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Blockchain agency Polygon Labs on Thursday introduced the official starting of Polygon 2.0 implementation with the discharge of three Polygon Improvement Proposals (PIPs). Also, the initiation of migration of MATIC to POL token. This is a serious announcement from Polygon because it appears to scale Ethereum for limitless scalability and unified liquidity.

Polygon Announces 2.0 Implementation Proposal

Polygon Labs in an official announcement on September 14 revealed the discharge of three Polygon Improvement Proposals (PIPs) for Polygon 2.0 implementation. The plan unveiled in June will doubtless be accomplished in early This autumn this 12 months.

“Central to the Polygon 2.0 vision is the idea of empowering the community — the builders, creators and all others who make the Polygon ecosystem possible.”

1/ The wait is over. Polygon 2.0 implementation kicks off now with the discharge of three Polygon Improvement Proposals (PIPs), and a roadmap for Phase 0.https://t.co/gk7FW0zCpc pic.twitter.com/YJo3BtQy4y

— Polygon (Labs) (@0xPolygonLabs) September 14, 2023

PIP-18 has Phase 0 plans to construct a community of interconnected zero knowledge-powered L2 chains that scale Ethereum to the dimensions of the Internet.

It will make important modifications together with upgrades from MATIC to POL token because the native token for Polygon PoS and staking token for Polygon PoS. Also, the launch of the Staking Layer and migration of Polygon public chains leverage the layer.

PIP-17 has POL token dealing with emission and token migration from MATIC, enabling staking, group possession, and governance.

PIP-19 will improve the Polygon PoS native token to POL whereas making certain most backwards compatibility. This will occur by upgrading the native MATIC Bridge Contract.

MATIC Changes POL Token

MATIC price jumped greater than 1% within the final 24 hours, with the worth at the moment buying and selling at $0.521. However, merchants didn’t instantly reply to the Polygon 2.0 implementation and POL token migration. The 24-hour high and low are $0.509 and $0.524, respectively.

Trading volumes decreased by 12% prior to now 24 hours, indicating lack of curiosity from merchants. Moreover, the SEC’s consideration of MATIC as securities and Binance dropping Polygon help and eradicating MATIC pairs impacted its value motion.

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Varinder has 10 years of expertise within the Fintech sector, with over 5 years devoted to blockchain, crypto, and Web3 developments. Being a know-how fanatic and analytical thinker, he has shared his information of disruptive applied sciences in over 5000+ information, articles, and papers. With CoinGape Media, Varinder believes within the big potential of those modern future applied sciences. He is at the moment masking all the newest updates and developments within the crypto trade.

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