Advancing Polygon 2.0: Unveiling the Latest Developments in the World of Polygon (MATIC)

POL Token Deployment on Goerli Testnet

Ethereum layer-2 Polygon achieved a significant milestone this week with the deployment of its native token POL on the Goerli testnet. Co-founder Mihailo Bjelic referred to this achievement as a crucial step in the planned modular architecture shift.

Polygon Improvement Proposals (PIPs)

Five public Polygon Improvement Proposals (PIPs) have been introduced, covering key components necessary for the upcoming Polygon 2.0 upgrade. These proposals are integral to the transition and include:

  • Transitioning the existing MATIC token to POL
  • Utilizing POL for staking and gas fees
  • Modifying the network’s EIP-1559 burn protocol

Activation and Advancements

Following the activation announcement by MATIC co-founder Mihailo Bjelic, the POL token went live on Goerli. Simultaneously, two additional PIPs were released, suggesting adjustments to the token burning mechanism.

Enhancing Network Continuity

Since the introduction of the EIP-1559 burn mechanism in January 2022, over 20 million MATIC tokens have been burned. The upgrades aim to expand this burning process while ensuring uninterrupted network operations.

Smooth Transition to Polygon 2.0

With the proposals advancing and POL’s availability on the testnet, Polygon is moving closer to a successful 2.0 transition plan. The development team assures the community of forthcoming details regarding the upgrade rollout and a new governance council structure in the following weeks.

By meticulously testing upgrades and incorporating community feedback, Polygon aims to seamlessly evolve into a more scalable and interconnected multi-chain ecosystem without disrupting existing operations.

Leave a Reply

Your email address will not be published. Required fields are marked *