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Polygon publishes proposals to replace MATIC and enhance infrastructure

Published 09/14/2023, 12:54 PM
Updated 09/14/2023, 01:00 PM
Polygon publishes proposals to replace MATIC and enhance infrastructure
MATIC/USD
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Crypto.news - Polygon Labs has unveiled the first three proposals to introduce infrastructural changes and a new native token as part of the Polygon 2.0 roadmap.

The first of these Polygon Improvement Proposals (PIPs), PIP-18, is dubbed “Phase 0”, and focuses on four milestones designed to require no action from developers and end users on Polygon proof-of-stake (POS) and zkEVM chains.

Polygon Phase 0 Milestones | Source: Polygon Labs

PIP-17, the second proposal, pushes for POL, a new token to replace MATIC, as Polygon’s native asset.

If approved by the community, the upgrade would allow one-to-one migration from MATIC to POL.

The third proposal, or PIP-19, seeks approval to upgrade the Polygon’s native gas token system. It calls for specific changes to the native MATIC Bridge Contract, effectively switching the native gas token on Polygon PoS from MATIC to POL while ensuring “maximum backwards compatibility”

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.

Polygon Labs

All three proposals are up for community discussion and feedback. Polygon Labs expects upgrades to begin in Q4 2023 if the proposals are endorsed.

Polygon Labs, the developer of Ethereum sidechain, Polygon, announced Polygon 2.0 in June 2023 with ambitions to unify Polygon POS and zkEVM into a multichain ecosystem.

According to the roadmap, this network of layer-2 chains would be built on zero-knowledge technology. The plan also includes a revamped decentralized governance structure with a dedicated ecosystem council to oversee smart contract upgrades.

This article was originally published on Crypto.news

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