The Polygon network is ramping up its drive to optimize its Layer 2 protocol, with developers proposing a new ecosystem involving multilayer chains. Accordingly, the Polygon ecosystem would adopt the enshrined restaking model to facilitate seamless movement between chains, with token staking a significant part of this proposed initiative.
CEO Shares Vision on Restaking Model
The Zero-Knowledge (ZK) technology has become an indispensable cryptographic asset that allows for increased scalability and privacy safeguards for blockchain protocols. According to a recent evaluation conducted by Andreessen Horowitz (a16z), there is a rising trajectory in ZK-centric studies, developer engagement, and practical implementation.
The study noted that this development would positively impact Polygon, which has been committed to advancing ZK technology as part of its proposed “2.0” protocol enhancement. Such enhancements include innovations like “enshrined restaking,” as mentioned by the CEO of Polygon, Sandeep Nailwal.
Last month, the Ethereum Layer-2 venture unveiled an ambitious proposal to transform its existing protocol into a thriving multichain ecosystem. If adopted by the Polygon community, this innovative project can significantly change the platform’s structure.
Another noteworthy aspect of this proposal is a rebranding effort for the MATIC token, which may soon be known as POL. Nailwal offered thrilling hints about the prospective features of POL within this multichain landscape amid the excitement surrounding this proposal.
However, the finer details of these functionalities are still a mystery, with the community anticipating further insights. Despite the lack of specifics at the time, the Polygon CEO’s references to a multichain staking layer for POL have attracted the blockchain community’s interest.
Hence, stakeholders and enthusiasts are eagerly awaiting a detailed explanation of the practical implications that await Polygon as it embarks on its transformative journey. Meanwhile, Nailwal further explained that moving beyond just one chain to form a “family of L2s” forces the creation of a new token capable of spreading liquidity across these chains.
The CEO added that the POL’s novel “secure restaking” feature would allow users to quickly restake their tokens across different chains in the Polygon ecosystem.
The Polygon 2.0 Initiative
Last month, Polygon developers provided updates regarding the ongoing development surrounding “Polygon 2.0,” a significant plan to ensure the network’s long-term stability. This proposal focuses on a new technical framework integrating the POL token to align validator incentives.
Polygon’s proposal includes improvements to its staking system. The aim is to transform the current staking model from simply protecting the network to one in which individuals who hold tokens can also become validators.
In return, these validators will be compensated for stabilizing the network. These rewards include protocol prizes, transaction fee gains, and other reward types as determined based on the discretion of the host chain.
While the concept of rewarding validators is nothing new, Polygon emphasizes that their POL proposal offers distinct advantages. One of these advantages is that it allows users to validate multiple chains with a single token while empowering each chain to perform numerous functions.
With several Ethereum Layer 2 solutions, such as Linea and ImmutableX, offering zkEVM alternatives, there is intense competition for Polygon. Some analysts opine that dividing the network into multiple chains will introduce complexities for developers, potentially muddling the ZK technology development landscape.
