Polygon, a leading Ethereum scaling team, has announced its plans to transform its ecosystem into a network of multiple interconnected chains, known as Polygon 2.0. The goal of this upgrade is to map the future evolution of the Proof-of-Stake (PoS) chain, improve the utility of the MATIC token, and give the community greater control over the Polygon protocol and treasury.
Polygon sees Polygon 2.0 as the foundation for building the value layer, a blueprint that will position Polygon as the gateway to a scalable and highly liquid Internet ecosystem achieved through the use of zero-knowledge (ZK) technology. In the coming weeks, Polygon intends to outline a comprehensive roadmap detailing how it will achieve this vision and provide unlimited scalability and unified liquidity.
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With a market cap of $6 billion, Polygon’s MATIC token is currently the 12th largest cryptocurrency
However, it saw a drop in value of over 20% after the U.S. Securities and Exchange Commission classified MATIC as a security in its lawsuit against Coinbase.
The announcement of the Polygon 2.0 redesign comes just a week after Optimism provided its highly anticipated Bedrock upgrade. Bedrock, an open-source modular OP stack developed by Optimism, allows developers to create custom Layer 2 solutions using its technology. Optimism plans to merge these OP stack-based chains into a cohesive “super chain” in the future.
Polygon 2.0 appears to be laying the groundwork for its own multi-chain ecosystem. Using a novel cross-chain coordination protocol and leveraging ZK-supported Layer 2 Chains, the upgrade aims to create a seamless user experience similar to interacting with a single chain.
Polygon has been actively delivering several products in recent years. In March, it introduced zkEVM, and in May, it deployed the mainnet beta version of its Nightfall hybrid rollup solution. In addition, Polygon unveiled its Layer 3 architecture, Supernets, in April 2022. The team continues to develop Miden, an L2 solution based on ZK-STARK technology while retaining PoS Sidechain, introduced in 2017 and renamed in 2021.
More details on the Polygon 2.0 roadmap will be announced in the coming weeks, and a live stream is planned for June 15th to discuss the upgrade in more detail. Polygon’s ambitious plans and ongoing developments demonstrate its commitment to driving innovation in Ethereum scalability and fostering a thriving enterprise and connected blockchain ecosystem.
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