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Polygon proposes new changes in upcoming 2.0 upgrade: Details

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TL;DR Breakdown

  • Polygon has released three Polygon Improvement Proposals (PIPs) for its upcoming 2.0 upgrade, which aims to create a more scalable and interconnected Layer 2 ecosystem.
  • One of the key proposals includes the introduction of a new token, POL, to replace the existing MATIC token for gas and staking, despite MATIC’s previous classification as a security by the SEC.
  • The final implementation of these proposals is subject to community feedback and a governance vote, with the full upgrade expected to be completed next year.

Description

Polygon, the Ethereum scaling solution, has released a trio of Polygon Improvement Proposals (PIPs) for its forthcoming 2.0 upgrade. The upgrade aims to create a network of interconnected Layer 2 chains, leveraging zero-knowledge proofs. The proposals, which are now open for community feedback, could redefine the platform’s architecture and even its native token. The first … Read more

Polygon, the Ethereum scaling solution, has released a trio of Polygon Improvement Proposals (PIPs) for its forthcoming 2.0 upgrade. The upgrade aims to create a network of interconnected Layer 2 chains, leveraging zero-knowledge proofs. The proposals, which are now open for community feedback, could redefine the platform’s architecture and even its native token.

The first proposal, known as PIP-17, focuses on ensuring a seamless transition for both developers and end-users during the upgrade. It aims to make sure that existing chains like Polygon PoS and Polygon zkEVM remain unaffected. 

The second proposal, PIP-18, introduces a new token, dubbed POL, intended to replace the current MATIC token for gas and staking within the Polygon ecosystem. The third proposal, PIP-19, outlines the process of transitioning from MATIC to POL, ensuring maximum backward compatibility for existing smart contracts on the Polygon PoS chain.

What lies ahead for Polygon

The introduction of a new token, POL, is particularly noteworthy. This proposed change comes despite the U.S. Securities and Exchange Commission’s (SEC) previous classification of MATIC as a security, leading to a 40% drop in value. However, Polygon has clarified that the introduction of POL is not a reaction to the SEC’s decision but rather a strategic move to enhance the platform’s capabilities. The new token aims to be “hyperproductive,” enabling holders to become validators through a simple smart contract upgrade.

The final implementation of these proposals is subject to community feedback and governance vote, with the full upgrade expected to roll out next year. The proposals signify Polygon’s commitment to evolving its platform and adapting to the needs of its growing user base. Moreover, the upgrade is expected to potentially set a precedent for how blockchain platforms handle scalability and tokenomics, especially in a regulatory environment that remains uncertain.

Polygon’s newly released proposals for its 2.0 upgrade could bring transformative changes to its architecture and token structure. While the community’s feedback and a governance vote will ultimately determine the fate of these proposals, they represent a bold step forward in Polygon’s quest to become a more scalable and efficient blockchain platform.

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