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Premium News Connect * Home * Data * Reports * Podcasts * Events * PRO * Companies * Crypto Ecosystems * Deals * Markets * Metaverse & NFT * Policy GOLDMAN SACHS VETERAN CRAIG BRODERICK JOINS CIRCLE'S BOARD NEW UK FINANCIAL LAW INCLUDES 'CRYPTO HUB' PROVISIONS AND WEB3 RULES POLYGON 2.0 TO LEVERAGE NEW MATIC STAKING AND INTEROPERABILITY LAYERS COINBASE STOCK HAS RALLIED NEARLY 50% SINCE LOW BUT IT MIGHT BE 'SHORT LIVED' COINBASE INTERNATIONAL NEARS $900 MILLION IN VOLUME OVER EIGHT DAYS GOLDMAN SACHS VETERAN CRAIG BRODERICK JOINS CIRCLE'S BOARD NEW UK FINANCIAL LAW INCLUDES 'CRYPTO HUB' PROVISIONS AND WEB3 RULES POLYGON 2.0 TO LEVERAGE NEW MATIC STAKING AND INTEROPERABILITY LAYERS COINBASE STOCK HAS RALLIED NEARLY 50% SINCE LOW BUT IT MIGHT BE 'SHORT LIVED' COINBASE INTERNATIONAL NEARS $900 MILLION IN VOLUME OVER EIGHT DAYS USD JPY EUR GBP Live BTCUSD $ 30,505.00 1.36% ETHUSD $ 1,848.31 1.02% LTCUSD $ 84.19 1.54% SOLUSD $ 17.64 10.25% Get The Scoop from The Block’s Frank Chaparro. The new biweekly crypto markets newsletter. Sign Up Now ✕ Premium News Connect * Home * Data * Reports * Podcasts * Events * PRO * Companies * Crypto Ecosystems * Deals * Markets * Metaverse & NFT * Policy GOLDMAN SACHS VETERAN CRAIG BRODERICK JOINS CIRCLE'S BOARD NEW UK FINANCIAL LAW INCLUDES 'CRYPTO HUB' PROVISIONS AND WEB3 RULES POLYGON 2.0 TO LEVERAGE NEW MATIC STAKING AND INTEROPERABILITY LAYERS COINBASE STOCK HAS RALLIED NEARLY 50% SINCE LOW BUT IT MIGHT BE 'SHORT LIVED' COINBASE INTERNATIONAL NEARS $900 MILLION IN VOLUME OVER EIGHT DAYS GOLDMAN SACHS VETERAN CRAIG BRODERICK JOINS CIRCLE'S BOARD NEW UK FINANCIAL LAW INCLUDES 'CRYPTO HUB' PROVISIONS AND WEB3 RULES POLYGON 2.0 TO LEVERAGE NEW MATIC STAKING AND INTEROPERABILITY LAYERS COINBASE STOCK HAS RALLIED NEARLY 50% SINCE LOW BUT IT MIGHT BE 'SHORT LIVED' COINBASE INTERNATIONAL NEARS $900 MILLION IN VOLUME OVER EIGHT DAYS USD JPY EUR GBP Live BTCUSD $ 30,505.00 1.36% ETHUSD $ 1,848.31 1.02% LTCUSD $ 84.19 1.54% SOLUSD $ 17.64 10.25% Latest News PRO Data Newsletters Reports Podcasts Events Home About Us Editorial team Careers Advertise Disclosures Sponsored Press * Privacy Policy * Terms of Service * Security Latest CBOE FILING SHOWS PLANS FOR FIDELITY SPOT BITCOIN ETF June 29, 2023, 1:46PM EDT Companies THE STATE OF CRYPTO: CORPORATE ADOPTION June 29, 2023, 1:31PM EDT The Block GOLDMAN SACHS VETERAN CRAIG BRODERICK JOINS CIRCLE'S BOARD June 29, 2023, 12:15PM EDT Companies CANADA LAWMAKERS WANT NATIONAL BLOCKCHAIN STRATEGY June 29, 2023, 12:14PM EDT Companies NEW UK FINANCIAL LAW INCLUDES 'CRYPTO HUB' PROVISIONS AND WEB3 RULES June 29, 2023, 12:08PM EDT Policy Read More Latest News THE SCOOP KEEP UP WITH THE LATEST NEWS, TRENDS, CHARTS AND VIEWS ON CRYPTO AND DEFI WITH A NEW BIWEEKLY NEWSLETTER FROM THE BLOCK'S FRANK CHAPARRO By signing-up you agree to our Terms of Service and Privacy Policy EMAIL Also receive The Daily and our weekly Data & Insights newsletters - both are FREE By signing-up you agree to our Terms of Service and Privacy Policy POLYGON 2.0 TO LEVERAGE NEW MATIC STAKING AND INTEROPERABILITY LAYERS by Vishal Chawla Crypto Ecosystems • June 29, 2023, 12:00PM EDT The Block * * * * * QUICK TAKE * Polygon Labs plans to unify new L2 zero-knowledge chains with new staking and interoperability layers as part of Polygon 2.0. * The design for Polygon 2.0 will utilize a shared zero-knowledge infrastructure to power all networks within the future ecosystem. STAY UPDATED ON PRO CRYPTO ECOSYSTEMS NEWS BY LOCKING ACS TOKENS WITH THE BLOCK. Connect/Create Wallet You can unlock at any time.* No wallet? No problem. You can set one up for free. We recommend Torus for first-time users. *a 2% locking fee will be added at the time of locking. Learn more about Access Protocol Polygon Labs said it plans to unify its zero-knowledge chains using new staking and interoperability layers in a move toward transitioning the project into a Layer 2 ecosystem. The design for Polygon 2.0 is intended to utilize a shared zero-knowledge infrastructure to power all networks within the ecosystem, pending approval by its governance body. This development comes on the heels of a recent community proposal to upgrade Polygon’s proof-of-stake network to a Layer 2 zkEVM Validium, which would operate alongside the existing Polygon zkEVM, another Layer 2 chain that the team launched in March 2023. The transition to Polygon 2.0 is slated to occur in the first quarter of next year, with progress being made throughout this year. Goldman Sachs veteran Craig Broderick joins Circle’s board Yogita Khatri 00:00 / 00:10 “Polygon 2.0 aims to create an ecosystem where we can continuously add block space and unify them with a shared bridge and an interoperability layer,” Polygon co-founder Brendan Farmer said in an interview with The Block. “Unified liquidity is everything for Polygon in the coming year.” THE INTEROPERABILITY LAYER The proposed Polygon 2.0 network will incorporate an Ethereum Virtual Machine client and a shared ZK proving implementation, referred to by the team as an “interoperability layer” or a “common bridge.” The interoperability layer will be powered by an in-house developed cryptographic algorithm, Plonky3, and the end result will be a single, high-performance proving system that will underpin the entire network. Farmer explained that the common bridge will link all Polygon chains and settle ZK-based security proofs back on Ethereum to secure all the Polygon chains at once. The mechanism simplifies the process of converting or securely transferring native Ethereum assets from one chain to another. “The common bridge will be a single contract that checks the validity of cross-chain transactions, manages state updates, and verifies proofs for every chain in the Polygon ecosystem,” Farmer said. POLYGON 2.0 WILL INCLUDE A STAKING LAYER Another significant proposal for Polygon 2.0 is the implementation of a decentralized staking layer that allows for the “re-staking” of Polygon's native Matic tokens across different networks. The concept is similar to the Eigen Layer on Ethereum, and in practical terms, it means that network participants can repurpose their stake, which secures one network, to ensure the security of other Polygon chains. While the security of Polygon 2.0 is ultimately guaranteed by zero-knowledge proofs and the Ethereum mainnet, Farmer said that the ecosystem needs a mechanism to ensure that the operation of these chains is censorship-resistant. He further explained that the sequencing and ordering of transactions and blocks on various L2 networks will often be performed by validators that stake Matic tokens through a dedicated staking layer. “When it comes to operating those chains in a decentralized manner, staking is a crucial component because it allows us to use existing Matic validators as sequencers at no additional capital cost,” Farmer added. © 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. Get unlimited access to The Block’s most premium content. Learn More LIDO AND PYTH NETWORK BRING STETH TO OVER 20 BLOCKCHAINS DeFi 06/29/23 9:30AM EDT A16Z-BACKED AZTEC NETWORK JOINS FORCES WITH NYM TO BOLSTER NETWORK PRIVACY Crypto Ecosystems 06/28/23 12:57PM EDT JACK DORSEY-BACKED LIGHTNING DEV KIT RELEASES SIMPLER KIT FOR RUNNING NODE Crypto Ecosystems 06/23/23 4:54AM EDT Read More SPONSORED Web3 and Blockchain Technology are Important to Gaming Innovation June 29, 2023, 9:00AM EDT UPHOLD - EASY, SECURE, RESERVED & TRANSPARENT. Discover and instantly trade over 260+ cryptoassets on Uphold’s easy to use, 100% reserved and transparent crypto platform. Get Started! Cryptoassets are unregulated. No consumer protection. Your capital is at risk. 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