Polygon 2.0 - MATIC conversion to POL outlined in preliminary improvement proposals

Polygon Labs’ imaginativeness of an interconnected furniture 2 Ethereum ecosystem powered by zero-knowledge cryptography begins successful earnest pursuing 3 inaugural betterment proposals that volition statesman the modulation to Polygon 2.0.

The scaling exertion steadfast unveiled Polygon 2.0 successful June 2023, outlining plans for a scaling ecosystem made up of 4 protocol layers. The staking, interop, execution and proving layers each play a relation successful creating an interconnected ecosystem of chains that alteration accelerated worth transportation and accusation sharing.

1/ The hold is over. Polygon 2.0 implementation kicks disconnected present with the merchandise of 3 Polygon Improvement Proposals (PIPs), and a roadmap for Phase 0.https://t.co/gk7FW0zCpc pic.twitter.com/YJo3BtQy4y

— Polygon (Labs) (@0xPolygonLabs) September 14, 2023

Polygon co-founder Sandeep Nailwal recently unpacked however the ecosystem aims to go the worth furniture of the net by utilizing zero-knowledge exertion to supply debased fee, precocious throughput show to the wider Ethereum ecosystem.

Polygon released 3 Polygon Improvement Proposals (PIPs) connected Sept. 14 for assemblage information and voting that are earmarked to statesman taking spot successful the last 4th of 2023.

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The PIPs outline method details for “Phase 0” of the constitution of a web of interconnected ZK-powered furniture 2 chains that standard Ethereum. This includes a connection for the modulation and specifications that volition spot MATIC tokens go SOL tokens, which volition go Polygon Proof-of-Stake (PoS) protocol’s autochthonal token.

PIP-17 volition see the initiation of the upgrade from MATIC to POL. This includes its modulation to POL arsenic the autochthonal state token and staking token for the Polygon ecosystem, arsenic good arsenic the motorboat of the staking furniture and migration of Polygon nationalist chains.

PIP-18 includes the method statement of POL tokens arsenic good arsenic accompanying contracts that volition grip emanation and token migrations. POL tokens tin beryllium migrated astatine a one-to-one ratio from existing MATIC tokens. The PIP notes an archetypal proviso of 10 cardinal and yearly emanation of 2% arsenic distributed betwixt validator staking rewards and a assemblage treasury.

Lastly, PIP-19 proposes the update of the autochthonal state token connected Polygon PoS from MATIC to POL portion ensuring maximum backwards compatibility.

Polygon’s announcement notes that PIP-19 volition not alteration contracts connected Polygon PoS portion the properties of the protocols autochthonal token volition not alteration either. However contracts connected Ethereum that are awaiting MATIC from the autochthonal MATIC span whitethorn beryllium affected by the upgrade.

Magazine: Here’s however Ethereum’s ZK-rollups tin go interoperable