Polygon Unveils Details About POL and Polygon 2.0 Upgrade

Polygon 2.0 initiates with the release of three crucial Polygon Improvement Proposals (PIPs).
PIPs outline the transition to interconnected zero-knowledge L2 chains, introducing POL token.
Community participation and feedback pivotal in shaping Polygon’s path to Web3 mass adoption.

Polygon 2.0, introduced in June, marks a significant transformation of the Polygon ecosystem. Earlier this week, three Polygon Improvement Proposals (PIPs) were unveiled, outlining the precise changes slated for early Q4 of this year after community approval.

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These PIPs delve into the technical intricacies of Phase 0, which involves constructing a network of interconnected zero-knowledge L2 chains, effectively scaling Ethereum to internet-like proportions. The proposals detail the transition process, specifications for the upgraded Polygon 2.0 token, and updates to the Polygon PoS native token.

Specifically, the PIP framework encourages community engagement, emphasizing the collaborative development of the Internet’s Value Layer. PIP-18 outlines Phase 0 of Polygon 2.0, providing a high-level overview of upcoming upgrades covered in separate PIPs.

Phase 0 milestones aim to minimize disruptions for existing end users and developers on Polygon PoS and Polygon zkEVM chains. Key changes include upgrading from MATIC to POL as the native token for Polygon PoS and its staking token. It also introduces the Staking Layer and facilitates the migration of Polygon public chains.

Introducing the POL Token

Meanwhile, PIP-17 introduces POL token, complete with contracts for emission and token migration. POL supports a seamless one-to-one migration from the existing MATIC token, featuring an initial supply of 10 billion and an annual emission of 2%, evenly distributed between validator staking rewards and a community treasury.

Above all, POL serves as an advanced token to accommodate ZK-based Layer 2 chains, enabling staking, community ownership, and governance. Finally, PIP-19 calls for upgrading the native gas token on Polygon PoS from MATIC to POL, ensuring maximum compatibility.

The upgrade, carried out via the native MATIC Bridge Contract, will alter the native token on Polygon PoS from a claim on the Bridge’s MATIC to a claim on the Bridge’s POL. This transition will not affect existing contracts on Polygon PoS, maintaining their functionality as designed.

The Polygon 2.0 vision places community empowerment at its core, fostering a collaborative environment for builders, creators, and stakeholders. Active participation and contributions to the discussion are encouraged, as Polygon continues its journey towards the mass adoption of Web3 and an equitable future for all.

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Lauren Cole

A focused and vigilant storyteller for all things blockchain and cryptocurrency. Besides consuming every piece of literature about the metaverse, she can often be found at industry convections looking for the latest scoop.