Polygon Advances Toward Version 2.0 with Testnet Deployment

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Polygon, a prominent Ethereum Layer-2 scaling solution, has achieved a significant milestone on its journey towards Polygon 2.0. Co-founder Mihailo Bjelic recently announced a major development as POL contracts were successfully deployed on the Goerli Testnet. This marks a substantial step forward for the blockchain project.

“In line with the community’s approval, POL contracts are now live on the Goerli Testnet!” Bjelic proudly shared on Twitter. The accomplishment showcases the project’s dedication to engaging with its community. It also ensures that their insights play a vital role in the platform’s ongoing growth.

Acting on a Recent Polygon Improvement Protocol

This pivotal moment follows closely on the heels of the release of a Polygon Improvement Proposal (PIP). The proposal provided detailed specifications for POL, the upgraded token that will serve as a cornerstone in the upgraded architecture. With POL contracts now operational on the Goerli Testnet, the company has taken a significant stride toward realizing its vision for Polygon 2.0.

In addition to the successful deployment of POL contracts, the team has introduced two new PIPs aimed at enhancing the native token-burning mechanism, a crucial component for future upgrades. These proposals were unveiled alongside PIP-17, PIP-18, and PIP-19, which were released in mid-September of this year.

PIP-17 serves as the initiation of the POL upgrade. Meanwhile PIP-19 advocates for the adoption of POL as both the Polygon PoS native gas token and its staking token. PIP-24 outlines updates to the EIP-1559 burn system, including alterations to the burn’s recipient address within the PoS network. These adjustments are essential for the implementation of Polygon 2.0 Phase 0, as detailed in PIP-18. Meanwhile, PIP-25 proposes a mechanism to ensure that all previously burned MATIC tokens maintain a 1:1 ratio with POL. This ensures consistency in the token economics.

EIP-1559 represents the mechanism through which the PoS network burns MATIC tokens obtained from the base fees paid by network users. Since its introduction in January 2022, over 20 million native MATIC tokens have been burned, underscoring the efficiency and popularity of this feature within the Polygon ecosystem.

More Details on Governance To Come

The project’s team remains dedicated to providing regular updates to its community and stakeholders regarding the progress of the 2.0 implementations in the forthcoming weeks. Furthermore, the platform intends to unveil the initial stages of its proposed governance model for version 2.0. This includes the establishment of a new ecosystem council. This governance model is designed to ensure transparency and inclusivity in decision-making processes, further empowering the Polygon community to shape the platform’s future.

The road to Polygon 2.0 is filled with promise and exciting developments. With POL contracts now live on the Goerli Testnet, the future of Polygon is radiating with optimism and potential.

Author

Steven Walgenbach

Steven's passion for cryptocurrency and blockchain technology began in 2014, inspiring him to immerse himself in the field. He notably secured a top 5 world ranking in robotics. While he initially pursued a computer science degree at the University of Texas at Arlington, he chose to pause his studies after two semesters to take a more hands-on approach in advancing cryptocurrency technology. During this period, he actively worked on multiple patents related to cryptocurrency and blockchain. Additionally, Steven has explored various areas of the financial sector, including banking and financial markets, developing prototypes such as fully autonomous trading bots and intuitive interfaces that streamline blockchain integration, among other innovations.

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