Polygon (MATIC) has started its technical upgrade as it transitions to Polygon 2.0, aiming to become the “value layer of the internet.” Phase 0 of the upgrade has been released, including three Polygon Improvement Proposals (PIPs) that propose converting MATIC’s native asset into POL token.

Improving proposals

This token will serve as the protocol’s native gas and staking token, as announced on social media platform X by the developer.

“This summer, Polygon Labs unveiled the roadmap for Polygon 2.0, which aims to scale Ethereum blockspace to create the Value Layer of the Internet, providing unlimited scalability and unified liquidity.

To deliver this vision Polygon’s protocol architecture needs to be upgraded, with Phase 0 announced today.”

The Polygon developer announced that Phase 0 will focus on four key upgrades to the protocol.

These upgrades include the initiation of MATIC to POL upgrade, POL becoming the native (gas) token for PoS, POL becoming the staking token for PoS, and the launch of the Staking Layer, which enables validators to secure a range of chains in the Polygon 2.0 ecosystem.

Polygon Labs has stated that implementation of these upgrades could begin as early as the last quarter of 2023, provided that the community endorses the proposals.

It is important to note that these changes will not affect end users at this stage, as described in the first 3 PIPs.

Sandeep Nailwal, the founder of Polygon, has stated that claims made by Lookonchain about the Polygon Foundation depositing $6 million worth of MATIC on Binance are incorrect.

Nailwal clarified this misinformation on social media and noted that Lookonchain has a history of mislabeling wallets.

This is not the first instance in which they have falsely accused the Polygon Foundation.

Nailwal cautioned against such tweets, as they generate needless FUDs (fear, uncertainty, and doubt) for the community. Stay tuned for more details about the latest moves in the crypto space.

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