Polygon 2.0 Implementation Officially Begins, The First Set of PIPs (Polygon Improvement Proposals) Released

Polygon Labs

September 14, 2023

Polygon 2.0, unveiled in June, is a set of proposed upgrades that radically reimagine almost every aspect of the Polygon ecosystem. Today, three Polygon Improvement Proposals (PIPs) were released that lay out the specific changes that, following community endorsement, will begin to take place in early Q4 of this year.

The PIPs published today describe the technical details for Phase 0 of building a network of interconnected zero knowledge-powered L2 chains that scale Ethereum to the size of the Internet. The proposals include an outline of the transition, specifications for the upgraded token of the Polygon 2.0 architecture, and updates to Polyon PoS native token.

The PIP framework provides a mechanism for the broader Polygon community to offer feedback on proposed changes and participate in decision making. Community contribution is key to collaboratively building the Value Layer of the Internet.

PIP-18: Polygon 2.0 Phase 0

PIP-18 specifies Phase 0 of Polygon 2.0 and provides a high-level outline for the upgrades that will be detailed in separate PIPs. Phase 0 milestones are specifically designed to ensure that no action will be required from end users and developers already on Polygon PoS and Polygon zkEVM chains. Several changes will be implemented on the Ethereum contracts for these chains:

The initiation of the upgrade from MATIC to POL;
The upgrade from MATIC to POL as the native (gas) token for Polygon PoS;
The upgrade from MATIC to POL as the staking token for Polygon PoS;
The launch of the Staking Layer and migration of Polygon public chains to leverage it.

Not all of the upgrades will happen at once. The image below details important milestones.

PIP-17: POL Token

This proposal describes POL along with accompanying contracts that would handle emission and token migration. POL allows for a one-to-one migration of the currently existing MATIC token, with an initial supply of 10 billion and yearly emission of 2% equally distributed between validator staking rewards and a community treasury.

POL represents a next-generation token able to accommodate an ecosystem of ZK-based Layer 2 chains by enabling staking, community ownership, and governance.

PIP-19: Update Polygon PoS Native Token to POL

This proposal calls for upgrading the native gas token on Polygon POS from MATIC to POL in a way that ensures maximum backwards compatibility. This is to be accomplished by upgrading the native MATIC Bridge Contract. The native token on Polygon PoS will change from being a claim on the Bridge’s MATIC to a claim on the Bridge’s POL.

This upgrade will not change any of the contracts on Polygon PoS and the native token’s properties will remain unchanged. All contracts on Polygon PoS will function as currently designed. Contracts on Ethereum expecting MATIC from the native MATIC Bridge may be affected by this upgrade.

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Central to the Polygon 2.0 vision is the idea of empowering the community -- the builders, creators and all others who make the Polygon ecosystem possible. Please participate and contribute to the discussion on the forum. Head over here to join the conversation.

Find answers to your questions in the FAQ below, dive into the details in the POL white paper and check the Polygon 2.0 roadmap to track the progress. Tune into the Polygon Labs Blog and our social channels to keep up with updates about the Polygon ecosystem.

Together, we can build an equitable future for all through the mass adoption of Web3!

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FAQ

1. Is there anything I need to do today as a Polygon PoS, Polygon zkEVM user or MATIC holder?

Nothing. We can’t stress this enough. The PIPs released today are being proposed for community feedback. If you would like to join the governance process and give your input, you can join the discussion on the forum.

2. Is there anything I need to do today as a node operator or staker?

Nothing. You can provide feedback on the proposed changes in the PIPs and monitor Github and the forum for new node software versions to remain compatible with your given chain when PIPs are approved by the community.

3. Is there anything I need to do today as an application or tooling developer?

Please review the PIPs and provide feedback on the proposed changes and analyze if any changes break your smart contracts. Developers for applications on the Polygon PoS should not see any breaking changes.