Polygon Labs announces the rollout of Polygon 2.0 implementation, signaling a new era for the platform. The announcement, made through a tweet, introduces three pivotal Polygon Improvement Proposals (PIPs) and a detailed roadmap for phase 0. Polygon Labs had previously unveiled their vision for Polygon 2.0, aiming to scale Ethereum blockspace and create the “Value Layer of the Internet.” This vision promises unlimited scalability and unified liquidity, requiring upgrades to the Polygon protocol architecture.
Phase 0 delves into four main upgrades to the protocol: the transition from MATIC to POL, establishing POL as the native (gas) token for PoS, designating POL as the staking token for PoS, and introducing the Staking Layer. This layer empowers validators to secure a diverse range of chains within the evolving Polygon 2.0 ecosystem.
If endorsed by the community, the implementation of these proposals could begin in the fourth quarter of this year. The changes outlined in the first three PIPs aim to be seamless, ensuring minimal disruptions for end-users.
According to an official blog post released by Polygon Labs, Polygon 2.0 seeks to revolutionize every facet of the Polygon ecosystem by constructing a network of interconnected zero-knowledge-powered L2 chains. The goal is to scale Ethereum to the vast expanse of the Internet. The three released PIPs provide a comprehensive blueprint for phase 0, detailing the transition process, specifications for the revamped token, and crucial updates to the Polygon PoS native token.
PIP-18, titled “Polygon 2.0 Phase 0,” offers a comprehensive overview of the initial phase, while PIP-17 outlines the intricacies of the POL token, including its emission and migration. PIP-19 focuses on the transition of the native gas token from MATIC to POL while maximizing compatibility with existing systems.
In terms of MATIC price analysis, the cryptocurrency remains in a downtrend channel that began in mid-February. However, there is hope for MATIC bulls as a move above $0.5855, the 78.6% Fibonacci retracement level, could signify a breakout from the downtrend channel and pave the way for a potential rally.
Polygon 2.0 has the potential to awaken the bulls, but the $0.5855 price level is critical. If MATIC fails at this level, it could face further decline towards the 65-week low at $0.3177.
Source: [Admiral Markets](https://www.admiralmarkets.com/), [TradingView.com](https://www.tradingview.com/).
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About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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