Polygon, a scaling technology firm, is set to launch its “Polygon 2.0” cross-chain coordination protocol in 2024. This protocol aims to connect and integrate Polygon’s various Ethereum layer 2 scaling networks through the use of zero-knowledge proofs (ZK-proofs). The goal is to enable liquidity sharing and composability between different networks within the Polygon ecosystem.
Polygon 2.0 will involve several upgrades that unify the different protocols with ZK-proof technology, creating a continuous and unbounded blockspace. The ecosystem comprises four protocol layers: staking, interop, execution, and proving layers. These layers work together to facilitate fast value transfer and information sharing.
2023 has been a significant year for Polygon, with the release of several products that enhance the performance of its scaling protocol. The zkEVM, an open-source mainnet beta, reduces transaction costs and increases smart contract deployment throughput. It allows for off-chain transaction batching and higher scalability for DApps.
Polygon also introduced the Chain Development Kit (CDK) in September 2023, which enables developers to launch customized ZK-powered layer 2 protocols on Ethereum. The CDK provides automatic access to liquidity across all of Polygon’s chains and the broader Ethereum ecosystem, ensuring on-demand scalability without fragmenting liquidity.
The transition from Polygon’s proof-of-stake (PoS) to a zkEVM validium will further expedite network scaling and interconnect ecosystem protocols. However, this transition poses challenges, including consensus for the switch, bridge migration, and ensuring continuity for applications.
Polygon has released three Polygon Improvement Proposals (PIPs) in September 2023. One of these proposals involves transitioning from MATIC to POL tokens as the native gas and staking token for the Polygon ecosystem. This includes launching the staking layer and migrating Polygon public chains.
Overall, Polygon’s Polygon 2.0 protocol and its various upgrades aim to enhance scalability, interoperability, and liquidity sharing within the Polygon ecosystem, providing developers with the means to build decentralized applications and services.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | very positive |
| Relevance Score | 1 |
| People | Jordi Baylina |
| Companies | Polygon |
| Currencies | Polygon Ecosystem Token, Polygon |
| Securities | None |
