In a June announcement, Sandeep Nailwal, the creator of Polygon, revealed a considerable technical enhancement to the ecosystem via the introduction of the POL token. This token is an important part of the Polygon 2.0 proposal, which goals to evolve the Polygon ecosystem from a single chain right into a community of interconnected Layer 2 options [L2s]. In a newer growth, the staff has put forth three proposals for implementing the Polygon 2.0 improve.
Polygon Labs has launched three Polygon Improvement Proposals [PIPs]. Through these, the transition technique turns into extra outlined. It additionally delivers specs for the improved Polygon 2.0 structure and elucidates alterations to its native token.
So what are Polygon’s newest PIPs?
- PIP-17: As talked about above, there are a complete of three PIPs. The first proposal, or PIP-17, highlights “Phase 0” of Polygon 2.0. This ensures that neither end-users nor builders using the prevailing Polygon PoS and zkEVM chains might want to take any motion through the improve.
- PIP-18: The second proposal, PIP-18, advocated for the incorporation of the POL token. This is about to switch the present MATIC token because the native gasoline and staking asset inside the Polygon ecosystem.
- PIP-19: Lastly, the third proposal, PIP-19, focuses on the transition of the native gasoline token on PoS from MATIC to POL. It is anticipated to be executed in a method that ensures the very best diploma of backward compatibility. This method ensures that the improve to the brand new token won’t disrupt sensible contracts on PoS by way of compatibility. The final purpose is to take care of the intact code properties of the upgraded POL token.
Additionally, the event staff has urged the neighborhood to contribute their insights and opinions relating to these proposals. These proposals will safe approval via a governance vote. However, the final deployment of the Polygon 2.0 improve is anticipated to happen within the coming yr.
95% of MATIC holders drown in loss
As the community anticipates an improve, its present token, MATIC, has skilled a decline. Currently, MATIC is buying and selling at $0.520, with a day by day improve of 1.04%. However, over the course of the week, the token has seen a 6.12% lower in worth. Presently, nearly all of MATIC holders, accounting for 95%, have confronted losses, whereas a small 3.80% have managed to safe earnings.
Even with the upcoming improve, there was a notable lack of considerable transactions. The community’s transaction quantity has declined, reaching a low of 12.27 million MATIC in the mean time.
