Polygon 2.0 Roll Out Officially Begins, Is MATIC Set For A Major Surge?
14 September 2023 - 3:00PM
NEWSBTC
Polygon Labs announced today the roll out of their ambitious
Polygon 2.0 implementation. The announcement, made via a tweet,
marks the release of three pivotal Polygon Improvement Proposals
(PIPs) and a detailed roadmap for phase 0. “The wait is over.
Polygon 2.0 implementation kicks off now,” the tweet reads,
signaling the beginning of a new era for the platform. Earlier this
summer, Polygon Labs had unveiled their vision for Polygon 2.0, a
roadmap that aims to scale Ethereum blockspace to create what they
term as the “Value Layer of the Internet.” This transformative
vision promises unlimited scalability and unified liquidity. To
bring this vision to fruition, a series of upgrades to the Polygon
protocol architecture are imperative. Phase 0, announced today, is
the first step in this direction. Phase 0 focuses on four main
upgrades to the protocol: The transition from MATIC to POL.
Establishing POL as the native (gas) token for PoS. Designating POL
as the staking token for PoS. The introduction of the Staking
Layer, a feature that will empower validators to secure a diverse
range of chains within the evolving Polygon 2.0 ecosystem. What
Phase 0 Of Polygon 2.0 Brings Polygon Labs has indicated that if
the community endorses these proposals, the implementation could
begin as early as the fourth quarter of this year. It’s noteworthy
that the changes detailed in the first three PIPs are designed to
be seamless, ensuring no disruptions for end-users at this stage.
Related Reading: Polygon (MATIC) Drops Below Crucial Level – Will
Sellers Exit? An official blog post, also released today, provides
deeper insights into the transformative journey of Polygon 2.0,
which was first introduced to the public in June. This set of
proposed enhancements seeks to revolutionize nearly every facet of
the Polygon ecosystem. The three PIPs released today offer a
comprehensive blueprint for phase 0. Their goal is to construct a
network of interconnected zero-knowledge-powered L2 chains,
effectively scaling Ethereum to the vast expanse of the Internet.
Central to these PIPs is the transition process, the specifications
for the revamped token of the Polygon 2.0 architecture, and crucial
updates to the Polygon PoS native token. PIP-18, titled “Polygon
2.0 Phase 0,” offers a comprehensive overview of the initial phase,
detailing the upgrades that will be further elaborated upon in
subsequent PIPs. The milestones of phase 0 are crafted with the
user in mind, ensuring minimal disruptions for those already
operating on Polygon PoS and Polygon zkEVM chains. Related Reading:
Polygon Foundation Refutes Claims Of Dumping MATIC On Binance –
Here’s What Happened Meanwhile, PIP-17 delves into the intricacies
of the POL token, outlining the associated contracts that will
oversee its emission and migration. The POL token is not just a new
name; it represents a next-generation token designed to accommodate
an ecosystem of ZK-based Layer 2 chains, enabling staking,
community ownership, and governance. Lastly, PIP-19 focuses on the
transition of the native gas token on Polygon POS from MATIC to
POL. This transition is designed to ensure maximum compatibility
with existing systems, with the native token’s properties remaining
unchanged. MATIC Price Analysis The MATIC price currently remains
in a downtrend channel that saw its beginning in mid-February this
year. MATIC hit its yearly high of $1.56 on February 13 and has
fallen 68% since then. However, a look at the 1-week chart shows
that there is hope for MATIC bulls. At the time of writing, MATIC
was trading at 0.5184. All it would take to breathe new life into
the MATIC price is a move above $0.5855. This price level marks the
78.6% Fibonacci retracement level, in addition, a move above this
price would signify a breakout from the downtrend channel. The
bulls could regain the upper hand and target the 20-week EMA at
$0.7007. Another key resistance level is at $0.7698, where the
200-day EMA is located. A rise to this price level would already
represent a 45% rally. As then, the 50% Fibonacci retracement level
at $0.9435 could be targeted by the bulls. Major selling pressure
can also be expected at $1.27 (23.6% Fibonacci retracement level)
before the yearly high would be within reach. Polygon 2.0 clearly
has the potential to awaken the bulls from their slumber. However,
the $0.5855 price level is the critical key. If MATIC fails at this
price level, a sweep of 65-week low at $0.3177 could loom. Featured
image from Admiral Markets, chart from TradingView.com
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