all others who make the Polygon ecosystem doable.”

1/ The wait is over. Polygon 2.0 implementation kicks off now with the discharge of three Polygon Enchancment Proposals (PIPs), and a roadmap for Part 0.https://t.co/gk7FW0zCpc pic.twitter.com/YJo3BtQy4y

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

PIP-18 has Part 0 plans to construct a community of interconnected zero knowledge-powered L2 chains that scale Ethereum to the dimensions of the Web.

It’ll make important modifications together with upgrades from MATIC to POL token because the native token for Polygon PoS and staking token for Polygon PoS. Additionally, the launch of the Staking Layer and migration of Polygon public chains leverage the layer.

PIP-17 has POL token dealing with emission and token migration from MATIC, enabling staking, group possession, and governance.

PIP-19 will improve the Polygon PoS native token to POL whereas guaranteeing most backwards compatibility. This can occur by upgrading the native MATIC Bridge Contract.

MATIC Adjustments POL Token

MATIC price jumped greater than 1% within the final 24 hours, with the worth at present buying and selling at $0.521. Nevertheless, merchants didn’t instantly reply to the Polygon 2.0 implementation and POL token migration. The 24-hour high and low are $0.509 and $0.524, respectively.

Buying and selling volumes decreased by 12% previously 24 hours, indicating lack of curiosity from merchants. Furthermore, the SEC’s consideration of MATIC as securities and Binance dropping Polygon help and eradicating MATIC pairs impacted its value motion.

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