POLY

Unlocking the Next Phase: Polygon Prepares for 2.0…

by BSC News

October 5, 2023

chain

Explore the pivotal steps Polygon is taking towards launching the transformative Polygon 2.0 and how POL contracts and PIPs play a crucial role. What monumental changes can we anticipate in the Polygon ecosystem?

Summary: 

  • Polygon moves closer to launching 2.0 with POL contracts now live on the Goerli testnet.
  • POL, an upgrade from MATIC, enables staking and community governance in Polygon 2.0.
  • Two new PIPs, PIP-24 and PIP-25, have been released, focusing on EIP-1559 policy changes and POL total supply adjustments respectively.
  • The proposed upgrades aim to scale Ethereum significantly, reshaping the Polygon ecosystem.

Unveiling POL on the Goerli Testnet: A Pivotal Move for Polygon 2.0

In a pivotal leap toward the imminent launch of Polygon 2.0, Polygon has declared that POL contracts has gone live on the Goerli testnet. 

Notably, this launch embodies a collective community agreement and is fundamentally a paramount step in actualizing the robust vision for Polygon 2.0. 

According to the protocol’s blog, prior to the launch, the community was introduced to a Polygon Improvement Proposal (PIP) which intricately outlined the specifications for POL, the upgraded token set to be the pillar of the Polygon 2.0 architecture.

Deploying POL contracts on the Goerli testnet was followed by releasing two noteworthy proposals. These proposals not only bring forth potential alterations to the native token’s burning mechanism but are also pivotal, laying down the groundwork necessary for the impending upgrades aimed at steering the ecosystem into a new era. 

POL, envisaged as the evolutionary successor to MATIC, is promised to foster an ecosystem that encompasses zero knowledge-based Layer 2 chains by facilitating crucial aspects such as staking, community ownership, and a more decentralized governance.

PIPs in Focus: Delving into PIP-24 and PIP-25

Polygon unveiled two new PIPs in response to the community deliberations which is part of the PIP governance process: 

PIP-24

PIP-24, officially titled “Change EIP-1559 Policy,” meticulously details updates to the EIP-1559 burn system. Amongst its specifications, it involves pivotal alterations to the “recipient address of the burn on the Polygon PoS network.” 

Crucially, PIP-24 is not merely a standalone change but a prerequisite, paving the way for the activation and implementation of Phase 0 of Polygon 2.0, initially introduced in PIP-18.

PIP-25

Conversely, PIP-25, themed "Adjust POL Total Supply," introduces a mechanism with a specific aim - ensuring a 1:1 correlation between all previously burnt MATIC and POL, thereby establishing a foundational consistency within the mechanisms. 

EIP-1559 and MATIC: Understanding Token Burns in the Polygon PoS Network

The EIP-1559 is the mechanism through which the Polygon PoS network burns MATIC, extracted from the base fee paid by users transacting on the network. 

Since its activation in January 2022, EIP-1559 has functioned as a pivotal mechanism, orchestrating the burn of over 20 million native MATIC tokens, effectively removing them from the circulating supply. 

The pathway traversed by EIP-1559 is crucial in terms of maintaining an equilibrium in token supply and also in establishing a predictable and harmonious fee estimation system for users navigating the network. 

Disclaimer

Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article

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