Polygon 2.0 Takes Major Step with POL Contracts on Goerli Testnet

Three weeks after a Polygon Improvement Proposal (PIP) detailed the specifications for POL, the contracts have been deployed on the Goerli testnet. This is a significant milestone towards the full implementation of Polygon 2.0. The deployment is the culmination of extensive community consultations and signifies the network’s readiness for the next phase of its development.

Two new PIPs, PIP-24 and PIP-25, have been introduced based on community feedback. PIP-24 proposes changes to the EIP-1559 burn system, which has removed over 20 million MATIC tokens from circulation since its implementation in January 2022. The proposal aims to modify the recipient address of the burn on the Polygon PoS network, making it a prerequisite for the implementation of Phase 0 of Polygon 2.0.

PIP-25, on the other hand, aims to adjust the total supply of POL tokens to ensure a 1:1 ratio with previously burnt MATIC tokens. This proposal is crucial for maintaining consistency in the network’s economic mechanisms, thereby ensuring a smooth transition from MATIC to POL.

In the coming weeks, Polygon plans to share the first steps of the new governance structure for Polygon 2.0. The core of this governance will be a new Ecosystem Council, comprising thought leaders and technology experts in the Web3 community. This council is expected to play a pivotal role in steering the network towards its goals and ensuring that it remains secure and efficient.

For Polygon PoS, Polygon zkEVM users, or MATIC holders, no immediate action is required at this stage. The same holds true for node operators and stakers. However, community members are encouraged to participate in the governance process and provide feedback on the proposed changes.

Polygon POL is the next-generation token designed to replace MATIC in the Polygon 2.0 architecture. It aims to accommodate an ecosystem of zero-knowledge-based Layer 2 chains by enabling staking, community ownership, and governance. POL is expected to handle emission and token migration, serving as the native gas token for the Polygon Proof-of-Stake (PoS) network. The introduction of POL is seen as a transformative step for Polygon, as it not only enhances the network’s capabilities but also aligns with the broader vision of scaling Ethereum to the size of the Internet.

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Polygon Expanded Collaborations with Disney, Meta, Starbucks, and More in Q2 2023

Accordint to a report released by Messari, Polygon ($MATIC), a suite of Ethereum-based scaling solutions, unveiled key insights and recent developments in its ecosystem for the second quarter of 2023. Among the key highlights, Polygon Labs introduced Polygon 2.0, a network of zero-knowledge Layer-2 blockchains. This new development aims to become the “Value Layer of the Internet,” bringing significant updates to protocol architecture, tokenomics, and governance.

The Polygon zkEVM, a Zero-Knowledge (ZK) Layer-2 rollup protocol for Ethereum, showed steady growth, achieving 200,000 unique addresses by the end of Q2. This notable achievement was marked by collaborations and integrations with various industry players. An important aspect of the report was MATIC’s inclusion in the SEC’s complaints against Binance and Coinbase. However, the document emphasizes that Polygon’s network fundamentals were unaffected by this news.

Further, the report indicates that Polygon has expanded its partnerships with prominent legacy companies and institutions such as Franklin Templeton, Securitize, Mastercard, and Warner Music Group. These new additions join existing partners including Adobe, Adidas, Disney, Meta, Nike, Reddit, Robinhood, and Starbucks.

Other exciting developments include the launch of the Polygon zkEVM Mainnet Beta on March 27, 2023, aimed at enabling secure, quick, and cheap transactions. Additionally, the report provides insights into Polygon Miden, an upcoming ZK Layer-2 rollup protocol designed for Ethereum, utilizing the Miden Virtual Machine (MVM) written in Rust. An app-chain-focused scaling solution for Polygon PoS, known as Polygon Supernets, is currently in testnet. Finally, Polygon ID, a privacy-preserving identification service for Web3 users, uses ZK-proofs to verify user credentials privately.

Polygon’s Q2 report underscores the platform’s ongoing commitment to innovation, collaboration, and growth. These initiatives place Polygon at the forefront of the blockchain industry, reinforcing its position as a leading provider of Ethereum-based scaling solutions. 

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