POL contracts are now active on the Goerli Testnet, according to Polygon. The improved token for the Polygon ecosystem is called POL. It is also referred to as the MATIC next-generation token. Three weeks ago, a Polygon Improvement Proposal (PIP) was used to add POL. The mentioned contract is currently hosted by the Goerli Testnet. Two other recommendations have also been put out to help determine Polygon’s future.
The POL’s initial responsibility is to manage token emission and migration. Under PIP-17, this has been specified. Additionally, its goal has been created to allow for community ownership, staking, and governance to support Layer-2 chains based on zk.
This has been hailed by Polygon as a significant advancement towards realising the goals of Polygon 2.0. Only after the community was able to come to a consensus was POL installed.
It is significant to note that MATIC is currently trading at $0.520255, up 3.03% over the previous day. However, the past month has been terrible for the token; at the time this article was written, the decrease has reached 13.28% in just 30 days.
Moving forward, Polygon hopes to win community support and start putting the update into practise this quarter.
PIP-19 has also been scrutinised. It emphasises the widespread use of the updated token. The primary application for POL will be as a native gas token and staking token. They will also have an effect on the method for burning MATIC, which is described in EIP-1559, or Ethereum Improvement Proposal.
Since January 2022, the project is said to have spent 20 million MATIC tokens. The upgrade became live on Polygon PoS at that time.
PIP-24 aims to modify the recipients’ addresses on the Polygon PoS Network. PIP-25 proposes to modify the overall supply of POL. It will guarantee that the allocation between MATIC and POL is set at 1:1. This preserves the mechanism’s consistency.
The upgrade requires no action from the user. Users of Polygon zkEVM or MATIC will transfer smoothly. They can take part in the governance procedure, nevertheless, by visiting the Polygon Community’s official forum. Node operators and stakeholders follow the identical instructions, with the exception that after they have approved comments, they can offer suggestions to the team to improve compatibility and the environment.
After Polygon unveiled Polylang, a TypeScript for Miden VM, the update was released a short while later. It is described as a simple language that offers improved privacy and parallel execution.
returning to the details of the Polygon 2.0 upgrade. SOL Contracts are running on the Goerli Testnet to raise awareness of the improved MATIC token. With a focus on the token combustion mechanism, it will support the architecture Polygon 2.0 is introducing.