What You Need To Know About Polygon 2.0

Polygonsender Polygon Polygon 2.0

In the evolving world of Ethereum, Polygon is making groundbreaking strides. Recently, it announced heightened efforts to pioneer an interconnected layer-2 Ethereum environment. This initiative, powered by advanced zero-knowledge technology, anchors its newly unveiled Polygon 2.0 roadmap.

The New Proposals: Polygon’s Bold Steps Forward

Polygon Labs, the mastermind behind this ambitious scaling solution, has unveiled three pivotal Polygon Improvement Proposals (PIPs). These PIPs serve as a beacon, shedding light on their roadmap for Phase 0. Central to this vision is a seamlessly interconnected web of layer-2 chains, all benefiting from zero-knowledge technology.

At the heart of these changes lies PIP 17. This proposal shines a spotlight on the Polygon Ecosystem Token (POL). It delineates the metamorphosis of MATIC into POL, marking it as the upgraded native token for Polygon 2.0. Accompanying contracts, thoughtfully designed, address emission management and token migration. It’s highlighted that existing MATIC tokens can transition to POL tokens at a 1:1 ratio. Initially, POL will boast a supply of 10 billion. Annually, a 2% emission will be allocated evenly between validator staking rewards and the community’s treasury.

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PIP 18 unfurls a roadmap with crucial milestones. That includes ushering in the POL upgrade and marking the transition from MATIC to POL as Polygon’s cornerstone (gas) token. Further advancements involve adopting POL for Polygon PoS staking, launching the Staking Layer, and transitioning Polygon’s public chains to this newly minted layer.

Building the Polygon 2.0 Framework: Innovations and Initiations

Polygon’s mission with 2.0 is profound. They aspire to “create a network of interconnected ZK-powered L2 chains,” thereby expanding Ethereum’s blockspace. This, they believe, will sculpt the Internet’s Value Layer. Their envisioned landscape? One that’s seamlessly interoperable, promising unified blockspace across Polygon chains and boundless scalability.

Lastly, PIP 19 delves into refining the native gas token on Polygon POS. It outlines the replacement of MATIC with POL, while preserving utmost backward compatibility. The core of this proposal is an upgraded MATIC Bridge Contract. This change facilitates the native token’s transition on Polygon PoS from MATIC-backed to POL-backed.

Key to note: this transition won’t disrupt existing Polygon PoS contracts or its native token functionalities. However, contracts on the Ethereum side that utilize MATIC from the native MATIC Bridge might experience the ripple effects of this upgrade. Ultimately, the aim is a frictionless shift to POL as the dominant gas token on Polygon POS, ensuring minimal disruptions.

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