Three weeks ago, a Polygon Improvement Proposal (PIP) detailing the specifications for POL, the upgraded token of the Polygon 2.0 architecture, was released. Today, POL contracts have been deployed on Goerli testnet and two proposals setting forth potential changes to the native token burning mechanism necessary for future upgrades are live.

POL is the next-generation to MATIC, upgrading to accommodate an ecosystem of zero knowledge-based Layer 2 chains by enabling staking, community ownership, and governance. PIP-17 describes POL along with accompanying contracts that would handle emission and token migration.

The deployment of POL contracts to the testnet is the result of community consensus and a major step toward bringing to life the Polygon 2.0 vision. The set of proposed upgrades radically reimagines almost every aspect of the Polygon ecosystem with the goal of scaling Ethereum to the size of the Internet. The implementation begins this quarter, following community endorsement.

While PIP-17 initiates the POL upgrade, PIP-19 calls for the adoption of POL as the Polygon PoS native gas token and its staking token described in PIP-19. Both changes impact the functioning of contracts responsible for the burning of the native MATIC token as specified by Ethereum Improvement Proposal 1559. 

EIP-1559 is the mechanism by which the Polygon PoS network burns MATIC collected from the base fee paid by users transacting on the network. Since the upgrade went live on Polygon PoS in January 2022, over 20 million of the native MATIC token has been taken out of supply.

Today, as a direct response to community deliberations taking place as part of the PIP governance process, two additional PIPs are live. PIP-24: Change EIP-1559 Policy specifies updates to the EIP-1559 burn system, including changes to the recipient address of the burn on the Polygon PoS network, and is a prerequisite for the implementation of Phase 0 of Polygon 2.0, introduced in PIP-18. PIP-25: Adjust POL Total Supply, on the other hand, proposes a mechanism to ensure that all previously burnt MATIC is 1:1 with POL, to ensure consistency in the mechanisms.

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 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.

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 testnet release is part of standard security practices and the new 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?

Nothing. Please engage with POL integrations on the testnet, review the PIPs, 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.

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