Polygon Labs has started Polygon 2.0, a major Ethereum upgrade. They released three proposals to make Ethereum better and started changing MATIC to POL tokens.
Polygon Labs has kicked off Polygon 2.0, a big upgrade for Ethereum, with three proposals to improve it and the transition of MATIC to POL tokens. This marks a significant step for Polygon as they aim to make Ethereum more scalable and have better liquidity.
Polygon 2.0 Implementation Proposal Announced
On September 14, Polygon Labs made an important announcement. They shared that they’ve released three proposals to improve Polygon, called Polygon Improvement Proposals (PIPs). These changes are part of their Polygon 2.0 plan, which they started working on in June. They expect to finish these improvements in early Q4 this year.
One of the main goals of Polygon 2.0 is to give more power to the community. This means the people who build things on Polygon and everyone else who helps make Polygon better will have a bigger say in how things work.
1/ The wait is over. Polygon 2.0 implementation kicks off now with the release of 3 Polygon Improvement Proposals (PIPs), and a roadmap for Phase 0.https://t.co/gk7FW0zCpc pic.twitter.com/YJo3BtQy4y
— Polygon | Aggregated (@0xPolygon) September 14, 2023
PIP-18 is a plan to create a network of connected chains using a technology called zero knowledge. This will make Ethereum much bigger and more powerful, like the Internet.
One big change is that they will switch from using MATIC to POL tokens for certain things in Polygon. These tokens will be used for staking and other important stuff.
PIP-17 is about how they will use POL tokens. It will help with things like staking, which is like saving your tokens to earn rewards, and making sure the community has a say in how things work.
PIP-19 is a plan to make sure everything still works when they switch from MATIC to POL tokens. They will upgrade something called the Bridge Contract to make this happen.
MATIC Price Rises Slightly in 24 Hours
In the last day, the price of MATIC, a cryptocurrency, increased by just over 1%, reaching $0.521. However, the news about Polygon 2.0 and the migration of the POL token didn’t spark immediate interest from traders. The lowest and highest prices in the last 24 hours were $0.509 and $0.524, respectively.
Trading volumes have decreased by 12% during this time, indicating a lack of interest from traders. Additionally, concerns from the SEC about MATIC’s classification as securities and Binance’s decision to drop support for Polygon and remove MATIC pairs have influenced its price movement.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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