Polygon 2.0 Takes a Significant Leap Forward with POL Token Smart Contract Deployment on Goerli Testnet

By 0xGorki 10/5/23 3:38 AM

In a groundbreaking move towards the development of Polygon 2.0, the Polygon ecosystem has just rolled out smart contracts for the POL token on the Goerli testnet. This milestone comes after extensive community discussions and proposals to replace the existing MATIC token with the new POL token format. However, in response to community feedback, Polygon has introduced two additional proposals, PIP-24 and PIP-25, which outline crucial updates to the EIP-1559 burn system, essential for Phase 0 of Polygon 2.0.

The deployment of POL token smart contracts on the Goerli testnet signifies a significant stride in the journey towards Polygon 2.0. This move showcases Polygon’s commitment to aligning its ecosystem with the evolving needs and preferences of its user base.

Today, as a result of community consultations, POL contracts will be live on Goerli testnet.

A major step towards bringing Polygon 2.0 to life.

Based on the community’s feedback during the PIP governance process, PIP-24: Change EIP-1559 Policy & PIP-25: Adjust POL Total Supply,… pic.twitter.com/li8OF0o3jC

— Polygon Devs 📍 DevX Global Tour (@0xPolygonDevs) October 4, 2023

Community Feedback Drives Change

The Polygon community played a pivotal role in shaping these developments. During the Polygon Improvement Proposal (PIP) governance process, community members provided valuable insights and feedback. As a result, two essential proposals, PIP-24 and PIP-25, emerged to address the community’s concerns and requirements.

PIP-24: Change EIP-1559 Policy

PIP-24 delves into the modification of the EIP-1559 policy. This change is crucial for the smooth transition to Polygon 2.0 and will have a significant impact on how transactions are processed within the Polygon ecosystem. The community’s input has been instrumental in refining this proposal to ensure that it aligns with the community’s vision for Polygon’s future.

PIP-25: Adjust POL Total Supply

PIP-25 focuses on adjusting the total supply of POL tokens. The proposed changes are vital for Polygon’s long-term sustainability and value proposition. Through community engagement, Polygon aims to strike the right balance between supply and demand dynamics for the POL token.

Future Governance and Ecosystem Council

In the coming weeks, Polygon will unveil the initial steps of its proposed governance framework for Polygon 2.0. At its core, this new governance model will introduce an Ecosystem Council comprised of thought leaders and technology experts from the Web3 community. These individuals will bring substantial security credentials to the table, ensuring that Polygon 2.0 is built on a foundation of trust and expertise.

This move signals Polygon’s dedication to fostering a decentralized decision-making process, where the community has a strong voice in shaping the platform’s future.

What’s Next for Polygon 2.0?

As the path to Polygon 2.0 continues to evolve, the community can look forward to more updates and innovations. The deployment of POL token smart contracts on the Goerli testnet is just one piece of the puzzle, and Polygon has much more in store.

Polygon Labs also recently introduced the Supernet development toolkit, known as Polygon CDK. This solution combines liquidity and ZK verification mechanisms to provide enhanced connectivity for projects utilizing the toolkit. This innovation underscores Polygon’s commitment to offering comprehensive solutions to developers and projects within its ecosystem.

Stay Informed and Engaged

Polygon invites its community members and stakeholders to stay informed about the latest updates regarding POL on the testnet, as well as developments related to PIP-24 and PIP-25. Your input and feedback are crucial as Polygon works towards building the value layer of the internet.

With the deployment of smart contracts for the POL token on the Goerli testnet and the introduction of new governance structures, Polygon is taking concrete steps towards realizing the vision of Polygon 2.0. As this journey unfolds, the community’s involvement and feedback remain at the heart of Polygon’s success.

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