Polygon Deploys POL Contracts On Goerli Testnet

POL is the new ecosystem token that will replace MATIC in Polygon 2.0.
Polygon Deploys POL Contracts On Goerli Testnet

Polygon, the leading Ethereum scaling platform, has deployed POL contracts on the Goerli testnet as part of its infrastructure reconstruction plan.

The co-founder of Polygon, Sandeep Nailwal, announced on Twitter (X) that the company deploying POL smart contracts on testnet is a major step for the company in creating Polygon 2.0.

The proposals for introducing POL were released last month, along with kickstarting development for Polygon 2.0 vision. The developer team from Polygon shared that POL will replace MATIC as the ecosystem’s native token. 

With the deployment of POL contract on testnet, Polygon has also announced two additional PIPs (Polygon Improvement Proposals) 24 and 25, which address a change in Polygon PoS. PIP-24 will update the recipient address of the burn on Polygon PoS, while PIP-25 proposes to ensure that all burned MATIC supply is 1:1 to POL.

According to the blog post, POL is the new MATIC which will power the Polygon 2.0 ecosystem by enabling staking, community ownership, and governance. All the technical details of POL and its implementation strategy were introduced previously in PIP-17

Another major proposal, PIP-19 was also introduced last month, which described replacing MATIC with POL as the gas token on Polygon PoS. 

Also Read: Polygon Co-Founder Jaynti Kanani Steps Back

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