Polygon recently announced Polygon 2.0 to establish the value layer of the internet by allowing users to create and exchange value. Based on the announcement on Twitter, it can be assumed that Polygon 2.0 is an all-in-one set of tools that are bound to reimagine every aspect of the protocol, ranging from protocol architecture to tokenomics to governance. It can be classified as a roadmap that suggests how the protocol would establish itself as the value layer, offering unlimited scalability, as well as unified liquidity via the use of ZK technology.
1/ Our vision for Polygon is simple: to build the Value Layer of the Internet.
The Internet allows anyone to create and exchange information. The Value Layer allows anyone to create, exchange, and program value.
Enter Polygon 2.0: a blueprint to build the ultimate Value Layer. pic.twitter.com/9eYSr3H1L5
— Polygon (Labs) (@0xPolygonLabs) June 12, 2023
Currently, it is believed that the Polygon 2.0 update is gearing up to establish itself as a network of interconnected chains powered by zero-knowledge technology. Polygon Labs stated:
“The network can support a practically unlimited number of chains and cross-chain interactions can happen safely and instantly, without additional security or trust assumptions. Unlimited scalability and unified liquidity.”
Polygon 2.0 – What’s New for the Protocol?
The upgrade would play a major role in unifying different protocols, provide easy and seamless usage across zk EVM technology, and offer proof-of-stake. The combination of all these features would make users feel as if they are using a single chain. Furthermore, some highlights of the technology include token evolution as well as long-term decentralized token governance. However, the details shared currently are just the tip of the iceberg, as more information is expected to be shared within the upcoming few weeks.
With the announcement making its rounds in the crypto space, the trading price of Polygon’s native token, MATIC, was subject to a favorable increase. MATIC surged by 2.32% within the previous 24 hours. The surge has pushed the trading price of the token to $0.6447 and the market cap currently stands at $6.45 billion.
Polygon was able to establish a name for itself as a layer 2 scaling solution that offered faster and cheaper transactions and ultimately secured them on the Ethereum blockchain. The 2.0 version has been designed to improve the already existing capabilities.
The upgrade would also introduce an array of modules that developers can use to design and build their own blockchain networks. Moreover, these modules include consensus and synchronization mechanisms, fraud-proof, and much more. The aim is to provide an ideal platform for dApps.
The announcement comes just a week after the SEC’s crackdown against Binance and Coinbase. In both of its lawsuits, the SEC listed Polygon as one of the tokens it considers to be an unregistered security. However, the regulator did not charge Polygon with possible wrongdoings, and neither did it list the firm as a defendant in both of these lawsuits.