Polygon, a leading Ethereum layer-2 scaling solution, is set to undergo a major transformation in 2024 with the release of its highly anticipated Polygon 2.0. Co-founder Jordi Baylina believes that this upgrade will mark a significant milestone for the platform, as it aims to connect and integrate its various networks through the implementation of zero-knowledge proofs (ZK-proofs). In this article, we will explore what Polygon 2.0 entails and how it will revolutionize the Polygon ecosystem.
Polygon 2.0 aims to create a cross-chain coordination protocol that brings together the different layer-2 scaling networks within the Polygon ecosystem. This protocol will enable seamless connectivity, liquidity sharing, and composability between the networks. By incorporating ZK-proof technology, Polygon 2.0 aims to achieve continuous, unbounded blockspace, giving developers and users greater scalability and efficiency.
The Evolution of Polygon
In June 2023, Polygon unveiled its plans for Polygon 2.0, outlining a four-layer protocol that would facilitate fast value transfer and information sharing. These four layers include staking, interop, execution, and proving layers. Throughout 2023, Polygon has made significant strides in enhancing its scaling protocol, which has paved the way for the introduction of Polygon 2.0.
One of the key milestones achieved by Polygon in 2023 was the launch of the zero-knowledge Ethereum Virtual Machine (zkEVM) – a breakthrough event for the platform. The zkEVM aims to reduce transaction costs and increase the throughput of smart contract deployments. By allowing thousands of transactions to be batched off-chain, the zkEVM provides higher performance and scalability for decentralized applications (DApps) built on Polygon.
Additionally, Polygon released its chain development kit (CDK) in September 2023, which further expanded the ecosystem’s capabilities. The CDK enables developers to launch customized ZK-powered layer-2 protocols on Ethereum, tailored to their specific project requirements. It also provides automatic access to liquidity across all of Polygon’s chains and the broader Ethereum ecosystem, ensuring uninterrupted scalability without fragmenting liquidity.
The transition from Polygon’s current proof-of-stake system to a zkEVM validium is a complex and challenging task. It requires consensus among the network participants and strategic coordination to move all the bridges and ensure the continuity of applications. However, Baylina emphasizes that this transition is essential for expediting the scaling of the Polygon network and enabling interconnected protocols.
To support the transition to Polygon 2.0, the platform released three Polygon improvement proposals (PIP) in September 2023. These proposals included the transition of MATIC tokens to POL tokens, which would become the native gas and staking token for the Polygon ecosystem. The launch of the staking layer and migration of Polygon public chains are also part of this significant upgrade.
The release of Polygon 2.0 in 2024 holds great promise for the Polygon ecosystem. It will unify the various networks within Polygon, fostering interoperability, liquidity sharing, and composability. With the implementation of ZK-proofs, Polygon aims to provide developers and users with a seamless and highly scalable experience.
As Polygon continues to innovate and push the boundaries of Ethereum layer-2 scaling, it is poised to solidify its position as a leader in the blockchain industry. The advancements made with Polygon 2.0, including the integration of ZK-proof technology, will undoubtedly contribute to the platform’s continued success and drive the adoption of decentralized applications and interoperable services.
Polygon’s upcoming release of Polygon 2.0 and its cross-chain coordination protocol represents a significant milestone for the platform. By connecting and unifying its various layer-2 scaling networks, Polygon aims to revolutionize the scalability and efficiency of the Polygon ecosystem. With the implementation of ZK-proofs, developers and users can expect a seamless and highly scalable experience, setting the stage for Polygon’s continued growth and success in the blockchain industry.