Polygon Unveils Proposals for Polygon 2.0 Upgrade
Polygon, the organization behind a popular Ethereum scaling solution, is pushing forward with its plans to create an interconnected layer-2 Ethereum ecosystem. To achieve this, Polygon Labs has released three Polygon Improvement Proposals (PIPs) as part of the recently unveiled Polygon 2.0 roadmap. The implementation of these proposals is scheduled to begin in the fourth quarter of this year, pending community endorsement.
The first proposal, PIP 17, focuses on the transformation of the Polygon Ecosystem Token (MATIC) into POL, which will become the upgraded native token for Polygon 2.0. The proposal outlines the initial configurations for handling emission management and token migration. Notably, existing MATIC tokens can be migrated to POL at a 1:1 ratio. The initial supply of POL will be 10 billion, with a yearly emission of 2% distributed evenly between validator staking rewards and a community treasury.
PIP 18 proposes several important components, including the initiation of the POL upgrade, the transition from MATIC to POL as the native token for Polygon PoS, the adoption of POL as the staking token for Polygon PoS, and the launch of the Staking Layer. These changes aim to leverage Polygon’s public chains and create a seamless, interoperable network of interconnected zero-knowledge-powered layer-2 chains. The vision is to expand Ethereum‘s blockspace and establish the Value Layer of the Internet.
To ensure a smooth transition, PIP 19 aims to upgrade the native gas token on Polygon PoS from MATIC to POL. This involves upgrading the native MATIC Bridge Contract, which backs the native token on Polygon PoS. The goal is to minimize disruptions to existing contracts and operations while shifting to POL as the native gas token.
The proposed changes outlined in these PIPs are set to significantly enhance the capabilities of the Polygon ecosystem and contribute to the broader development of the Ethereum network. With the community’s endorsement, the implementation of Polygon 2.0 is expected to drive innovation and growth within the Ethereum ecosystem.
Sources:
– Polygon Technology: [Polygon 2.0 Implementation Officially Begins: The First Set of PIPs (Polygon Improvement Proposals) Released](https://polygon.technology/blog/polygon-2-0-implementation-officially-begins-the-first-set-of-pips-polygon-improvement-proposals-released?utm_source=twitter&utm_medium=social&utm_content=phase0-blog)
– Polygon Forum: [PIP-17: Polygon Ecosystem Token (POL)](https://forum.polygon.technology/t/pip-17-polygon-ecosystem-token-pol/12912)
– Polygon Forum: [PIP-18: Polygon 2.0: Phase 0 (Frontier)](https://forum.polygon.technology/t/pip-18-polygon-2-0-phase-0-frontier/12913)
– Polygon Forum: [PIP-19: Update Polygon PoS Native Token to POL](https://forum.polygon.technology/t/pip-19-update-polygon-pos-native-token-to-pol/12914)
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