Polygon proposes to substitute the MATIC token for the two. update

The group of programmers behind the layer-two Polygon has just announced 3 additional crucial proposals as element of the two. reform.

Polygon proposes to substitute the MATIC token for the two. update. Photo: polygon

On the afternoon of September 14, Ethereum scaling protocol – Polygon opened a new improvement proposal (PIP) linked to the up coming big Polygon two. update.

one/ The wait is above. The implementation of Polygon two. now starts with the release of three Polygon Improvement Proposals (PIPs) and a roadmap for Phase .https://t.co/gk7FW0zCpc pic.twitter.com/YJo3BtQy4y

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

in the 1st spot, PIP-17 outlines “Phase 0” of Polygon two., which guarantees that finish end users and developers do not have to get any action on both PoS Polygon and zkEVM Polygon all through the update procedure.

Monday, PIP-18 proposed to concern POL tokens, which should really substitute the recent MATIC, and be utilised to pay out fuel costs and stakes on the Polygon ecosystem.

four/
one. Starting the improve from MATIC to POL
two. POL gets the native token (fuel) for PoS
three. POL gets the staking token for PoS
four. Launch of the Staking Layer, making it possible for validators to safe myriad chains in the Polygon two. ecosystem pic.twitter.com/RE71n7dkT0

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

Tuesday, PIP-19 Request native conversion of tokens on Polygon PoS from MATIC to POL, so as not to have an effect on the recent good contract. The target right here is to retain POL properties intact immediately after the improve.

Introduced in June 2023, Polygon model two. is positioned to turn out to be the “value layer for the Internet” and create a complete network of interconnected layer two chains, primarily based on zero-expertise proofs. The update will be a finish overhaul that will adjust just about each factor of the undertaking, like: convert PoS sidechain to validum zkEVM layer-twoincorporating performance to the MATIC token and moving to a increased-degree local community governance model for the undertaking protocol and money.

The local community will have time to comment and vote on the over proposals right up until the fourth quarter of this yr, prior to Polygon two. is implemented up coming yr. Additionally, the undertaking also announced that it will deploy Polygon two. outdoors of the US, in the context of MATIC remaining listed as a securities defendant by the SEC.

six/ Everyone is invited to contribute. Check out the Polygon forums to study PIPs, depart feedback, and inquire concerns.https://t.co/ALtt57Wnqs

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

MATIC value increases somewhat immediately after the over announcement.

15-minute chart of MATIC/USDT pair on Binance as of six:50 PM on September 14, 2023

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