Polygon has intensified its efforts to establish an interconnected layer-2 Ethereum ecosystem powered by zero-knowledge technology in the newly revealed roadmap for Polygon 2.0. To achieve this, Polygon Labs, the organization behind the scaling solution, has introduced three Polygon Improvement Proposals (PIPs).
If these proposals receive community endorsement, implementation will commence as early as Q4 of this year.
The Proposals for Polygon 2.0
In a blog post, Polygon Labs introduced three Polygon Improvement Proposals (PIPs) that provide a detailed plan for Phase 0, with the ultimate goal of creating a network of interconnected zero-knowledge-powered layer-2 chains.
PIP 17 focuses on the Polygon Ecosystem Token (POL) and outlines the transformation of MATIC into POL. POL will serve as the enhanced native token for Polygon 2.0, along with associated contracts. The initial configurations will handle emission management and token migration.
The proposal also states that existing MATIC tokens can be migrated to POL tokens at a 1:1 ratio. POL’s initial supply is 10 billion with a yearly emission of 2%, which will be evenly distributed between validator staking rewards and a community treasury.
PIP 18 encompasses several essential components, including the initiation of the POL upgrade, the transition from MATIC to POL as the native (gas) token for Polygon PoS, the adoption of POL as the staking token for Polygon PoS, and the launch of the Staking Layer, along with the migration of Polygon’s public chains to utilize this new layer. As the post explains,
“Polygon 2.0 envisions a network of interconnected ZK-powered L2 chains that, on aggregate, expand Ethereum blockspace and create the Value Layer of the Internet. This environment is seamlessly interoperable, offering access to unified blockspace across all Polygon chains as well as infinite scalability.”
PIP 19 aims to upgrade the native gas token on Polygon POS by replacing MATIC with POL, while ensuring maximum backward compatibility. PIP 19 primarily involves upgrading the native MATIC Bridge Contract, enabling the native token on Polygon PoS to transition from being backed by MATIC to being backed by POL.
It is important to note that this transition will not affect any of the contracts currently in place on Polygon PoS or any functionalities of its native token. However, contracts on the Ethereum side that rely on MATIC from the native MATIC Bridge may be impacted by this upgrade. The overall objective is to smoothly shift to POL as the native gas token on Polygon POS while minimizing disruptions to existing contracts and operations.