Polygon Deploys POL Smart Contracts on Testnet In Preparation for 2.0

Polygon Deploys POL Smart Contracts on Testnet In Preparation for 2.0

News, Defi news

Leading Ethereum scaling platform Polygon has deployed POL smart contracts on the Goerli test network, marking a major milestone in its transition to Polygon 2.0.

Polygon co-founder Sandeep Nailwal announced the testnet deployment of POL contracts on October 4th, calling it a crucial step in evolving to Polygon’s next generation.

POL Replacing MATIC as Native Token

POL will serve as the native token powering the new Polygon network, replacing the existing MATIC token.

Polygon outlined proposals last month to overhaul its technological infrastructure and economic model with a new focus on enabling true decentralization and community ownership.

Launching POL contracts on the testnet brings Polygon closer to executing its 2.0 vision centered on the new token.

Preparing for Mainnet Launch

Alongside the testnet deployment, Polygon introduced two new improvement proposals – PIP-24 and PIP-25. These address technical changes to the existing Proof-of-Stake chain’s operations.

PIP-24 alters the recipient address for transaction fee burns, while PIP-25 ensures a 1:1 supply swap between MATIC and POL.

These upgrades aim to facilitate a smooth transition to POL as the lifeblood of the new Polygon chain once 2.0 goes live on the mainnet.

More Decentralization and User Rewards

According to Polygon’s blog, POL as a native crypto asset will expand decentralization through staking, enable community ownership of governance, and allow capturing network value.

Polygon 2.0 aims to create a more interoperable, Ethereum-compatible scaling solution focused on empowering users with a secure and rewarding experience.

Deploying POL contracts on testnet keeps Polygon on track for executing this vision and cementing its place as a leading Layer 2 network.

POL token, Polygon