Polygon Unveils Proposals to Replace MATIC Tokens with POL
Date: 2023-09-15 Author: Karina Ziganova Categories: BLOCKCHAIN
The developers showed three PIPs. They describe the technical details of "Phase 0" for the transition to Polygon 2.0.
PIP-17 is a POL launch that works through Proof of Stake consensus.
“POL is a next-generation token that can accommodate an ecosystem of layer-2 networks based on zero-knowledge proofs and enables community governance,” Polygon said in the announcement.
PIP-18 includes a technical description of the POL as well as accompanying contracts that will handle issuance and migration. The new coin will be converted to MATIC at a 1:1 ratio.
The initial supply of the asset will be 10 billion, increasing by 2% every year.
The latest PIP-19 proposes the use of POL as a “gas” token, while ensuring maximum backward compatibility.
According to the developers, staking in the protocol will be implemented on a separate layer.
A vote on the initiative is scheduled for late fourth quarter 2023.
The first idea to launch a new coin at Polygon appeared around mid-July. The main goal of the update is to ensure scalability of the ecosystem without compromising security.
At the end of June, Polygon Labs spoke about the possible architecture of Polygon 2.0.
