The developers behind Polygon have recently published three proposals for the implementation of the highly anticipated Polygon 2.0 upgrade. Among these proposals is the introduction of the POL token, which is set to replace the MATIC token in various capacities within the ecosystem.
Polygon 2.0 Upgrade
Polygon 2.0, initially introduced in June, aims to establish a comprehensive network of interconnected Layer 2 chains driven by cutting-edge zero-knowledge proofs. In a major development, Polygon Labs has released three Polygon Improvement Proposals (PIPs). These PIPs detail the transition plan, the specifications for the upgraded Polygon 2.0 architecture, and updates to its native token.
The first proposal, PIP-17, outlines “Phase 0” of the Polygon 2.0 upgrade. This proposal guarantees a seamless upgrade for existing Polygon PoS and Polygon zkEVM chains, requiring no action from end users.
In an effort to expand the Polygon ecosystem further, PIP-18 introduces the implementation of the POL token. This new token will replace the existing MATIC token as the native gas and staking asset within the Polygon platform.
Lastly, PIP-19 calls for upgrading the Polygon PoS native gas token from MATIC to POL whilst ensuring maximum backward compatibility. This essential step guarantees that the upgrade to the new token will not alter smart contracts on Polygon PoS in terms of compatibility. The primary objective is to make certain that the upgraded POL token’s code properties remain unchanged.
The Proposed Replacement of MATIC with POL
The new POL token and targeted improvements for the Polygon 2.0 upgrade indicate a promising future for the Polygon ecosystem. The planned upgrades will have a far-reaching impact on the entire blockchain and cryptocurrency space as the network aims to become more accessible and scalable.
The Polygon community eagerly anticipates the implementation of Polygon 2.0. We can only guess, however, how these proposals will affect the platfom.
Disclaimer: This article serves solely for informational purposes and should not be construe as financial advice. Thus, we strongly advise readers to conduct thorough research and consult with financial professionals before making any investment decisions.
