Polygon and its native MATIC coin are subject to regular price forecasts because the Layer 2 solution is considered a promising pioneer for scalable blockchain applications. The Polygon ecosystem is growing rapidly and is intended to solve the well-known problems of the Ethereum blockchain, such as high transaction costs, lack of scalability and slow block times. In the past, more and more developers had migrated to the Polygon smart contract platform because the Ethereum platform is considered slow, expensive and chronically overloaded.
- Pessimistic MATIC forecast: not higher than 1 euro
- Neutral MATIC forecast: around 1 euro
- Optimistic MATIC forecast: over 1.25 euros
MATIC becomes POL
The network is undergoing a fundamental change and is becoming Polygon 2.0. With the upgrade, Polygon also wants to open up to other blockchain ecosystems and not just serve as a scaling solution for Ethereum. With version 2.0, an important step is to be taken and MATIC will be replaced in the medium term by the new token SPOL, which the company announced in September 2023.
To do this, the two coins must first exist in parallel. With Polygon 2.0, our own sidechains will also celebrate their premiere and zk solutions will become the standard. Polygon’s planned transition period to Polygon 2.0 should last four years and, according to the developers, there is currently no need for action for investors. For Polygon, the upgrade is intended to enable a greater focus on applications outside of decentralized finance.
Polygon wants to become a “value layer of the Internet”.
Polygon is the largest Layer 2 project on Ethereum and is one of the most advanced protocols in this space. Due to the strong position in the market, significant improvements to the infrastructure have become necessary, which the developers want to implement with the upgrade to 2.0. The reason for the network’s upgrade is also likely to be numerous new projects on the market that are putting pressure on Polygon with new functions and innovative protocols.
Major revisions to the Polygon ecosystem include:
- improving scalability and liquidity to cement its status as a leading Layer 2 project on the Ethereum blockchain.
- Polygon’s new native token, POL, which has been available on a few trading platforms since October 25, 2023.
- Through the Value Layer, Polygon strives for unlimited scalability and the unification of information exchange.
- the revision of all of Polygon’s current protocols and the combination
- with zero-knowledge technology ZK to create a value layer that enables seamless use of the Polygon network.
Improvements introduced in Polygon 2.0 include improved decentralization of community governance, token upgrade, multi-layer network architecture, and ZK ecosystem. These advancements will allow the network to securely support an unlimited number of sidechains, which should ensure smooth user interaction with the entire Polygon ecosystem.
The upgrades will be carried out gradually, starting with the Polygon PoS chain upgrade.
What exactly is Polygon 2.0?
At the core of the upgrade is the expanded availability of new parallel chains and stronger community governance. Almost every aspect of Polygon is set to be radically redesigned. The aim of the further developments is to transform Polygon from a “simple” scaling solution for the Ethereum blockchain into a value layer for democratizing access to information on Web3.
This value layer is the basic protocol that enables every user to create, exchange and program values. Ethereum introduced the concept of the value layer, demonstrating that people can create value seamlessly and securely without middlemen. In an infinitely scalable Internet environment, capacity is simply created when it is needed.
The information exists in a shared environment and is accessible from anywhere in the world. Polygon 2.0’s novel cross-chain coordination protocol creates a single environment for the Internet of the future. Users will feel like they are only interacting with a single environment and only one blockchain.
The network can support a virtually unlimited number of chains and cross-chain interactions can occur securely and instantaneously, with no additional security or trust assumptions. Polygon 2.0 will be the Value Layer of the Internet and look like the rest of the Internet. It will expand Ethereum into what it was always intended to be, a decentralized environment with unlimited scalability and unified liquidity.
Important key figures for Polygon
- +28,000 contract developers
- +219.11 million unique addresses
- +2.44 billion transactions
- +12.80 billion USD NFT trading volume
- 1.17 million smart contracts developed
- Approximately $0.015 average transaction cost
Polygon 2.0 was presented in June 2023. To outline the specific changes, three Polygon Improvement Proposals PIPs were presented, which took effect following community approval in early Q4 2023. These PIPs describe the technical details of building the new network to scale Ethereum to the size of the Internet.
PIP-10 is Phase 0 of Polygon 2.0 and marks the beginning of the upgrade, which will occur in phases over four years.
What new coins will be available in 2024?
In addition to the exciting forecasts for Polygon and the interesting information about the upgrade to Polygon 2.0, there are currently a lot of new coins on the market.
These are the three best cheap cryptocurrencies in 2024
- Bitcoin Minetrix, an innovative mining coin, which gives investors access to lucrative Bitcoin mining via the presale token $BTCMTX. To do this, the developers use the offers of cloud miners. The process starts with the purchase of the presale token and the subsequent staking, i.e. locking the tokens in the project’s smart contract. Finally, the rewards are replaced by mining credits, which unlock access to the computing power of cloud miners’ offerings.
- Meme Kombat is located in the GameFi space, which is a modern form of entertainment and use of cryptocurrencies. After purchasing the native utility token in phase 1, investors will find eleven meme coin characters on the platform that challenge each other. In addition to staking rewards, there are crypto rewards that mean double the chances of earning passive income.
- Sponge-Coin V2 is the further development of Sponge-Coin, the most popular meme coin of the past year. SpongeV2 is linked to Tether’s stablecoin, USDT, which is intended to ensure price stability. The new edition in version 2 not only introduces staking, but also announces the prospect of the development of a P2E game. With the innovative stake-to-bridge, the token swap from V1 to V2 takes place within a few seconds and new investors can purchase the new $SPONGEV2.
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about the author: Stefanie Herrnberger works as a freelance editor and content creator. Her many years of professional experience in the areas of blockchain, cryptocurrencies and NFTs offer her the perfect background to report on current news and developments on decentralized and centralized financial markets. Stefanie has also been investing in cryptocurrencies herself for several years and can therefore cover almost all aspects of the crypto world.
Publications: https://de.cryptonews.com/editors/stefanie-herrnberger website: https://blockchain-technologie.digital/