The Ethereum layer-2 developer has introduced the first improvement proposals to begin the transition to its Polygon 2.0 ecosystem.
Polygon Labs’ vision of an interconnected layer-2 Ethereum ecosystem powered by zero-knowledge
cryptography begins in earnest following three inaugural improvement proposals that will begin the transition to Polygon 2.0.
The scaling technology firm unveiled Polygon 2.0 in June 2023, outlining plans for a scaling
ecosystem made up of four protocol layers. The staking, interop, execution and proving layers all play a
role in creating an interconnected ecosystem of chains that enable fast value transfer and information sharing.
Polygon co-founder Sandeep Nailwal recently unpacked how the ecosystem aims to become the value
layer of the internet by using zero-knowledge (ZK) technology to provide low-fee, high-throughput
performance to the wider Ethereum ecosystem.
Polygon released three Polygon Improvement Proposals (PIPs) on Sept. 14 for community consideration
and voting that are earmarked to begin taking place in the final quarter of 2023.
The PIPs outline technical details for “Phase 0” of the establishment of a network of interconnected
ZK-powered layer-2 chains that scale Ethereum. This includes a proposal for the transition and specifications that will see MATIC
MATIC
tickers down
$0.5220
tokens become POL tokens, which will become the Polygon proof-of-stake (PoS) protocol’s native token.
PIP-17 will include the initiation of the upgrade from MATIC to POL. This includes its transition to POL
as the native gas token and staking token for the Polygon ecosystem, as well as the launch
of the staking layer and migration of Polygon public chains.
PIP-18 includes the technical description of POL tokens as well as accompanying contracts that will
handle emission and token migrations. POL tokens can be migrated at a 1:1 ratio from existing
MATIC tokens. The PIP notes an initial supply of 10 billion and a yearly emission of 2% equally
distributed between validator staking rewards and a community treasury.
Lastly, PIP-19 proposes the update of the native gas token on Polygon PoS from MATIC to POL
while ensuring maximum backwards compatibility.
Polygon’s announcement notes that PIP-19 will not change contracts on Polygon PoS, while the
properties of the protocol’s native token will not change either. However, contracts on Ethereum
that are awaiting MATIC from the native MATIC bridge may be affected by the upgrade.
