Demex Daily #13: $MATIC Polygon Initiates 2.0 Transition: MATIC-to-POL Conversion and L2 Scaling

What’s Interesting Today:

Polygon has introduced the first set of improvement proposals to transition to its new Polygon 2.0 ecosystem, aimed at creating an interconnected layer-2 Ethereum network using zero-knowledge cryptography. Three Polygon Improvement Proposals (PIPs) have been released for community review and voting, which are scheduled to take place in Q4 2023. These PIPs include the technical roadmap for "Phase 0," which involves converting MATIC tokens into new POL tokens. POL will become the native token for the Polygon proof-of-stake (PoS) protocol. PIP-17 focuses on the MATIC to POL upgrade and staking layer launch; PIP-18 provides a technical description of POL tokens and migration contracts; and PIP-19 proposes updating the native gas token from MATIC to POL while ensuring backward compatibility. The changes will not affect existing contracts on Polygon PoS but may impact Ethereum contracts awaiting MATIC from the native bridge.

Sui Network has launched a new feature allowing users to access decentralized applications (DApps) using their Google, Facebook, and Twitch logins. This aims to simplify the Web3 onboarding process, eliminating the need for an external crypto wallet or seed phrase. Called zkLogin (Zero Knowledge login), the feature preserves the privacy and security features of blockchain. This move addresses a long-standing issue in the blockchain industry, which has struggled with complicated onboarding processes involving transaction signatures, seed phrases, and other usability issues. Other companies like DYOR, Moxy, and various Telegram trading bots are also working on making Web3 more accessible.