Polygon Targets Q4 For MATIC Token Migration

Polygon has published the first set of improvement proposals for its Polygon 2.0 overhaul.

Announced on Sept. 13, the three new Polygon Improvement Proposals (PIPs) focus on the token migration from MATIC to POL, plus the launch of Polygon’s new staking layer.

The PIPs lay out four core steps comprising phase 0, including initiating the token migration, making POL the native gas token for Polygon networks, establishing POL as the staking token of Polygon’s networks, and launching the Polygon 2.0 staking layer.

Polygon said it could roll out phase 0 in Q4 of this year assuming the community demands minimal changes to the proposals.

“The PIPs published today describe the technical details for Phase 0 of building a network of interconnected zero knowledge-powered L2 chains that scale Ethereum to the size of the Internet,” Polygon said.

Polygon’s MATIC token is up nearly 2% today but down 4% over the past week, according to CoinGecko.

Polygon’s Scaling Ecosystem

Polygon first announced plans for its 2.0 overhaul in June, calling for the unification of Polygon’s various scaling solutions into a multi-chain ecosystem of interconnected networks leveraging zero-knowledge (ZK) technology.

Polygon’s ecosystem currently spans the PoS Chain, zkEVM, Nightfall, and Miden networks. The PoS Chain first launched in 2017 before rebranding in 2021, and is Polygon’s largest network with a total value locked of $792M.

However, the PoS Chain lags in technical capabilities compared to Polygon’s flagship zkEVM, which launched in March of this year. The 2.0 roadmap includes merging the PoS Chain and zkEVM, combining the impressive TVL of PoS Chain with the technical capabilities of zkEVM.

In addition, Polygon launched Nightfall, a hybrid optimistic-ZK rollup developed in partnership with Ernst & Young, last year. Polygon continues to develop Miden, a ZK STARK-based L2.

Polygon deployed Supernets in April 2022, allowing teams to launch bespoke Layer 3 appchains while leveraging Polygon’s staking layer for security. Polygon also launched its Chain Development Kit last month, allowing users to launch their own Layer 2s based on Polygon’s tech.