Polygon Labs introduced at the moment the roll out of their bold Polygon 2.0 implementation. The announcement, made through a tweet, marks the discharge of three pivotal Polygon Enchancment Proposals (PIPs) and an in depth roadmap for part 0. “The wait is over. Polygon 2.0 implementation kicks off now,” the tweet reads, signaling the start of a brand new period for the platform.
Earlier this summer season, Polygon Labs had unveiled their imaginative and prescient for Polygon 2.0, a roadmap that goals to scale Ethereum blockspace to create what they time period because the “Worth Layer of the Web.” This transformative imaginative and prescient guarantees limitless scalability and unified liquidity. To deliver this imaginative and prescient to fruition, a sequence of upgrades to the Polygon protocol structure are crucial. Part 0, introduced at the moment, is step one on this course.
Part 0 focuses on 4 important upgrades to the protocol:
- The transition from MATIC to POL.
- Establishing POL because the native (gasoline) token for PoS.
- Designating POL because the staking token for PoS.
- The introduction of the Staking Layer, a function that can empower validators to safe a various vary of chains throughout the evolving Polygon 2.0 ecosystem.
What Part 0 Of Polygon 2.0 Brings
Polygon Labs has indicated that if the neighborhood endorses these proposals, the implementation may start as early because the fourth quarter of this yr. It’s noteworthy that the adjustments detailed within the first three PIPs are designed to be seamless, making certain no disruptions for end-users at this stage.
An official weblog put up, additionally launched at the moment, gives deeper insights into the transformative journey of Polygon 2.0, which was first launched to the general public in June. This set of proposed enhancements seeks to revolutionize practically each side of the Polygon ecosystem. The three PIPs launched at the moment provide a complete blueprint for part 0. Their purpose is to assemble a community of interconnected zero-knowledge-powered L2 chains, successfully scaling Ethereum to the huge expanse of the Web.
Central to those PIPs is the transition course of, the specs for the revamped token of the Polygon 2.0 structure, and essential updates to the Polygon PoS native token.
PIP-18, titled “Polygon 2.0 Part 0,” provides a complete overview of the preliminary part, detailing the upgrades that will probably be additional elaborated upon in subsequent PIPs. The milestones of part 0 are crafted with the person in thoughts, making certain minimal disruptions for these already working on Polygon PoS and Polygon zkEVM chains.
In the meantime, PIP-17 delves into the intricacies of the POL token, outlining the related contracts that can oversee its emission and migration. The POL token isn’t just a brand new title; it represents a next-generation token designed to accommodate an ecosystem of ZK-based Layer 2 chains, enabling staking, neighborhood possession, and governance.
Lastly, PIP-19 focuses on the transition of the native gasoline token on Polygon POS from MATIC to POL. This transition is designed to make sure most compatibility with present methods, with the native token’s properties remaining unchanged.
MATIC Value Evaluation
The MATIC value at present stays in a downtrend channel that noticed its starting in mid-February this yr. MATIC hit its yearly excessive of $1.56 on February 13 and has fallen 68% since then. Nonetheless, a have a look at the 1-week chart reveals that there’s hope for MATIC bulls.
On the time of writing, MATIC was buying and selling at 0.5184. All it could take to breathe new life into the MATIC value is a transfer above $0.5855. This value stage marks the 78.6% Fibonacci retracement stage, as well as, a transfer above this value would signify a breakout from the downtrend channel. The bulls may regain the higher hand and goal the 20-week EMA at $0.7007.
One other key resistance stage is at $0.7698, the place the 200-day EMA is situated. An increase to this value stage would already symbolize a forty five% rally. As then, the 50% Fibonacci retracement stage at $0.9435 could possibly be focused by the bulls. Main promoting strain may also be anticipated at $1.27 (23.6% Fibonacci retracement stage) earlier than the yearly excessive could be inside attain.
Polygon 2.0 clearly has the potential to awaken the bulls from their slumber. Nonetheless, the $0.5855 value stage is the vital key. If MATIC fails at this value stage, a sweep of 65-week low at $0.3177 may loom.
Featured picture from Admiral Markets, chart from TradingView.com
