Polygon 2.0 Takes Major Step with POL Contracts on Goerli Testnet

Three weeks after a Polygon Enchancment Proposal (PIP) detailed the specs for POL, the contracts have been deployed on the Goerli testnet. This can be a vital milestone in the direction of the total implementation of Polygon 2.0. The deployment is the end result of intensive neighborhood consultations and signifies the community’s readiness for the following section of its improvement.

Two new PIPs, PIP-24 and PIP-25, have been launched primarily based on neighborhood suggestions. PIP-24 proposes modifications to the EIP-1559 burn system, which has eliminated over 20 million MATIC tokens from circulation since its implementation in January 2022. The proposal goals to change the recipient tackle of the burn on the Polygon PoS community, making it a prerequisite for the implementation of Part 0 of Polygon 2.0.

PIP-25, then again, goals to regulate the entire provide of POL tokens to make sure a 1:1 ratio with beforehand burnt MATIC tokens. This proposal is essential for sustaining consistency within the community’s financial mechanisms, thereby guaranteeing a clean transition from MATIC to POL.

Within the coming weeks, Polygon plans to share the primary steps of the brand new governance construction for Polygon 2.0. The core of this governance can be a brand new Ecosystem Council, comprising thought leaders and expertise specialists within the Web3 neighborhood. This council is predicted to play a pivotal position in steering the community in the direction of its targets and guaranteeing that it stays safe and environment friendly.

For Polygon PoS, Polygon zkEVM customers, or MATIC holders, no instant motion is required at this stage. The identical holds true for node operators and stakers. Nevertheless, neighborhood members are inspired to take part within the governance course of and supply suggestions on the proposed modifications.

Polygon POL is the next-generation token designed to switch MATIC within the Polygon 2.0 structure. It goals to accommodate an ecosystem of zero-knowledge-based Layer 2 chains by enabling staking, neighborhood possession, and governance. POL is predicted to deal with emission and token migration, serving because the native gasoline token for the Polygon Proof-of-Stake (PoS) community. The introduction of POL is seen as a transformative step for Polygon, because it not solely enhances the community’s capabilities but in addition aligns with the broader imaginative and prescient of scaling Ethereum to the scale of the Web.

Picture supply: Shutterstock



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