Polygon 2.0 Kicks Off: The Next Step in Ethereum's Scaling
Polygon 2.0 introduces key upgrades for Ethereum's scaling with the transition from MATIC to POL and the launch of a new staking layer.
Polygon Labs recently announced the rollout of the much-anticipated Polygon 2.0 implementation. This announcement marked the release of three pivotal Polygon Improvement Proposals (PIPs) and a detailed roadmap for the initial phase, Phase 0. The vision shared by Polygon Labs for Polygon 2.0 aspires to scale Ethereum blockspace and create the "Value Layer of the Internet." This transformative vision promises unlimited scalability and unified liquidity. To realize this vision, a series of upgrades to the Polygon protocol architecture are essential. Phase 0, the first step in this direction, focuses on four main upgrades to the protocol.
1/ The wait is over. Polygon 2.0 implementation kicks off now with the release of 3 Polygon Improvement Proposals (PIPs), and a roadmap for Phase 0.https://t.co/gk7FW0zCpc pic.twitter.com/YJo3BtQy4y — Polygon (Labs) (@0xPolygonLabs) September 14, 2023
Key Upgrades in Phase 0
A significant change is underway with the transition from the native coin MATIC to POL. POL will serve as the native (gas) token for the Proof-of-Stake (PoS) system. Furthermore, POL will be the designated staking token for the PoS system. Another notable introduction is the Staking Layer, a feature that will empower validators to secure diverse chains within the evolving Polygon 2.0 ecosystem.
- PIP-18: This proposal outlines several changes to be implemented on the Ethereum contracts for Polygon PoS and Polygon zkEVM chains. These include the initiation of the upgrade from MATIC to POL, the transition of MATIC to POL as the native (gas) token, and the launch of the Staking Layer.
- PIP-17: The POL token, as described in this proposal, will have an initial supply of 10 billion with a yearly emission of 2%, distributed equally between validator staking rewards and a community treasury. This token is not just a renaming but represents a shift towards accommodating an ecosystem of ZK-based Layer 2 chains.
- PIP-19: This proposal focuses on transitioning the native gas token on Polygon PoS from MATIC to POL. It aims to ensure maximum compatibility with existing systems by upgrading the native MATIC Bridge Contract. This change will not affect any of the contracts on Polygon PoS. However, contracts on Ethereum expecting MATIC from the native MATIC Bridge may be impacted.
Polygon Labs emphasizes the role of the community in this transition. The PIP framework has been established to allow the broader Polygon community to provide feedback on proposed changes. If the community endorses these proposals, the implementation could begin as early as the fourth quarter of this year. The design of the first three PIPs ensures a smooth transition, minimizing disruptions for end-users.