What are Polygon’s big plans for 2023 after its rebirth?

What Does Polygon Have In Store For 2023 Following Its Rebirth?

Author: William M. Peaster, Bankless; Translation: Song Xue, LianGuai

There’s more and more noise – a new bull market is beginning. Because of this, many people are currently reviewing their cryptocurrency investment portfolios and asking themselves: what should I hold in this cycle? What should I sell? What should I buy more of?

These questions don’t have simple answers! The interest of institutional ETFs has pushed a large amount of trading volume towards BTC and ETH. However, many savvy traders are also chasing after hot altcoins that support ecosystems like Solana and Celestia, which have created a storm in recent weeks.

One investment narrative that I’ve been closely following is the momentum of Polygon. This ecosystem has made great strides in 2023 and successfully repositioned itself as a boundary-pushing network.

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zkEVM (a zero-knowledge proof aggregation that is compatible with the Ethereum Virtual Machine) is expected to become an elite solution in the Ethereum scaling ecosystem, and Polygon was one of the pioneers after launching the Polygon zkEVM mainnet test version in March 2023.

Thanks to a smart business development team, the project has shown impressive collaboration efforts over the long term and has begun to attract bigger partners for its shiny tech stack, including Web3 gaming chain Immutable, which is developing the Polygon-powered Immutable zkEVM.

Everything further developed in June 2023, when Polygon truly opened the floodgates and announced the new Polygon 2.0 vision, which is a vast network composed of many zk-supported Layer 2 (L2) Rollups that together “feel like using a single blockchain”.

Shortly after the release of Polygon 2.0, the Polygon team also outlined their official plan to transform their original Polygon PoS chain into the final Validium form. This migration will officially kickstart the Polygon 2.0 vision, creating a chain that is completely different from the aforementioned Polygon zkEVM and will have incredibly low-cost transactions and incredible high throughput potential.

So, what is Polygon’s grand plan? It utilizes the combination of Polygon zkEVM and Polygon zkEVM Validium as the foundation for the new L2 super network, all with the aim of bringing Ethereum transactions to the masses with extremely low fees and lightning-fast transaction speeds.

In order to achieve the mission of creating a super network, the Polygon team introduced the MATIC token economic transformation plan in July 2023.

This evolution has already begun, with MATIC being transformed into the new POL token, aimed at enhancing the future development of Polygon’s infrastructure and ecosystem. This will be a significant shift to promote and protect a range of different blockchains within Polygon 2.0 in the coming years.

Aside from these developments, Polygon is also reshaping itself through new development tools to help projects embrace the zk-driven future propelled by Polygon. In August 2023, the project launched the Polygon Chain Development Kit (CDK), which is a software toolkit for building customizable ZK-driven L2s with security and unified liquidity using Polygon.

It has gained momentum. Over a dozen crypto projects have adopted the toolkit and started creating their own L2s, including Aavegotchi, Canto, Dogecoin, Gnosis LianGuaiy, and Manta Network.

However, it’s not just projects exploring the Polygon CDK. Reportedly, in terms of cryptocurrency exchanges, Kraken is considering the technology of Polygon, while OKX has just announced cross-chain implementation through its X1 L2. At this rate, it seems that more big players will be coming soon.

Combining all these impressive positions with ongoing innovative progress (such as zkWasm chains), it’s hard to draw any other conclusion than the fact that Polygon is an undeniable force. As they elevate their ambitions and drive the trends developers can build upon, they are becoming a more significant part of the crypto economy.

What all of this means for MATIC’s growth is its own story, but the narrative of early bull market investors certainly builds upon a much weaker foundation than Polygon’s recent developments.

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