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Polygon 2.0 Unveils Improvement Proposals for MATIC to POL Conversion

Polygon Labs, a prominent Ethereum layer-2 developer, has introduced a series of preliminary improvement proposals aimed at initiating the transition to the Polygon 2.0 ecosystem

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Polygon Labs, a prominent Ethereum layer-2 developer, has introduced a series of preliminary improvement proposals aimed at initiating the transition to the Polygon 2.0 ecosystem. This ecosystem envisions a robust, interconnected layer-2 Ethereum infrastructure powered by zero-knowledge cryptography. The proposals mark a significant step toward achieving this vision.

Polygon 2.0: A Four-Layer Scaling Ecosystem

In June 2023, Polygon Labs unveiled its Polygon 2.0 initiative, which comprises four protocol layers: staking, interop, execution, and proving. These layers collectively contribute to the creation of an interconnected network of chains, facilitating rapid value transfer and information sharing within the Ethereum ecosystem.

Sandeep Nailwal, co-founder of Polygon, elaborated on the ecosystem’s goal to become the internet’s value layer. This ambition relies on harnessing zero-knowledge (ZK) technology to deliver low-fee, high-throughput performance to the broader Ethereum community.

Polygon Improvement Proposals (PIPs): Phase 0

Polygon has released three crucial Polygon Improvement Proposals (PIPs) on September 14th, with community consideration and voting scheduled for the final quarter of 2023. These proposals lay the foundation for “Phase 0” of the interconnected ZK-powered layer-2 chains that will enhance Ethereum’s scalability.

The first proposal, PIP-17, outlines the transition of MATIC tokens to POL tokens, designating POL as the native gas token and staking token for the Polygon ecosystem. This phase also includes the launch of the staking layer and the migration of Polygon’s public chains.

PIP-18: Technical Details of POL Tokens

PIP-18 provides technical descriptions of POL tokens, including the contracts responsible for emission and token migrations. Existing MATIC tokens can be seamlessly converted to POL tokens at a 1:1 ratio. An initial supply of 10 billion POL tokens is projected, with a yearly emission of 2%, distributed equally between validator staking rewards and a community treasury.

Lastly, PIP-19 proposes the update of the native gas token on Polygon PoS, transitioning from MATIC to POL, while ensuring maximum backward compatibility. This change will not impact Polygon PoS contracts or alter the properties of the protocol’s native token. However, Ethereum contracts awaiting MATIC from the native MATIC bridge may be affected by this upgrade.

 

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