Polygon, a leading Ethereum scaling solution provider, recently declared its intent to morph its current ecosystem into a comprehensive network of interconnected chains. This innovative project, dubbed Polygon 2.0, plans to chart the future course for its Proof-of-Stake (PoS) Chain, amplify the MATIC token utility, and enable enhanced community governance for both the Polygon protocol and treasury.
Polygon 2.0 signifies the company’s strategic vision for constructing the ‘Value Layer.’ The firm envisions this Value Layer as an internet stratum providing limitless scalability and consolidated liquidity through Zero-Knowledge (ZK) technology. In the coming weeks, the company intends to share a detailed roadmap of how it will realize this vision.
Despite being the 12th largest crypto asset with a market capitalization of $6 billion, the MATIC token experienced a downturn of over 20% this week. The drop followed the US Securities and Exchange Commission’s classification of MATIC as a security in its ongoing lawsuit against Coinbase.
The Advent of a Multi-Chain Ecosystem
This revelation of Polygon 2.0 comes hot on the heels of Optimism’s much-anticipated release of its Bedrock upgrade. Optimism’s Bedrock update open-sourced its modular OP Stack, which facilitates developers in constructing custom Layer 2 solutions (L2s) utilizing its technology.
Much like Optimism’s plan for a future “Superchain,” Polygon 2.0 is geared towards the creation of its own expansive multi-chain ecosystem. As per the announcement, “Polygon 2.0 is a network of ZK-powered L2 chains, unified via a novel cross-chain coordination protocol. For a user, the entire network will feel like using a single chain.”
Polygon’s Consistent Product Evolution
Over recent years, Polygon has consistently delivered product enhancements and new solutions. The launch of zkEVM took place in March, with the mainnet beta for its hybrid rollup Nightfall following in May. The company also introduced its Layer 3 architecture Supernets in April 2022. Currently, the firm continues its developmental work on Miden, a ZK-STARK-based L2, and maintains the PoS sidechain it rebranded in 2021.
Further details about the roadmap for Polygon 2.0 are expected to be released in the upcoming weeks. A live stream scheduled for June 15 will delve deeper into the specifics of Polygon 2.0.