Polygon Labs has unveiled its vision for Polygon 2.0, an interconnected Layer 2 Ethereum ecosystem powered by zero-knowledge cryptography. This marks a significant step in their efforts to improve scalability and reduce fees in the Ethereum network. Polygon 2.0, introduced in June 2023, comprises four protocol layers: staking, interoperability, execution, and proof. Together, these layers aim to create a versatile chain ecosystem that enables efficient value transfer and data sharing.
Polygon recently introduced three Polygon Improvement Proposals (PIPs) on September 14, intended for community consideration and voting, with voting expected to commence in the final quarter of 2023. The PIPs pertain to "Phase 0" of Polygon's plan to construct a zero-knowledge (ZK) powered network of interconnected Layer 2 chains for Ethereum scalability. This entails transitioning from MATIC to POL as the native token of the Polygon Proof-of-Stake (PoS) protocol, with PIP-17 detailing this upgrade.
In more technical terms, PIP-17 includes proposals for adopting POL as the native gas and staking token for the Polygon ecosystem. Additionally, it outlines the launch of the staking layer and the migration process to the Polygon public chain. PIP-18 offers a detailed technical description of the POL token and the related contracts governing issuance and token migration. Importantly, it stipulates a 1:1 migration ratio from existing MATIC tokens to POL tokens. The initial supply of POL tokens is set at 10 billion, with an annual issuance of 2%, equally distributed between validator staking rewards and the community treasury.
Lastly, PIP-19 suggests updating the native Gas token on Polygon PoS from MATIC to POL while preserving maximum backward compatibility. Notably, this change won't affect the properties of the protocol's native token or the contracts on Polygon PoS itself. However, it may impact Ethereum contracts awaiting MATIC from the native MATIC bridge due to the upgrade.
These proposals underscore Polygon's commitment to enhance Ethereum's scalability and efficiency while making the transition from MATIC to POL as seamless as possible for the community.
