- Polygon formally introduced the discharge of three PIPs as a part of Polygon 2.0 improve.
- POL replaces MATIC as the brand new native coin within the Polygon ecosystem.
- The token alternative could recommend potential implications for Polygon’s buyers.
On Thursday, September 14, 2023, Polygon Labs formally introduced the discharge of three Polygon Enchancment Proposals (PIPs) as a part of the proposed Polygon 2.0 improve. Prominently featured amongst them is the alternative of MATIC with POL as the brand new native coin within the Polygon ecosystem.
Final Thursday’s occasion marked the start of the implementation of Polygon 2.0, with the native token alternative suggestive of potential implications for buyers on the Polygon Community. Such buyers could also be involved in regards to the newest improvement, contemplating the latest classification of MATIC as a safety token by the U.S. Securities and Alternate Fee (SEC).
Among the many three launched PIPs is the PIP-17, which particulars how Polygon Community would undertake POL. The newly created token would exchange MATIC because the native gasoline token and the staking asset of the Polygon ecosystem. PIP-18 focuses on part 0 of the brand new improve and requires end-users and builders on Polygon to do nothing, as it might implement robotically.
The third part, PIP-19, additionally considerations the POL token. It urges compatibility in switching from MATIC to POL on the blockchain. The good contracts on the Polygon Community will allow the POL token to retain the properties of the prevailing MATIC.
Polygon’s latest announcement marks a brand new milestone within the 2.0 improve proposal that began in June when the blockchain community introduced it might be transitioning to a zero-knowledge (ZK) resolution. The next month, Polygon publicized its intention to exchange MATIC with POL, explaining that POL can be a “hyperproductive” token enabling holders to change into validators.
The announcement in July got here shortly after the SEC’s allegation labeling MATIC as an unregistered safety. Polygon claimed that its determination to change from MATIC to POL had nothing to do with the allegation. The blockchain challenge additionally denied the SEC’s allegations, declaring that MATIC was developed exterior the U.S.
