Polygon Labs has officially announced the start of the implementation of Polygon 2.0, a blockchain project aimed at scaling Ethereum for unlimited scalability and unified liquidity. This major development includes the release of three Polygon Improvement Proposals (PIPs) and the migration of the MATIC token to the POL token.
The three PIPs unveiled by Polygon Labs are part of the Polygon 2.0 vision, which aims to empower the community of builders and creators within the Polygon ecosystem. PIP-18 outlines plans for Phase 0, which involves building a network of interconnected zero knowledge-powered L2 chains to scale Ethereum to the size of the Internet. This phase will also see upgrades from the MATIC token to the POL token, which will serve as the native token for Polygon’s Proof of Stake (PoS) mechanism and staking token.
PIP-17 focuses on the handling of emissions and token migration from MATIC to POL, enabling staking, community ownership, and governance. PIP-19, on the other hand, aims to upgrade the Polygon PoS native token to POL while ensuring maximum backwards compatibility by upgrading the native MATIC Bridge Contract.
Following the announcement, the price of MATIC experienced a slight increase of over 1% in the last 24 hours, with the current trading price at $0.521. However, trading volumes decreased by 12% during this period, suggesting a lack of immediate interest from traders. It is worth noting that the SEC’s consideration of MATIC as securities and Binance’s decision to drop Polygon support and remove MATIC pairs have had an impact on its price action.
The implementation of Polygon 2.0 and the migration to the POL token mark significant milestones for Polygon Labs as they strive to enhance Ethereum’s scalability and liquidity through community empowerment and technological advancements.