Polygon 2.0 Architecture Unveiled, MATIC Price Surges by 5.6%
Sandeep Nailwal, the co-founder of Ethereum’s Layer-2 scalability platform Polygon (formerly Matic Network), revealed the much-anticipated Polygon 2.0 architecture, marking a significant milestone for the project. In addition to the architectural improvements, Polygon price also witnessed positive market performance.
Polygon 2.0 Architecture Revealed
CoinGape reported about the unveiling of Polygon 2.0 after SEC named its native cryptocurrency MATIC, a security. Read more about this Value layer of Internet , which Sandeep describes it as Unlimited Scalability, Unified Liquidity.
In a Twitter post, Nailwal provided an overview of the architecture and its five main key features.
Unlimited Scalability – Using ZK Powered L2 Chains
Unified Liquidity – Using novel Interop layer proposed in the architecture
The major highlight is the utilization of ZK (Zero-Knowledge) powered Layer 2 chains, which enable unlimited scalability. These Layer 2 chains, including zkEVM and POS, along with appchains called Supernets, form a ZK powered multichain Layer 2 environment.
Other Features and Price Surge
Another feature of Polygon 2.0 is the introduction of a novel interop layer. This interop layer, also powered by Zero-Knowledge proofs, creates a seamless and composable chain experience for users. This is to provide unified liquidity across different protocols and blockchains.
Nailwal also outlined the Staking Hub, a crucial component of the architecture. Users will be able to stake MATIC and participate in different layers of the network, earning fees in the process. The interop layer’s proof aggregation is powered by Plonky3’s ultra-fast recursive proofs. This is to streamline the interoperability process and further strengthen Polygon’s position as a leading blockchain platform.
Also Read: Flipkart Launches NFT Loyalty Program On Polygon
In addition to the architectural improvements, Polygon also witnessed positive market performance. It recorded a price of $0.655, with a 5.69% increase in the last 24 hours. The 24-hour trading volume stood at $280,751,707 USD, solidifying it’s position as the 13th largest cryptocurrency based on market capitalization, which reached $6,090,720,709 USD.
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