Matic coin following a bullish pattern because of Polygon’s new roadmap for its Polygon 2.0 path.
Polygon is a popular Proof-of-Stake (PoS) layer-2 scaling network. In the initial phase, this crypto project jumped into the crypto sector with the vision to boost speed of the crypto tokens transactions for the Ethereum network but now this crypto project has its hand in several other crypto & blockchain areas. Over the last couple of years, Polygon blockchain saw significant adoption at government level partnership in India, despite the crypto sector evolving under a grey region in that country.
On 14 Sep 2023, The Polygon team released the preliminary improvement proposals for Polygon 2.0.
As per the announcement Polygon2.0 improvement proposals are made up of four protocol layers. The staking, interop, execution, and proving layers all play a role in creating an interconnected ecosystem of chains that enable fast value transfer and information sharing.
The released improvement proposals are now waiting for the community response and they will go through the practical development process by the late fourth quarter of this year.
In “phase 0”, the Polygon’s community developers will establish a network of interconnected ZK-powered layer-2 chains that scale Ethereum. Also, this phase includes the transition & specification of the Matic token into the Poly token.
Under the PIP-17, the proposal will initiate the process to convert the Matic token into a Poly token. After the completion of the transition of Matic to Poly token, the whole Polygon ecosystem will use Poly token as a native token, which means Poly token will be used to pay gas fees & also Poly will be required to stake, instead of Matic token.
The number of Poly tokens will remain equal to Matic’s existing supply and Matic holders will be able to swap their Matic tokens for Poly anytime.
The Polygon team announced the token rebranding plan in June of this year. Crypto analysts believe that Matic oken will surge rapidly following these development activities in late 2023.
The current trade price of the Poly token is $0.51 & this trade price is 1.5% down over the last 24 hours’ trade price, as a part of a usual market downturn.
Read also: 3 Central banks are currently testing Swift’s CBDC interoperability service