Information on Polygon 2.0, the impending upgrade, has been made public. The business, which is well-known for its scaling solutions for Ethereum, has released a few Polygon improvement proposals (PIPs) as part of its transition to a network of interconnected chains driven by zero knowledge.
@0xPolygon 2.0's vision is to scale #Ethereum on demand with a web of ZK-powered L2 chains. Building and launching L2s can be complex, but Polygon's Chain Development Kit (CDK) simplifies this process.
The #Polygon CDK is an open-source codebase that empowers anyone to launch…
— Insider Information (@ByInsiderInfo) September 10, 2023
Polygon 2.0 Unveiled in 3 PIPs
The statement states that Polygon 2.0 leverages zero-knowledge (ZK) technology to prioritize scalability and interoperability. The goal of the update is to convert Polygon into a network with a design similar to the Internet. While maintaining its security, this network of ZK-powered chains aims to increase Ethereum’s functionality.
: : @0xPolygonLabs recently unveiled the blueprint for Polygon 2.0, aiming to solve the scalability problem vertically and horizontally.
— Four Pillars (@FourPillarsFP) September 18, 2023
The update states that “three Polygon Improvement Proposals (PIPs) were released that lay out the specific changes that, after receiving community approval, will start to occur in early Q4 of this year.”
The initial suggestions focus on modifying Polygon’s existing Ethereum contracts in order to minimize user and developer discomfort. The native token is being switched from MATIC to POL, and a staking layer for validators has also been added.
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The total value locked (TVL) in Polygon for decentralized finance (defi) is $773.13 million, distributed among 474 defi protocols. Users will have the option to swap MATIC for POL at a 1:1 rate with the impending switch to POL. According to a recent Polygon statement about the Polygon 2.0 transition, the enhancements won’t be delivered all at once but rather in stages.
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