Polygon executive discusses future roadmap, Proof of Stake may not be long-term iteration for network security

Polygon has emerged as not only the biggest Layer-2 (L2) blockchain on Ethereum but in the world as well. However, the network is not yet done with scaling as over the next couple of years, Polygon intends on onboarding a billion people to blockchain.

What can we expect from the Polygon roadmap?

In a webinar on Monday, the Global Head of International Capital at Polygon, Colin Butler, talked about what the world can expect from the L2 in the future. Without disclosing much, Butler stated that the major focus of Polygon is on bringing the technology to more people and in order to do that, it plans on advancing the institutional staking narrative. Butler stated,

“Our mandate has a deep desire to allow a billion people to onboard to blockchain, that is what we are also focused on. Polygon is making strides towards that objective. We need institutions to come in and help us secure our network via staking.

Although only adding users to its network is not Polygon’s goal, as its primary focus is still on Ethereum. The executive said that Polygon, one to five years from now, looks at Ethereum as the global settlement layer, and Polygon intends to be the execution layer. Talking about the same, Butler stated,

“What Polygon wants to focus on is allowing the world access to Ethereum… From Polygon’s perspective, Ethereum has by far, in order of magnitude, the highest level of security and decentralization... The suite of products that we are focused on, including zkEVM and things like that are all about scaling Ethereum… that’s the macro picture.

Polygon, in its future roadmap, is focused on developing the network around zkEVM (zero-knowledge Ethereum Virtual Machine), calling it an evolution explained saying that when billions of dollars are moving on-chain, it is better not to have a bridge that someone could hack. zkEVM solves this issue as it only submits proofs back. Adding to the same, Butler iterated,

“The longer-term iteration might not be proof of stake, we’re not planning on deprecating it anytime soon, but I think trends would speak towards more security.

MATIC price climbs back

MATIC price rose to trade above $1.18 at the time of writing, after charting 8.5% gains on Sunday. Following the tumultuous three weeks of posting red candles, the altcoin finally recovered some of its losses, rising by 15% in the last three days. Bouncing off the critical support level at $1.028, the cryptocurrency is looking at rising back to its year-to-date highs.

In order to make this happen, MATIC would need to secure the critical resistance at $1.167 as a support floor. This would enable the altcoin to rise through the barrier at $1.280. If this resistance is breached, investors can expect an eventual recovery to year-to-date highs at $1.568.

MATIC/USD 1-day chart

However, if the broader market cues turn bearish due to the ongoing bank crisis, MATIC price could end up correcting lower. If the critical support at $1.024 is thus lost, the bullish thesis would be invalidated, and the cryptocurrency could end up crashing by 20% to tag $0.930.