Polygon (MATIC) Initiates 2.0 Transition with Three New Improvement Proposals

Introduction to Polygon 2.0

In June, Polygon Labs made a groundbreaking announcement, revealing the forthcoming transition to Polygon 2.0. The primary objective of Polygon 2.0 is to transform the platform into the “value layer of the internet,” ushering in an era of unlimited scalability and unified liquidity.

Phase 0 and Polygon Improvement Proposals (PIPs)

As part of the initial phase, referred to as Phase 0, Polygon is rolling out a set of three Polygon Improvement Proposals (PIPs). These proposals are pivotal in shaping the future of the network and include plans to convert MATIC’s native asset into the POL token. Furthermore, POL is set to become the protocol’s native gas token and staking token.

The Polygon developer recently shared insights on these developments via a social media platform, stating, “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.”

Main Upgrades in Phase 0

The Phase 0 upgrade will focus on four core enhancements to the protocol:

  • Initiation of MATIC to POL upgrade
  • POL becoming the native (gas) token for Proof of Stake (PoS)
  • POL becoming the staking token for Proof of Stake (PoS)
  • Launch of the Staking Layer, enabling validators to secure a myriad of chains in the Polygon 2.0 ecosystem

Polygon Labs has indicated that the implementation of these changes is slated to commence as early as the last quarter of 2023, contingent upon the community’s endorsement of the proposals.

The developer has reassured that these changes outlined in the first three PIPs will not impact end users during this initial phase.

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