Polygon Labs publishes 1st set of PIPs to implement Polygon 2.0

Polygon Labs has announced the publication of the first set of PIPs while setting its foot on the implementation of Polygon 2.0. It was first teased in June to tremendously upgrade the Polygon ecosystem. Considering the PIPs go well with the community, they would be lined up for the final stage by the end of the fourth quarter.

The four upgrades that will eventually go live after approval pertain to POL, gas tokens, staking mechanisms, and staking hubs. Here are the specifics:-

  • The upgrade from MATIC to POL will be initiated
  • POL will become a native token for gas fees
  • POL will take up the position of staking token for Polygon PoS
  • Launching the Staking Layer, followed by the migration of Polygon public chains

The changes will be implemented on the Ethereum contracts. They are subject to community governance endorsement. Polygon aims to scale Ethereum blockspace to create the Value Layer of the Internet. It will provide scalability and unified liquidity with no limitations whatsoever. Polygon’s architecture has to be upgraded; it truly wants to support the vision of scalability plus liquidity.

Per the announcement, no member will have to do anything from their side during the implementation. Members include holders of native tokens – MATIC, Polygon zkEVM user, node operator or staker, and a developer. There could be a few exceptions for developers, which will be unveiled at a time when the implementation actually goes live later this year.

They can provide suggestions for improvements and developments until then. This allows them to review what breaks their smart contract or what supports its development. It would not be optimal for a change or incident to occur, but developers should be certain because they have the opportunity to participate in governance. Polygon Labs has announced it will host an AMA session on Discord where anyone can ask questions.

The community has responded positively to this announcement, with most of them looking forward to the results that it will yield in the time to come.

Most importantly, it is upgrading the native token from MATIC to POL. Its trading value since the announcement has touched the mark of $0.5205 as of the time of drafting this article. The announcement has confirmed that two aspects of the community will remain unchanged: the properties of the native token and contracts on PoS.

Polygon 2.0 is coming to the community with the idea of empowering the members, including creators, builders, and others.

Discussions have started on a forum, with one member clarifying that anyone can swap MATIC for POL by leveraging a separate contract without any bridge. Many have expressed their confidence in POL, saying that it is efficient and the plan is genius.

All the upgrades will happen in a phased manner and together. Also, they are subject to governance approval.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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