Insights Analysis Polygon’s Big Plans: What Does It Mean for MATIC?

Polygon’s Big Plans: What Does It Mean for MATIC?

July 31, 2023 Analysis
BITmarkets | Polygon’s Big Plans: What Does It Mean for MATIC?

What's all the fuss about the Polygon 2.0 project?

Polygon 2.0 project

The project reflects a concrete vision to build the Value Layer of the Internet and expand Ethereum to Internet scale. In the words of the people behind the project, it is a series of proposals for unlimited scalability & unified liquidity. Polygon 2.0 blends the megachain and multichain approaches, which entails that capacity can always be expanded to meet increasing demand in the form of new, ZK-powered blockspace. The polygon bridge makes it easy, safe, and fast to move funds across chains.

New governance model

The project envisages that the entire Polygon network will be governed by the community itself. It plans to allow stakeholders to have the final say on proposed initiatives. The three pillars of future development and growth of the Polygon ecosystem are: Protocol Governance, System Smart Contracts Governance, and Community Treasury Governance.

A BIT about Polygon

Polygon, formerly known as the Matic Network, is a cryptocurrency project designed to provide the framework for building and connecting Ethereum-compatible blockchain networks.

Polygon uses a POS (proof of stake) algorithm that helps it scale up to a maximum of 7000 transactions per second (TPS) with 2-second block confirmation times and a $0.00004 average transaction fee. These parameters make it one of the fastest and cheapest chains while still maintaining Ethereum-level security and decentralization.

With a maximum supply of 10 billion tokens, which corresponds to an approximate total valuation of $6.3 billion, 63% of MATIC tokens are currently in circulation.

Join

Try to invite your friends and earn together

10% of trading fees of your friends and 5% from the earnings of your friends.

Related articles