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The project team has revealed an ambitious set of recommendations that, when combined with the impending Polygon 2.0 upgrade, would completely revolutionise its environment. This is a big and much-anticipated development. The creation of a new local coin called “POL,” which is set to replace the current MATIC utility token, lies at the heart of this innovative project.
Three Polygon Improvement Proposals (PIPs) that added to the ecosystem’s overall goal were the first to offer the detailed roadmap for Polygon 2.0 in mid-June. The centrepiece of these plans is PIP-17, which calls for the introduction of the POL token and the use of an innovative Proof-of-Stake (PoS) consensus method.
POL is envisioned by Polygon as a flexible token that will enable a flourishing Layer-2 network ecosystem based on zero-knowledge proofs. The project team claims that by making this change, users would be able to actively participate in community governance, claim ownership, and engage in staking. Remarkably, current MATIC holders may anticipate a straightforward transfer to the new coin thanks to a 1:1 conversion rate.
The announcement states that there will be a 10 billion token initial supply of POL, with a 2% yearly growth. This methodical approach shows a dedication to upholding stability and encouraging network expansion.
PIP-19, another important proposal, presents the idea of POL acting as the “gas” token in the Polygon network. POL is essential to enabling network transactions, and this focus on backward compatibility guarantees that the current Polygon ecosystem continues to function as intended.
Apart from these significant modifications, the development team has disclosed their intentions to incorporate staking on a separate layer inside the protocol. It is anticipated that this calculated action would improve overall network performance and efficiency. The vote on these plans, which is slated for the end of the fourth quarter of 2023, will be a significant step towards decentralisation and will demonstrate a commitment to community-driven decision-making.
“Today marks the commencement of Phase 0 in the Polygon 2.0 implementation journey—a blueprint aimed at crafting a robust ecosystem of interconnected Layer 2 solutions powered by zero-knowledge proofs, akin to a celestial constellation,” said OxPolygonlabs founder Sandeep Nailwal, expressing his enthusiasm about this momentous development. It’s what I lovingly call ‘The Global Trustless-Parallel-Computer.'”
There hasn’t been much of a reaction in the bitcoin markets despite the big announcement. The current token, MATIC, has increased somewhat over the last day by 1.29%; as of this writing, the cryptocurrency is trading at $0.52. According to CoinMarketCap data, MATIC’s trading volume decreased by little over 8% during the same time period, coming in at $203.8 million.
The crypto community will surely be closely monitoring these events as the Polygon 2.0 upgrade plays out and the move to POL takes shape, since they have the potential to drastically alter the Polygon ecosystem and have an effect on the larger blockchain scene.
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