Developers Outline Polygon 2.0 Concept

Polygon Labs unveiled a concept for a set of network updates to transform Polygon into 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

“Just as the Internet enables anyone to create and exchange information, the Value Layer is a fundamental protocol that allows anyone to create, exchange and program value,” the developers explained.

According to them, the planned changes would democratise access to the global economy. The Value Layer of the Internet would enable decentralised finance, digital property, new coordination mechanisms, and much more, the team said.

“Polygon 2.0 is a set of proposed updates that radically rethink almost every aspect of Polygon, from protocol architecture to tokenomics and governance,” the statement said.

In the coming weeks, developers plan to examine each component of Polygon 2.0 in a series of posts, AMA-sessions and with the help of other resources. Among the topics announced:

• the future POS-network of Polygon;
• utility and evolution of the native token;
• a transition to broader community governance of the protocol and treasury.

Earlier, as the SEC defined the native token Polygon (MATIC) as a security, online broker Robinhood announced the cessation of support for the coin. The investment company eToro suspended operations with the asset for U.S. clients.

In Polygon Labs criticised the regulator’s move to classify MATIC.