Binance has officially declared its backing for the upcoming Polygon (MATIC) network upgrade and hard fork.
These transformative changes are scheduled to be implemented at block height 15,950,759 on Polygon’s Heimdall Proof-of-Stake (PoS) validation layer, with the update set to occur on or around October 13, 2023, in Coordinated Universal Time (UTC).
Binance is a global cryptocurrency exchange that operates the largest cryptocurrency exchange in terms of the daily trading volume of cryptocurrencies.
It allows users to buy, sell, and trade cryptocurrencies and altcoins with some of the lowest fees in the industry offering a wide range of cryptocurrencies, including Bitcoin, Ethereum, and Binance Coin (BNB).
Polygon is a blockchain platform that aims to create a multi-chain blockchain system compatible with Ethereum.
It uses a proof-of-stake consensus mechanism for processing transactions on-chain. Polygon’s native token is named MATIC, which is an ERC-20 token, allowing for compatibility with other Ethereum cryptocurrencies.
Polygon has initiated two forks in 2023 – January 17, 2023, to address gas fee spikes and chain reorganizations; and July 11, 2023, the “Indore” hard fork, which updated the Proof-of-Stake blockchain through a coordinated action.
The upcoming fork is also designed to improve the efficiency of the network especially as the blockchain company plans to fully launch the Polygon 2.0 ecosystem.
According to Binance, it will temporarily halt deposits and withdrawals for all tokens operating on the Polygon network starting from 11:00 AM (UTC) on October 13, 2023, to ensure a smooth transition and seamless implementation of the network upgrade.
Polygon 2.0 is a proposed upgrade to the Polygon blockchain that aims to create the Value Layer of the Internet.
Polygon 2.0 proposes a protocol that enables anyone, anywhere to create, program, and exchange value.
It aims to provide unlimited scalability and unified liquidity via ZK technology. POL is the next-generation protocol token designed to become the major tool for the coordination and growth of the Polygon ecosystem and the main driver of the vision of the value layer for the internet.