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Polygon Labs has introduced the publication of the primary set of PIPs whereas setting its foot on the implementation of Polygon 2.0. It was first teased in June to tremendously improve the Polygon ecosystem. Contemplating the PIPs go properly with the neighborhood, they might be lined up for the ultimate stage by the top of the fourth quarter.
The 4 upgrades that can ultimately go reside after approval pertain to POL, fuel tokens, staking mechanisms, and staking hubs. Listed below are the specifics:-
- The improve from MATIC to POL might be initiated
- POL will turn into a local token for fuel charges
- POL will take up the place of staking token for Polygon PoS
- Launching the Staking Layer, adopted by the migration of Polygon public chains
The modifications might be applied on the Ethereum contracts. They’re topic to neighborhood governance endorsement. Polygon goals to scale Ethereum blockspace to create the Worth Layer of the Web. It’ll present scalability and unified liquidity with no limitations by any means. Polygon’s structure must be upgraded; it really needs to assist the imaginative and prescient of scalability plus liquidity.
Per the announcement, no member should do something from their facet throughout the implementation. Members embrace holders of native tokens – MATIC, Polygon zkEVM consumer, node operator or staker, and a developer. There may very well be just a few exceptions for builders, which might be unveiled at a time when the implementation truly goes reside later this yr.
They will present ideas for enhancements and developments till then. This enables them to evaluation what breaks their sensible contract or what helps its growth. It could not be optimum for a change or incident to happen, however builders must be sure as a result of they’ve the chance to take part in governance. Polygon Labs has introduced it should host an AMA session on Discord the place anybody can ask questions.
The neighborhood has responded positively to this announcement, with most of them trying ahead to the outcomes that it’ll yield within the time to return.
Most significantly, it’s upgrading the native token from MATIC to POL. Its buying and selling worth because the announcement has touched the mark of $0.5205 as of the time of drafting this text. The announcement has confirmed that two elements of the neighborhood will stay unchanged: the properties of the native token and contracts on PoS.
Polygon 2.0 is coming to the neighborhood with the thought of empowering the members, together with creators, builders, and others.
Discussions have began on a discussion board, with one member clarifying that anybody can swap MATIC for POL by leveraging a separate contract with none bridge. Many have expressed their confidence in POL, saying that it’s environment friendly and the plan is genius.
All of the upgrades will occur in a phased method and collectively. Additionally, they’re topic to governance approval.
