Polygon, a leading Ethereum Layer-2 scaling solution, is making significant strides toward Polygon 2.0, a major milestone in its journey to enhance the blockchain's capabilities. Co-founder Mihailo Bjelic recently announced the deployment of POL contracts on the Goerli Testnet, a significant step forward that reflects Polygon's commitment to community-driven development. With the release of a Polygon Improvement Proposal (PIP) outlining specifications for the upgraded POL token, the platform is now closer than ever to realizing its vision for Polygon 2.0.
In related news, while the broader cryptocurrency market grapples with price fluctuations, Polygon (MATIC) is emerging as a standout performer, attracting the attention of both retail and institutional investors. Recent data from IntoTheBlock (ITB) reveals a notable surge in large transactions involving MATIC tokens, indicating growing interest from cryptocurrency whales. These whale transactions, valued at $100,000 or more, have surged by nearly 17% to reach $17.49 million.
Polygon's Path to 2.0: POL Contracts Go Live on Goerli Testnet
Polygon, a leading Ethereum Layer-2 scaling solution, has marked a significant milestone on its journey to Polygon 2.0. Co-founder Mihailo Bjelic recently announced a major step forward for the blockchain project, as POL contracts were deployed on the Goerli Testnet following community approval.
"In accordance with community approval, POL contracts are now live on the Goerli Testnet!" Bjelic proudly tweeted. This development is a testament to the strong commitment Polygon has to engaging with its community and ensuring their input is considered in the platform's evolution.
This pivotal moment comes three weeks after the release of a Polygon Improvement Proposal (PIP) that outlined the specifications for POL, the upgraded token that will be a cornerstone of the Polygon 2.0 architecture. With POL contracts now operational on the Goerli Testnet, Polygon is one step closer to realizing its vision for Polygon 2.0.
In addition to the deployment of POL contracts, Polygon has introduced two new PIPs that aim to enhance the native token-burning mechanism crucial for future upgrades. These proposals, PIP-24 (Change EIP-1559 Policy) and PIP-25 (Adjust POL Total Supply), were unveiled alongside PIP-17, PIP-18, and PIP-19, which were released in mid-September of this year.
PIP-17 serves as the initiation of the POL upgrade, while PIP-19 calls for the adoption of POL as both the Polygon PoS native gas token and its staking token, as outlined in the proposal. PIP-24 details updates to the EIP-1559 burn system, including changes to the burn's recipient address on the Polygon PoS network. These changes are essential for the implementation of Polygon 2.0 Phase 0, as outlined in PIP-18. Meanwhile, PIP-25 proposes a mechanism to ensure that all previously burned MATIC tokens maintain a 1:1 ratio with POL, ensuring consistency in the token economics.
EIP-1559 is the mechanism through which the Polygon PoS network burns MATIC tokens obtained from the base fees paid by network users. Since its introduction in January 2022, over 20 million native MATIC tokens have been burned, highlighting the efficiency and popularity of this feature within the Polygon ecosystem.
Polygon has committed to keeping its community and stakeholders informed about the progress of Polygon 2.0 implementations in the coming weeks. Additionally, the platform will unveil the initial steps of its proposed governance model for Polygon 2.0, which includes the establishment of a new ecosystem council. This governance model aims to ensure transparency and inclusivity in decision-making processes, further strengthening the Polygon community's role in shaping the platform's future.
As Polygon continues to innovate and engage with its community, the path to Polygon 2.0 appears to be filled with promise and exciting developments. With POL contracts now live on the Goerli Testnet, the future of Polygon is looking brighter than ever.
MATIC Gears Up as Whales Show Strong Interest Amid Market Turbulence
While the cryptocurrency market experiences significant price fluctuations, Polygon (MATIC) is catching the attention of investors as it welcomes a rare catalyst that could potentially lead to increased accumulation in the near term.
In the midst of a broader market downturn, many altcoins are seeing substantial declines in their prices. However, MATIC may be poised for a change in fortune, thanks to recent data from the cryptocurrency analytics platform IntoTheBlock (ITB). The data highlights a remarkable surge in large transactions associated with MATIC over the past week.
According to ITB, whale transactions involving MATIC tokens, defined as transactions valued at $100,000 or more, have surged by an impressive 16.96% to reach $17.49 million. These substantial investments by whales could potentially set the stage for a significant price surge, a phenomenon often referred to as a "price flippening."
The momentum in whale transactions has accelerated in the past 24 hours, with more than 50 such transactions recorded. This resurgence in whale activity suggests that this trend may be more than just a fleeting occurrence. Additionally, the data reveals a staggering 459% increase in exchange net flows for MATIC, making it the leading token in this metric among the top 10 digital currencies.
Polygon has long been recognized as one of the top-performing tokens in the market, and its growth trajectory has mirrored the broader market trends. However, what sets Polygon apart is its unwavering commitment to developing innovative solutions that drive the adoption of its protocol and token.
One notable development is the recently announced Polygon 2.0 release schedule, which includes a rebranding of MATIC to POL tokens. This strategic move keeps Polygon at the forefront of Ethereum's scaling solutions while further solidifying its integration with the broader blockchain ecosystem.
As the cryptocurrency market continues to evolve, Polygon's ability to attract the interest of institutional players and whales showcases its resilience and potential for sustained growth. While challenges persist in the cryptocurrency space, Polygon's dedication to innovation and commitment to its community position it as a strong contender in the blockchain landscape. Investors and enthusiasts will be closely watching to see if MATIC can maintain its positive momentum in the face of market turbulence.
Price Overview
Over the past 24 hours, MATIC’s price continued to drop, however, as data from the cryptocurrency price tracking website CoinStats indicated that the altcoin was down 2.4% at press time. Consequently, MATIC was changing hands at $0.559041.
Price chart for MATIC (Source: CoinStats)
Despite the 24-hour loss, MATIC’s weekly performance remained firmly set in the green. CoinStats data revealed that the cryptocurrency’s price was still up 9.67% over the past 7 days.
