Polygon Labs introduced right this moment the roll out of their bold Polygon 2.Zero implementation. The announcement, made through a tweet, marks the discharge of three pivotal Polygon Enchancment Proposals (PIPs) and an in depth roadmap for part 0. “The wait is over. Polygon 2.Zero implementation kicks off now,” the tweet reads, signaling the start of a brand new period for the platform.
Earlier this summer season, Polygon Labs had unveiled their imaginative and prescient for Polygon 2.0, a roadmap that goals to scale Ethereum blockspace to create what they time period because the “Worth Layer of the Web.” This transformative imaginative and prescient guarantees limitless scalability and unified liquidity. To carry this imaginative and prescient to fruition, a sequence of upgrades to the Polygon protocol structure are crucial. Section 0, introduced right this moment, is step one on this course.
Section Zero focuses on 4 essential upgrades to the protocol:
- The transition from MATIC to POL.
- Establishing POL because the native (fuel) token for PoS.
- Designating POL because the staking token for PoS.
- The introduction of the Staking Layer, a characteristic that may empower validators to safe a various vary of chains inside the evolving Polygon 2.Zero ecosystem.
What Section Zero Of Polygon 2.Zero Brings
Polygon Labs has indicated that if the neighborhood endorses these proposals, the implementation may start as early because the fourth quarter of this 12 months. It’s noteworthy that the adjustments detailed within the first three PIPs are designed to be seamless, guaranteeing no disruptions for end-users at this stage.
An official weblog post, additionally launched right this moment, offers deeper insights into the transformative journey of Polygon 2.0, which was first launched to the general public in June. This set of proposed enhancements seeks to revolutionize almost each aspect of the Polygon ecosystem. The three PIPs launched right this moment provide a complete blueprint for part 0. Their objective is to assemble a community of interconnected zero-knowledge-powered L2 chains, successfully scaling Ethereum to the huge expanse of the Web.
Central to those PIPs is the transition course of, the specs for the revamped token of the Polygon 2.Zero structure, and essential updates to the Polygon PoS native token.
PIP-18, titled “Polygon 2.Zero Section 0,” presents a complete overview of the preliminary part, detailing the upgrades that will probably be additional elaborated upon in subsequent PIPs. The milestones of part Zero are crafted with the person in thoughts, guaranteeing minimal disruptions for these already working on Polygon PoS and Polygon zkEVM chains.
In the meantime, PIP-17 delves into the intricacies of the POL token, outlining the related contracts that may oversee its emission and migration. The POL token is not only a brand new title; it represents a next-generation token designed to accommodate an ecosystem of ZK-based Layer 2 chains, enabling staking, neighborhood possession, and governance.
Lastly, PIP-19 focuses on the transition of the native fuel token on Polygon POS from MATIC to POL. This transition is designed to make sure most compatibility with current techniques, with the native token’s properties remaining unchanged.
MATIC Value Evaluation
The MATIC value at the moment stays in a downtrend channel that noticed its starting in mid-February this 12 months. MATIC hit its yearly excessive of $1.56 on February 13 and has fallen 68% since then. Nonetheless, a take a look at the 1-week chart reveals that there’s hope for MATIC bulls.
On the time of writing, MATIC was buying and selling at 0.5184. All it might take to breathe new life into the MATIC value is a transfer above $0.5855. This value degree marks the 78.6% Fibonacci retracement degree, as well as, a transfer above this value would signify a breakout from the downtrend channel. The bulls may regain the higher hand and goal the 20-week EMA at $0.7007.
One other key resistance degree is at $0.7698, the place the 200-day EMA is situated. An increase to this value degree would already symbolize a 45% rally. As then, the 50% Fibonacci retracement degree at $0.9435 might be focused by the bulls. Main promoting stress will also be anticipated at $1.27 (23.6% Fibonacci retracement degree) earlier than the yearly excessive could be inside attain.
Polygon 2.Zero clearly has the potential to awaken the bulls from their slumber. Nonetheless, the $0.5855 value degree is the essential key. If MATIC fails at this value degree, a sweep of 65-week low at $0.3177 may loom.
Featured picture from Admiral Markets, chart from TradingView.com
