- Polygon Network announced the deployment of the POL Contracts on the Goerli testnet.
- The platform also released two Polygon Improvement Proposals (PIPs), PIP-24 and PIP-25.
- Co-founder Sandeep Nailwal stated that the PIPs impact the functioning of contracts responsible for MATIC burn.
Polygon Network, co-founder Sandeep Nailwal unveiled the deployment of the POL Contracts on the Goerli testnet. Marking a significant step in Polygon’s venture towards the Polygon 2.0 upgrade, the POL deployment accompanied the release of two Polygon Improvement Proposals (PIPs), PIP-24 and PIP-25.
According to the official announcement, the smart contract’s deployment is a crucial strategy in the ecosystem’s ultimate aim of “scaling Ethereum to the size of the Internet.” Being a next-generation MATIC, POL foresees a zero knowledge-based layer 2 ecosystem that facilitates staking, community ownership, and governance.
In addition to the existing PIP 17 and PIP 19, the release of the two novel PIPs has focused on burning the MATIC tokens. Created under the Ethereum Improvement Proposal (EIP) 1559 specifications, the PIPs could impact the smart contracts responsible for MATIC burn. PIP-17 was designed to initiate the POL upgrade, while PIP-19 aided the adoption of the next-generation protocol token. Nailwal wrote on X (formerly Twitter),
As a direct result of community feedback from our governance process, 2 new PIPs, PIP-24 and PIP-25 have been shared. Both proposals detail changes that impact the functioning of contracts responsible for the burning of the native MATIC token as specified by Ethereum Improvement Proposal 1559.
Earlier this year, Polygon released the proposed architecture for Polygon 2.0, with the finest goal of providing enhanced scalability and unified liquidity. As per a previous report, with the upgrade, the blockchain ecosystem looks forward to realizing the vision of Polygon as the “Value Layer of the Internet”. While the upgrade remained highly anticipated, Polygon shared a phase 0 roadmap, proclaiming MATIC’s upgrade into POL and the release of three major PIPs.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
