Polygon 2.0, the next-generation architecture of the Ethereum Layer-2 scaling solution Polygon, has achieved a significant milestone with the launch of POL contracts on the Goerli testnet. POL is the upgraded crypto of Polygon 2.0 that will replace MATIC as the native gas and staking token of the network.
Polygon Takes Another Step Forward in Realizing Polygon 2.0
Polygon cofounder Mihailo Bjelic announced the news on X, a social media platform formerly known as Twitter, on Oct. 4. He said that the launch of POL contracts was in accordance with the community approval and that two new Polygon Improvement Proposals (PIPs) were also released to address some feedback from the community.
Today, we are making another significant step on the road to Polygon 2.0. In accordance with the community approval, POL contracts are live on Goerli Testnet! 🤗
To acknowledge and incorporate community input, 2 new PIPs, PIP-24 (Change EIP-1559 Policy) and PIP-25 (Adjust POL… https://t.co/GwZ8r65M4K
— Mihailo Bjelic (@MihailoBjelic) October 4, 2023
The two new PIPs are PIP-24 and PIP-25, which propose some changes to the EIP-1559 burn system and the POL total supply mechanism, respectively. EIP-1559 is the mechanism that burns MATIC tokens collected from the base fee paid by network users.
PIP-24 suggests changing the burn’s recipient address on the Polygon PoS network, while PIP-25 suggests ensuring that all previously burned MATIC is 1:1 with POL.
These PIPs are in addition to the PIPs 17, 18, and 19 that were released in mid-September. PIP-17 initiates the POL upgrade process, while PIP-18 describes the specifications for Polygon 2.0 Phase 0, which includes a new consensus protocol, a new validator selection mechanism, and a new governance system. PIP-19 proposes to adopt POL as the Polygon PoS native gas and staking token.
According to Bjelic, Polygon will share more updates and steps for Polygon 2.0 implementations in the coming weeks. He also said that the initial steps of the new proposed governance for Polygon 2.0 will be disclosed soon, which will involve a new ecosystem council.
Polygon 2.0 is an ambitious project that aims to transform Polygon into a modular and flexible framework that can support multiple scaling solutions and interoperability protocols.
Polygon hopes to achieve this vision by leveraging its experience and expertise in building and operating Layer-2 networks, as well as its strong community and ecosystem support.
