Polygon’s POL Upgrade Live On Ethereum Mainnet, MATIC To $1?

Dalmas Ngetich

Last Updated: October 26, 2023 3:00 am

2 mins read

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After months of development and weeks after testnet deployment, the POL upgrade is now live on the Ethereum mainnet. According to an update on October 25, Polygon Labs, the team behind the Ethereum sidechain, Polygon, said the move is a milestone for the project. The team claims the release of POL “paves the way for the next series of milestones in the Polygon 2.0 roadmap.”

Polygon 2.0 Taking Shape: What’s In Store?

The Ethereum sidechain continues to build. Despite challenges in the last bear run, which saw MATIC, the platform’s native currency, drop below $1 before crashing to spot levels, the team announced the start of Polygon 2.0, reviving developer activity.

The primary objective of the upgrade is to make the network more scalable, secure, and user-friendly. To achieve this, Polygon will leverage a new consensus mechanism, proof-of-stake liquidity (POSL), which the developer claims is more efficient.

Notably, the team is developing key differences between this consensus system for Polygon 2.0. For instance, validators must stake their native tokens and liquidity to participate in the network.

The liquidity provided by participating validators will then be channeled to boost the liquidity of its decentralized exchanges (DEXes). Subsequently, once Polygon 2.0 goes live, exchanges running on the sidechain will be more liquid, meaning users can easily swap tokens in a low-fee, highly scalable environment.

Will MATIC Bulls Break $1?

Moreover, POL will be critical for Polygon 2.0. With the token now being initiated on the Ethereum mainnet, Polygon Labs is jump-starting the process, setting the ball rolling for POL, which the team said will “power a vast ecosystem of ZK-based layer-2 chains.”

The team claims POL is a “hyperproductive token” primarily designed to power a multichain ecosystem. Besides, the token will be used to settle fees, and holders will participate in governance. At the same time, those who choose to stake it will be paid in the token.

Still, it is not clear whether this update will support MATIC prices in the long run. At present, the $1 psychological level remains elusive.

Looking at price charts, MATIC is already up 30% from October 2023 lows and continues to unwind losses. Moreover, bulls have reversed the dump of October 17 and continue to power higher.

Polygon price on October 25| Source: MATICUSDT on Binance, TradingView

From the daily chart, bull bars are banding along the upper BB, a volatility indicator. This suggests that the underlying momentum is building up, favoring optimistic buyers.

Feature image from Canva, chart from TradingView

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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