Polygon, a prominent layer 2 scaling solution, has unveiled three pivotal governance proposals signaling the commencement of its journey towards Polygon 2.0. These proposals represent the first phase of creating a network of interconnected zero knowledge-powered Layer 2 chains, with the ultimate goal of enhancing Ethereum’s scalability. The proposed changes are slated for implementation in early Q4 of this year.
Polygon 2.0: Transforming the Ecosystem
In June, Polygon outlined its ambitious vision for Polygon 2.0, a comprehensive revamp of its entire ecosystem, promising radical transformations. This milestone brings Polygon a step closer to realizing that vision.
Key Aspects of the Governance Proposals
The recently published Polygon Improvement Proposals (PIPs) primarily constitute Phase 0 of the initiative and focus on upgrading the specifications of the native token while transitioning to the Polygon 2.0 architecture.
- PIP-18: Phase 0 OverviewPIP-18 serves as an introductory proposal outlining the upcoming changes in further detail. Importantly, it emphasizes that end users and developers already engaged with Polygon PoS and Polygon zkEVM chains will not be required to take any immediate action. Instead, it highlights changes to Ethereum contracts on both these chains, such as the upgrade from MATIC to POL, gas assignment, and the forthcoming staking of tokens on Polygon PoS (details to be revealed in PIP-19).
- PIP-17: Introduction of POL TokenPIP-17 introduces the POL token, which will be distributed to MATIC token holders at a one-to-one ratio. POL will have an initial supply of 10 billion tokens and an annual emission rate of 2%. These tokens will be distributed through validator rewards and contributions to the community treasury.
These proposals mark the inception of a transformative journey for Polygon, bringing it closer to realizing its Polygon 2.0 vision and enabling a more scalable and interconnected Ethereum ecosystem.
For More Information: For further details on these governance proposals, please refer to Polygon’s official communications and announcements.