Polygon 2.0 Beckons: POL Contracts and PIPs Lead the Way

• According to a recent announcement shared by Polygon, POL contracts have successfully been deployed on the Goerli testnet.
• In addition to this, two Polygon Improvement Proposals (PIP) have also been shared, after the Polygon community shared its feedback on the latest development.

As Polygon works towards launching the highly anticipated Polygon 2.0, POL contracts have successfully been deployed on the Goerli testnet.In the recent announcement shared by Polygon, it was noted that community feedback has also resulted in the sharing of two Polygon Improvement Proposals (PIP).

Polygon Improvement Proposals (PIP) are standards and design specifications decided by the Polygon community, for the overall advancement of the network PiPs include core protocol specifications like Heimdall and Bor chains of the Polygon PoS, client APIs, contract standards, and more.

The aforementioned Polygon Improvement Proposals (PIP) are both centered and are implementing changes that could impact the functionality of certain contracts. These contracts are typically designed to be used for carrying out native MATIC token burns.

As the announcement reads;

As a direct result of community feedback from our governance process, 2 new PIPs, PIP-24, and PIP-25 have been shared. Both proposals detail changes that impact the functioning of contracts responsible for the burning of the native MATIC token as specified by Ethereum Improvement Proposal 1559.

The network also urges Polygon community members to access and read through the documents containing the breakdown of the latest proposals.

POL Contracts have been deployed on testnet, a major step on our journey to create Polygon 2.0.

As a direct result of community feedback from our governance process, 2 new PIPs, PIP-24 and PIP-25 have been shared. Both proposals detail changes that impact the functioning of… pic.twitter.com/b11O5U5x2c

— Sandeep Nailwal | sandeep. polygon 💜 (@sandeepnailwal) October 4, 2023

POL is referred to as the next generation to MATIC, which is upgrading to allow for an ecosystem of zero knowledge-based Layer 2 chains. POL will enable staking, community-owned stand governance.

Polygon’s vision for Polygon 2.0 becomes even clearer

Notably, another proposal, PIP-17, seeks to describe POL alongside a handful of other contacts that could handle emissions and token migration.

After a successful deployment of POL contracts to the testnet, the Polygon 2.0 vision is even clearer than before. As an official Blogspot noted, the deployment of POL contracts was only successful because of community consensus.

Putting into perspective how PIP-17 integrates with the POL upgrade, the blog post reads;

While PIP-17 initiates the POL upgrade, PIP-19 calls for the adoption of POL as the Polygon PoS native gas token and its staking token described in PIP-19. Both changes impact the functioning of contracts responsible for the burning of the native MATIC token as specified by Ethereum Improvement Proposal 1559.

It is worth noting that EIP-1559 is the mechanism that allows for the Polygon POS network to burn MATIC collected from the base fee paid by users transacting on the network. The upgrade first went live in January of 2022 and has since exceeded users’ expectations. Since the upgrade, more than $2 million of the native MATIC token has been wiped out from the network. This has gone on to reduce supply significantly.

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