Polygon, the leading layer 2 scaling solution, has released three game-changing governance proposals towards its vision of Polygon 2.0.
With the release of the first set of Polygon Improvement Proposals (PIPs), the layer 2 network has begun its transition into a whole new fundamental phase. The changes will take place in the early Q4 this year.
Back in June, the company revealed its plan to implement Polygon 2.0, reconstructing every aspect of its ecosystem and introducing radical changes to the ecosystem.
Polygon describes the published proposals as Phase 0 of creating a ‘network of interconnected zero knowledge-powered L2 chains’ which ultimately aims to scale Ethereum in a more convenient way. The proposed changes mainly focus on upgrading the native token’s specifications and transitioning to Polygon 2.0 architecture.
Among the three proposals, PIP-18 reveals Phase 0 and outlines changes to be introduced in further proposals. During this phase, “no action will be required from end users and developers already on Polygon PoS and Polygon zkEVM chains,” it said.
The PIP-18 further suggests that several changes will be implemented for both of these chains on its Ethereum contracts. The changes include upgrading MATIC into POL, assigning it as gas, and staking tokens on Polygon PoS, to be announced in PIP-19.
PIP-17 introduces the POL token, which will be distributed one-to-one in exchange for existing MATIC tokens. The new POL will have an initial supply of 10 billion and an annual emission of 2%, released via validator rewards and the community treasury.