Polygon 2.0 Implementation Begins: MATIC to be Upgraded to POL

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  • Polygon 2.0 implementation commences, aiming to revolutionize the Ethereum block space.
  • Phase 0 of the upgrade will transition from MATIC to POL and make POL the native gas token.
  • The implementation of the upgrades is slated to commence as early as Q4 2023, subject to community endorsement.

Polygon Labs, the development team for the Polygon networks, has officially announced the commencement of the Polygon 2.0 implementation. In a recent tweet, the team proclaimed that Polygon 2.0 is commencing with the unveiling of three Polygon Improvement Proposals (PIPs). It also includes a roadmap for Phase 0 of the highly anticipated upgrade.

In the tweet, the development team first highlighted that it had disclosed the roadmap for Polygon 2.0 in July. According to them, Polygon 2.0 seeks to revolutionize the Ethereum block space by establishing the Value Layer of the Internet. The team believes the feature will usher in unlimited scalability and unified liquidity.

Meanwhile, Polygon Labs noted that Polygon’s protocol architecture needs a comprehensive upgrade to realize the vision. Therefore, Phase 0 marks the crucial starting point for the transformation.

Furthermore, the team highlighted that Phase 0 focuses on four significant upgrades to the protocol. The first includes initiating the update to transition from the MATIC native token to POL. The next in line will be for POL to become the gas token for the Polygon proof-of-stake (PoS) blockchain.

Thirdly, POL will become the staking token for PoS. The fourth step comprises the launch of the Staking Layer. According to the team, this part will enable validators to secure many chains within the Polygon 2.0 ecosystem.

Notably, Polygon Labs stated that implementing these upgrades is slated to commence as early as Q4 of this year. It also mentioned that the implementation is contingent on the community’s endorsement of the proposals.

Moreover, the development team clarified that these initial changes outlined in the first three PIPs will not impact end users immediately. Polygon Labs invites the community to contribute to the transformative journey.