Polygon Labs Unveils Improvement Proposals for Transition to Polygon 2.0
An image showcasing the roadmap for Polygon 2.0 implementation and the three Polygon Improvement Proposals (PIPs) released by Polygon Labs.
Posted 10 months ago in Ethereum
Polygon Labs, a popular Ethereum layer-2 developer, has introduced the first improvement proposals to initiate the transition to its Polygon 2.0 ecosystem. These proposals mark the beginning of Polygon's vision of creating an interconnected layer-2 Ethereum ecosystem powered by zero-knowledge cryptography.
In June 2023, Polygon Labs announced its plans for Polygon 2.0, which aims to establish a scaling ecosystem comprising four protocol layers: staking, interop, execution, and proving layers. These layers work together to enable fast value transfer and information sharing.
The recent release of three Polygon Improvement Proposals (PIPs) paves the way for Polygon 2.0 implementation. These proposals outline technical details for the first phase of establishing a network of interconnected ZK-powered layer-2 chains that scale Ethereum.
One of the key proposals, PIP-17, focuses on the transition from MATIC to POL tokens. MATIC tokens will become the Polygon proof-of-stake (PoS) protocol's native token, which will also serve as the native gas token for the Polygon ecosystem. PIP-18 provides a technical description of POL tokens and their accompanying contracts for emission and token migrations. PIP-19 proposes updating the native gas token on Polygon PoS from MATIC to POL while ensuring maximum backwards compatibility.
These improvement proposals will undergo community consideration and voting in the final quarter of 2023, taking Polygon one step closer to its vision of becoming the value layer of the internet, delivering low-fee, high-throughput performance to the wider Ethereum ecosystem.
Last updated 9/14/2023, 8:30:01 AM
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