Polygon’s native cryptocurrency, $MATIC, has experienced a significant surge today, marking an impressive 6% price increase within the past 8 hours.
This upward momentum follows a series of positive on-chain indicators, including rebounding network growth, decreasing supply on exchanges, and minimal profit taking. The current market rally positions $MATIC as the 12th ranked cryptocurrency by market capitalization, reinforcing its growing prominence in the crypto market.
The surge in price can be attributed to the anticipation surrounding Polygon 2.0, a proposed upgrade to the Polygon network. Polygon 2.0 aims to establish a “value layer” for the internet, revolutionizing the way value is created, programmed, and exchanged. The upgrade seeks to address persistent challenges faced by the Ethereum network, such as high gas fees and network congestion, by introducing innovative features powered by zero-knowledge proofs.
The unveiling of Polygon 2.0 by Polygon Labs on June 12, 2023, marked a pivotal moment for the project. The proposed upgrades reimagine almost every aspect of Polygon, encompassing protocol architecture, tokenomics, and governance. Co-founder Mihailo Bjelic later proposed upgrading the current Polygon network to utilize zero-knowledge proofs, a necessary step to align the existing infrastructure with the ambitious vision of Polygon 2.0.
On June 29, 2023, Polygon Labs put forth the Polygon 2.0 architecture, aiming to deliver unlimited scalability and unified liquidity, effectively positioning Polygon as the “Value Layer of the Internet.” The decentralized development and deployment of Polygon 2.0, coupled with enhanced community governance and treasury management, underscore the project’s commitment to inclusivity and decentralization.
The key dates in the Polygon 2.0 roadmap are as follows:
- July 10, 2023: Polygon is expected to announce a token release, providing further clarity on the project’s tokenomics and distribution strategy.
- July 19, 2023: A significant announcement regarding Polygon Proof-of-Stake (PoS) is scheduled, shedding light on the consensus mechanism that will power the upgraded network.
- July 26, 2023: Polygon Labs will make a key announcement concerning the architecture and stack of Polygon 2.0, revealing the technological foundations supporting the network’s enhanced capabilities.
- August 17, 2023: A pivotal announcement regarding governance will take place, outlining the governance model that empowers the Polygon community to actively participate in shaping the protocol’s future.
Despite being in the developmental phase, Polygon Labs has assured the crypto community that comprehensive details about each component of Polygon 2.0 will be revealed in the upcoming weeks. This transparency and commitment to sharing progress are crucial in building trust and confidence among investors and users.
As the crypto industry eagerly awaits further updates on Polygon 2.0, the recent surge in $MATIC’s price reflects the growing optimism surrounding the network’s potential. With its focus on addressing Ethereum’s scalability and cost issues, Polygon is positioning itself as a viable solution and an essential player in the broader blockchain ecosystem.
Disclaimer: This article is not financial advice. Cryptocurrency investments are subject to market risks. Readers are advised to do their own research and analysis before making any investment decisions.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com