POL Testing Begins as More Polygon 2.0 Proposals Emerge

POL contracts go live on Goerli.

Two Polygon MATIC robots seeing machinery working progress.
Created by Kornelija Poderskytė from DailyCoin
  • POL contracts are live on Goerli.
  • Polygon Labs has released two more proposals for the MATIC to POL upgrade.
  • POL will serve as the ecosystem token for the envisioned multichain ecosystem.

As part of its 2.0 roadmap, the Polygon ecosystem is set to undergo several significant changes, the first of which appears to be upgrading its native token from MATIC to POL

In line with this planned upgrade, Polygon Labs released three proposals for community feedback in September 2023. Following community consensus, developers have taken a major step toward the upgrade.

POL Contracts Go Live on Goerli

Per a Twitter statement from Polygon developers on Wednesday, October 4, contracts for POL are now available for testing on Ethereum‘s Goerli testnet, implying that developers and interested users can directly interact with and try out some of the capabilities of the new token.

As highlighted by Polygon Labs executive chairman Sandeep Nailwal, the launch of POL contracts on the testnet represents a major step in the MATIC to POL upgrade and the push towards Polygon’s multichain future.

Aside from announcing the availability of POL contracts for testing, Polygon Labs also unveiled two new proposals in response to community feedback on the initial Polygon 2.0 Polygon Improvement Proposals (PIPs) released in September 2023.

New Polygon 2.0 Proposals Emerge

In response to feedback on the Phase 0 proposals geared towards the MATIC to POL upgrade, Polygon Labs has released two new proposals: PIP-24 and PIP-25. The proposals focus on Polygon’s burn policy, also known as EIP-1559, which ensures that a fixed fee is burned per block.

Specifically, PIP-24 proposes changing the Polygon burn address in preparation for modifications to the Polygon Plasma bridge outlined in PIP-19 in September. Additionally, PIP-25 intends to make sure that POL accurately reflects the current MATIC supply by taking into account the number of tokens that have already been taken out of circulation through burns as PIP-17 introduced in September, proposes the minting of 10 billion tokens equal to the initial MATIC supply.

Developers would have to implement the changes proposed in PIP-24 and PIP-25 before implementing the MATIC to POL upgrade.

POL is intended to serve as the native token for the envisioned Polygon ecosystem of zero-knowledge-powered Layer 2 chains, allowing holders to validate transactions across multiple networks to earn rewards. POL will be an inflationary token to accommodate the ecosystem’s growth, with its supply designed to grow by 2% annually, unlike MATIC, which has a fixed supply.

Developers affirm that they will submit more Polygon 2.0 proposals for governance in the coming weeks.

On the Flipside

  • The completion of the Polygon 2.0 roadmap is slated for 2024, even though developers will implement the MATIC to POL upgrade in Q4 2023.
  • Aside from transitioning to POL, developers intend to overhaul the governance process and transform the Polygon Proof-of-Stake (PoS) chain to a zkEVM validium Layer-2.

Why This Matters

The availability of POL contracts for testing represents a major milestone in Polygon’s push to a multichain ecosystem.

Read this to learn more about Polygon’s Phase 0 proposals:
Polygon 2.0: Phase 0 Proposals Released for Community Review

Another Polygon co-founder is leaving. Find out more:
Another Polygon Co-Founder Exits, Only Two OG Creators Left

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Okoya David

David Okoya is a crypto news reporter at DailyCoin based in Nigeria. He covers various topics related to the cryptocurrency industry, including exchanges, regulations, and price movements, and strives to bring fresh angles to breaking news. With experience as a freelance crypto news writer, David upholds the highest journalistic standards, telling complete stories and answering lingering questions whenever possible.