Unveiling its ambitious roadmap, Polygon has intensified its pursuit to construct a robust, interconnected layer-2 Ethereum ecosystem, harnessing the power of zero-knowledge technology. This is all part of the grand scheme for Polygon 2.0. Polygon Labs, the team spearheading this scaling solution, has recently publicized three pivotal Polygon Improvement Proposals (PIPs). Provided the community approves these propositions, their implementation could commence as soon as the final quarter of this year.
Unraveling the Proposals for Polygon 2.0
In an informative blog post, Polygon Labs detailed the three PIPs, laying down a comprehensive blueprint for Phase 0. The primary objective here is to establish a network of interconnected, zero-knowledge-enabled layer-2 chains.
- PIP 17 is centered around the Polygon Ecosystem Token (POL). It delineates the conversion of MATIC into POL, which is set to be the revamped native token for Polygon 2.0, along with the corresponding contracts. This proposal also highlights that existing MATIC tokens can be migrated to POL tokens on a 1:1 basis. POL’s initial supply is slated at 10 billion, with an annual emission of 2%, equally divided between validator staking rewards and a community treasury.
- PIP 18 introduces some key elements, such as the initiation of the POL upgrade, the transition from MATIC to POL as the native (gas) token for Polygon PoS, and the launch of the Staking Layer. Additionally, it proposes the migration of Polygon’s public chains to leverage this new layer. The vision of Polygon 2.0 is a network of interconnected ZK-powered L2 chains that collectively expand Ethereum blockspace and create the Value Layer of the Internet. This environment aims to provide seamless interoperability and infinite scalability.
- PIP 19 seeks to upgrade the native gas token on Polygon POS by replacing MATIC with POL, while maintaining maximum backward compatibility. The primary task here involves upgrading the native MATIC Bridge Contract, allowing the native token on Polygon PoS to transition from being backed by MATIC to being backed by POL. This transition, however, won’t affect any of the existing contracts on Polygon PoS or any functionalities of its native token.
Smooth Transition
It’s noteworthy that contracts on the Ethereum side that rely on MATIC from the native MATIC Bridge may be affected by this upgrade. Nevertheless, the ultimate goal is to seamlessly shift to POL as the native gas token on Polygon POS, minimizing disruptions to existing contracts and operations.
Monitoring the Evolution with Cryptoview.io
As we witness the evolution of Polygon 2.0, keeping track of these developments and understanding their implications is crucial. One way to stay updated is through platforms like cryptoview.io, which provide comprehensive insights into the crypto world.
