Crypto Updates

Scaling Solution Polygon (MATIC) Officially Rolls Out Three Improvement Proposals To Kick Off 2.0 Transition

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Layer-2 scaling solution Polygon (MATIC) is introducing new proposed changes to the network’s protocols as the initial phase of its anticipated technical upgrade begins.

In June, Polygon Labs announced that the blockchain will transition to Polygon 2.0, which aims to make the project the “value layer of the internet.”

In a new statement on social media platform X, the developer says the network is rolling out Phase 0 of Polygon 2.0 with the release of three Polygon Improvement Proposals (PIPs).

The PIPs seek to see MATIC’s native asset converted into POL token and POL being used as the protocol’s native gas token and staking token.

“This summer, Polygon Labs unveiled the roadmap for Polygon 2.0, which aims to scale Ethereum blockspace to create the Value Layer of the Internet, providing unlimited scalability and unified liquidity.

To deliver this vision Polygon’s protocol architecture needs to be upgraded, with Phase 0 announced today.”

The Polygon developer says Phase 0 focuses on four main upgrades to the protocol.

“1. Initiation of MATIC to POL upgrade

POL becoming the native (gas) token for PoS
POL becoming the staking token for PoS
Launch of the Staking Layer, enabling validators to secure a myriad of chains in the Polygon 2.0 ecosystem”

Polygon Labs says implementation will start as early as the last quarter of 2023 if the community endorses the proposals.

“The changes outlined today in the first 3 PIPs will not affect end users at this stage.”

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