Polygon is one of the popular and dominant layer 2 solution deployed on the ethereum blockchain. Only blockchains that are competent enough to be on the 2nd layer are arbitrum and the mantle. These chains are all iin compeition to deploy the value layer.
So what is value layer? It is one of the layers that are added to the 2nd layer solution which keep track of the gas fees specificially. And also there are layers which are making use of the zk proof. Which is kind of added into the ethereum and all the layer 2 solutions in near future.
This means the Polygon is in the process of upgrading itself to the 2.0 version and in that Polygon Implementation proposals are being discussed for each phase.
So let's take a look at some of these updates that are coming in the upcoming Polygon 2.0.
MATIC to POL Upgrade
In this phase the POL token would be in the deployment. You would find that MATIC would be starting it's transition to the POL token. And this token would be responsible for the variety of the operation on the value layer. Which we would be discussing shortly.
This token is designed specifically for the value layer. And it is going to be addressing some of the value layer options that one can see. In the earlier stages of the PIP they are not going to make it immediately applicable to end users and those changes would be pushed on users in a set of phases again.
POL Token
So the major part of the transition in the Polygon 2.0 is the POL token. And this token is the reason why many people would be looking at this token is because it is meant to doa lot of MATICs role in the chain. Which we can see in phases.
First being this token would be used for the staking purpose. Once the staking phase goes live you would find the POL token available for users. In second phase, this token would be in the process for the POS for gas fees. So it's another use case is achieved.
Changes in Short
So cutting the long discussion to the brief. Here are some of the changes that are about to take place.
- POL token is going to be used for the staking.
- POL token would be default fo the gas fees.
- POL token is meant for the liquidity and scalability.
- MATIC to POL transition to take place in stages.
These are some of the new changes that are about to happen in the polygon world and we are going to see the price of the token affected in the due process.
This would also improve the value of the chain in the market. Expect more business, games and the dApps making use of the Polygon chain in their use case and it would also serve variety of applications which we would be using.
Let's hope Polygon 2nd layer to make the blockchain world more usable, transparent and favor the users and their respective use cases.