Three Pivotal PIPs
Polygon, a prominent player in the blockchain space, has taken a significant stride by revealing its comprehensive roadmap for Polygon 2.0. This eagerly awaited upgrade encompasses a migration from MATIC to POL tokens and the deployment of a staking layer. The publication of this roadmap signals a new chapter in the evolution of Polygon.
These three pivotal Polygon Improvement Proposals (PIPs) are promising to reshape the blockchain landscape, with PIP-18, representing Phase 0, set to construct an intricate network of interconnected zero knowledge-powered Layer 2 chains. The objective is to elevate Ethereum to a scale akin to that of the Internet itself.
The Transition: MATIC to POL
Under the PIP-17 proposal, the POL token will come to the forefront of the Polygon ecosystem. It will be taking over from MATIC as the chief player in handling emissions through a migration of tokens from MATIC to POL.
This transition promises to unlock new avenues for staking, community ownership, and governance within the Polygon ecosystem. The POL token will not only serve as the native token for Polygon’s Proof of Stake (PoS) but also as the designated staking token for the PoS network.
The team revealed that the transition will not affect any contracts on the network.
“This upgrade will not change any of the contracts on Polygon PoS and the native token’s properties will remain unchanged. All contracts on Polygon PoS will function as currently designed. Contracts on Ethereum expecting MATIC from the native MATIC Bridge may be affected by this upgrade.”
The Ambitious Phase 0 (PIP-18)
The PIP-18 details Polygon 2.0’s Phase 0, which is an ambitious endeavor to construct a network of zero knowledge-powered Layer 2 chains. The ultimate goal is to elevate Ethereum’s scalability, making the network capable of handling transactions and smart contracts at the scale of the entire Internet.
Polygon has expressed its intent to roll out Phase 0 in Q4 of this year, contingent on minimal changes demanded by the community.
“The PIPs published today describe the technical details for Phase 0 of building a network of interconnected zero knowledge-powered L2 chains that scale Ethereum to the size of the Internet.”
A Bold Vision Realized
Polygon first unveiled its plans for the Polygon 2.0 overhaul back in June, advocating for the unification of Polygon’s various scaling solutions into a multi-chain ecosystem of interconnected networks leveraging zero-knowledge (ZK) technology.
Polygon’s ecosystem currently spans the PoS Chain, zkEVM, Nightfall, and Miden networks. The PoS Chain, Polygon’s largest network with a total value locked of $792M, was initially launched in 2017 before rebranding in 2021.
As the crypto world eagerly awaits the implementation of Polygon 2.0, the blockchain industry braces itself for a transformation that could redefine the future of decentralized technology.