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Polygon has released its initial proposals for the Polygon 2.0 overhaul, as reported by Polygon. The three new Polygon Improvement Proposals (PIPs) focus on migrating tokens from MATIC to POL and introducing Polygon's new staking layer. These PIPs outline four essential steps for phase 0, which include initiating token migration, establishing POL as the native gas token, making POL the staking token, and launching the Polygon 2.0 staking layer. If the community supports the proposals with minimal changes, Polygon plans to implement phase 0 by the end of Q4 this year.
According to CoinGecko, Polygon's MATIC token has experienced a 2% increase today but has declined by 4% in the past week. The Polygon 2.0 upgrade was initially announced in June and aims to unify Polygon's scaling solutions into a multi-chain ecosystem using zero-knowledge technology. Currently, Polygon's ecosystem consists of the PoS Chain, zkEVM, Nightfall, and Miden networks. The PoS Chain, which rebranded this year, is the largest network on Polygon with a total locked value of $792M. However, the technical capabilities of PoS Chain are inferior to those of zkEVM, which was launched in March 2022. The Polygon 2.0 roadmap includes merging the PoS Chain and zkEVM to combine the impressive TVL of PoS Chain with zkEVM's technical capabilities.
To further enhance its ecosystem, Polygon introduced Nightfall, a hybrid optimistic-ZK rollup developed in collaboration with Ernst & Young, and deployed Supernets in April 2022. These advancements allow teams to launch customized Layer 3 appchains while leveraging the security of Polygon's staking layer. Additionally, Polygon recently released its Chain Development Kit, enabling users to create their own Layer 2 solutions based on Polygon's technology.