Polygon networks has officially kickstarted the highly anticipated Polygon 2.0 implementation.
In a recent tweet, the development team made a triumphant announcement, revealing that Polygon 2.0 is set into motion with the introduction of three Polygon Improvement Proposals (PIPs).
These proposals come complete with a roadmap that outlines the initial phase of this game-changing upgrade.
The journey towards Polygon 2.0 began to unfold back in July when the team shared its visionary roadmap. At its core, Polygon 2.0 aims to redefine the Ethereum block space by creating the “Value Layer of the Internet.”
This ambitious endeavor is expected to bring with it unlimited scalability and a unified liquidity experience, promising exciting possibilities for the Polygon ecosystem.
However, to bring this grand vision to life, the protocol architecture of Polygon requires a comprehensive overhaul. This pivotal transformation kicks off with Phase 0, marking the crucial starting point for Polygon 2.0.
In Phase 0, the development team has laid out a roadmap that centers on four significant upgrades to the protocol.
Firstly, the initial step involves transitioning from the MATIC native token to POL, representing a major shift in the platform’s underlying token structure.
Following that, POL is poised to become the gas token for the Polygon proof-of-stake (PoS) blockchain, optimizing the efficiency of transactions within the network.
Thirdly, POL will take on the role of the staking token for PoS, offering Polygon users new opportunities for participation and rewards.
Lastly, the fourth step brings the launch of the Staking Layer, a critical component that empowers validators to secure multiple chains within the expansive Polygon 2.0 ecosystem.
The timeline for implementing these groundbreaking upgrades is right around the corner, with plans to commence as early as the fourth quarter of this year.
However, the success of this endeavor is not solely dependent on the development team. Community support and endorsement of these proposals play a pivotal role in bringing Polygon 2.0 to life.