Polygon 2.0 — MATIC conversion to POL outlined in preliminary improvement proposals

Polygon Labs’ imaginative and prescient of an interconnected layer-2 Ethereum ecosystem powered by zero-knowledge cryptography begins in earnest following three inaugural enchancment proposals that may start the transition to Polygon 2.0.

The scaling expertise agency unveiled Polygon 2.0 in June 2023, outlining plans for a scaling ecosystem made up of 4 protocol layers. The staking, interop, execution and proving layers all play a task in creating an interconnected ecosystem of chains that allow quick worth switch and data sharing.

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Polygon co-founder Sandeep Nailwal recently unpacked how the ecosystem goals to change into the worth layer of the web through the use of zero-knowledge (ZK) expertise to offer low-fee, high-throughput efficiency to the broader Ethereum ecosystem.

Polygon launched three Polygon Enchancment Proposals (PIPs) on Sept. 14 for group consideration and voting which are earmarked to start happening within the ultimate quarter of 2023.

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The PIPs define technical particulars for “Part 0” of the institution of a community of interconnected ZK-powered layer-2 chains that scale Ethereum. This features a proposal for the transition and specs that may see MATIC (MATIC) tokens change into POL tokens, which can change into the Polygon proof-of-stake (PoS) protocol’s native token.

PIP-17 will embody the initiation of the improve from MATIC to POL. This contains its transition to POL because the native gasoline token and staking token for the Polygon ecosystem, in addition to the launch of the staking layer and migration of Polygon public chains.

PIP-18 contains the technical description of POL tokens in addition to accompanying contracts that may deal with emission and token migrations. POL tokens will be migrated at a 1:1 ratio from current MATIC tokens. The PIP notes an preliminary provide of 10 billion and a yearly emission of two% equally distributed between validator staking rewards and a group treasury.

Lastly, PIP-19 proposes the replace of the native gasoline token on Polygon PoS from MATIC to POL whereas making certain most backwards compatibility.

Polygon’s announcement notes that PIP-19 won’t change contracts on Polygon PoS, whereas the properties of the protocol’s native token won’t change both. Nonetheless, contracts on Ethereum which are awaiting MATIC from the native MATIC bridge could also be affected by the improve.

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