Yesterday, the Polygon project announced a new version (2.0) of its protocol, which will be introduced in the near future and is expected to completely change the understanding of how value is exchanged on the Internet. Details about the future of Polygon’s PoS chain, the MATIC token, as well as governance and treasury related to the new community, will be explored in greater detail in the coming weeks by the Polygon Labs team. Let’s see together what’s going on. treat all this.
Polygon announces version 2.0
Yesterday, the Polygon project went viral after announcing the introduction of a new layer within its ecosystem. The tagline in the tweet with which the Polygon Labs team announced the new infrastructure to the public is iconic: “Our vision is simple: build the value layer for the Internet.”
1/ Our vision for Polygon is simple: to build the Value Layer of the Internet. The Internet allows anyone to create and exchange information. The Value Layer allows anyone to create, exchange, and program value. Enter Polygon 2.0: a blueprint to build the ultimate Value Layer. pic.twitter.com/9eYSr3H1L5— Polygon (Labs) (@0xPolygonLabs) June 12, 2023
According to experts, the new layer will be able to create value by empowering anyone to create and exchange information in a highly scalable way, as is the case today with the Internet. In fact, on the traditional web, moving data is very easy and can happen with potentially infinite performance, whereas in the world of web3, built on top of the blockchain, this still has major limitations. Polygon aims to permanently eliminate these issues by introducing a conglomerate of unified networks that will form the next layer, tasked with scheduling, creating, and transferring value between users through unlimited scalability and unified liquidity. The project team’s words anticipate the introduction of a technology that will be a game changer for the future of business on the blockchain.
The new layer will be able to democratize access to a decentralized economy in the same way that the Internet has democratized access to information. It is described as the missing piece of the traditional network with which we are familiar, which will empower users with a wide range of possibilities in the financial realm that are yet to be explored. Polygon’s vision does not differ much from that of the Ethereum Foundation, which, as it has been saying forever, aims to become a global computer for the world that can transfer assets and data between users autonomously and without intermediaries. In this case, however, the concept is channeled into the Internet universe, suggesting that the connotations of scalability and ease of interconnection will be much greater than those observed so far in the world of Web3. Let the revolution begin!
A value layer for the Internet
As mentioned, the Polygon project introduced this new infrastructure to empower its community with a layer capable of transferring value, a concept introduced in the early days of 2013 with Ethereum. However, Vitalik Buterin’s network, although extremely functional and strictly necessary for the operation of the entire web3 ecosystem, is nothing like the world of the Internet. Undoubtedly, those unfamiliar with how the blockchain works will be surprised and at the same time confused by how this world differs from the traditional internet. The concept of a “value layer” serves precisely to bridge this gap and make Web3 more like the Internet. In detail, the performance will be built in a flexible way, so that it will be possible to increase the scalability when necessary, through the aggregation of L2 chains powered by zk rollup. Although technical details have yet to be revealed, even from the few words in Polygon Labs’ blog post, the potential for innovation is already apparent. It’s a shift in focus from classic attempts to speed up transactions on individual chains. At the same time, progress on the scalability front will be linked to the concept of unified liquidity, which will allow the exchange of value and information in a shared environment, without the need to go through secondary infrastructure such as bridges. This could hint at a type of omnichannel communication system, just like LayerZero. Thus, the connotations of zk consensus mechanisms and maximum interoperability between different networks are merged within the same layer, all in an elastic, secure, efficient and scalable decentralized economy. Speaking of zk networks, it is worth noting that Polygon’s zkEVM, which is likely to be integrated into this new value layer, has achieved a TVL (Total Value Locked) of $23 million in just over 2 months and continues to grow steadily .
The new infrastructure will be presented to the public in the coming weeks, after implementing a series of updates to Polygon, changing some aspects of the protocol architecture, tokenomics, and internal governance. More specifically, in the immediate future, there will be hot topics like: The future of Polygon’s PoS chain. The evolution of the MATIC token and whether a new token will be introduced, perhaps through a free distribution to early adopters of the zkEVM network (as many hope). The transition to a different governance and treasury for the new protocol. The “value layer” roadmap. After more than a year of collaboration between Polygon Labs developers, the Ethereum team, researchers, applications, node operators, and validators, comes the infrastructure that will completely change the game. The new era of the Internet is coming.
Polygon MATIC Token Price
Although Polygon has made a big impact in the technological arena, the price of the MATIC cryptocurrency seems not to have responded enthusiastically to the news. Unfortunately, the complexity of the regulatory situation in the United States is putting pressure on all altcoins in the industry, especially those that, like MATIC, have been declared securities by the SEC. The native cryptocurrency on the Ethereum Layer 2 blockchain is in a bearish phase that has persisted for several weeks and is waiting to find support levels that could push the price up again. The areas where the bulls could make their presence felt are likely to be around $0.5 and $0.38. Meanwhile, the RSI indicator is approaching the oversold zone (weekly time frame), where it will be more likely to see a bullish reaction from the asset. In the past, this has worked to predict a rise in the MATIC token: for example, when the RSI touched 28 in June 2022, we saw a rise of over 300% in the following months. We will see if, should the indicator reach those levels, there will be a similar move higher. In any case, MATIC represents the main cryptographic token in an ecosystem that is constantly expanding and has always been a forerunner of new trends. If the token is not replaced by another to take the place of the new layer, it will surely have a bright and promising future. For MATIC holders, this particular moment could be good to accumulate as retail focus is still centered on geopolitical factors and few are considering the potential of the new infrastructure. Obviously going all-in would be crazy, but making regular purchases between now and the next few months could be the right choice to build a strong long-term position. MATIC currently has a price tag of $0.648, a market capitalization of $6 billion, and a trading volume of $384 million.