POL Contracts go live on Goerli Testnet

Polygon has announced that POL contracts are now live on Goerli Testnet. POL is the upgraded token for the Polygon ecosystem. It is alternatively identified as the next-generation token for MATIC. POL was introduced three weeks ago with a Polygon Improvement Proposal (PIP). Now, Goerli Testnet is hosting the said contract. Also, two more proposals have been laid on the table to better shape the future of Polygon.

The initial task of the POL is to handle token migration and emission. This has been specified under PIP-17. Moreover, its objective has been designed to enable community ownership, staking, and governance to accommodate zk-based Layer-2 chains.

Polygon has called this a major step forward in achieving the vision of Polygon 2.0. POL has been deployed only after the community could reach a consensus.

It is important to note that MATIC is exchanging hands at $0.520255, an increase of 3.03% in the last 24 hours. However, the last month has been dreadful for the token; the fall at the moment comes to 13.28% in just 30 days at the time of articulating this piece.

Moving forward, Polygon is looking to gain community endorsement and begin implementing the update this quarter.

PIP-19 has come under the lens as well. It highlights the adoption of the upgraded token. POL will primarily find a breakthrough as a native gas token and staking token. They will further impact the burning of MATIC, a mechanism for which has been specified in EIP-1559, with EIP being an acronym for Ethereum Improvement Proposal.

The proposal has reportedly taken out 20 million MATIC tokens since January 2022. That was the time when the upgrade went live on Polygon PoS.

PIP-24 seeks to bring changes to the addresses of recipients on the Polygon PoS Network. PIP-25 seeks to make adjustments in the total supply of POL. It will make sure that the allotment is pegged at 1:1 between MATIC and POL. This is to retain consistency in the mechanism.

Users don’t have to do anything during the upgrade. Users of Polygon zkEVM or MATIC will experience a seamless transition. However, they can participate in the governance process by heading over to the official forum of the Polygon Community. Instructions are the same for node operators and stakers, except they can provide feedback to the team to enhance compatibility and improve the environment once they approve feedback.

The update comes hours after Polygon introduced Polylang, a TypeScript for Miden VM. It has been defined as an easy-to-use language with enhanced privacy and parallel execution.

Returning to Polygon 2.0 update information. On the Goerli Testnet, SOL Contracts are active to increase the visibility of the upgraded MATIC token. It will support the architecture that Polygon 2.0 is introducing, with an emphasis on the token combustion mechanism.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

Related Articles

Back to top button