According to CryptoPotato, Polygon Labs has released three Polygon Improvement Proposals (PIPs) as part of its recently unveiled Polygon 2.0 roadmap, which aims to create an interconnected layer-2 Ethereum ecosystem powered by zero-knowledge technology. The implementation is set to begin in Q4 of this year, pending community endorsement.
In a blog post, Polygon Labs presented the PIPs, which provide a comprehensive roadmap for Phase 0, focusing on establishing an interconnected network of zero-knowledge-powered layer-2 chains. PIP 17 outlines the transformation of MATIC into the Polygon Ecosystem Token (POL), which will serve as the upgraded native token for Polygon 2.0, as well as accompanying contracts. POL tokens can be migrated at a 1:1 ratio from existing MATIC tokens, with an initial supply of 10 billion and a yearly emission of 2% distributed between validator staking rewards and a community treasury.
PIP 18 proposes several crucial components, including the initiation of the POL upgrade, the transition from MATIC to POL as the native (gas) token for Polygon PoS, the adoption of POL as the staking token for Polygon PoS, and the launch of the Staking Layer. The post explained, "Polygon 2.0 envisions a network of interconnected ZK-powered L2 chains that, on aggregate, expand Ethereum blockspace and create the Value Layer of the Internet."
Lastly, PIP 19 aims to upgrade the native gas token on Polygon POS, replacing MATIC with POL while ensuring maximum backward compatibility. This primarily involves upgrading the native MATIC Bridge Contract, allowing the native token on Polygon PoS to transition from being backed by MATIC to being backed by POL. The overall objective is to smoothly shift to POL as the native gas token on Polygon POS while minimizing disruptions to existing contracts and operations.