In the dynamic landscape of blockchain and cryptocurrency, Polygon is gearing up to herald a transformative era with the much-anticipated Polygon 2.0. Central to this evolution are the POL contracts and the suite of Polygon Improvement Proposals (PIPs) which underline the trajectory of this advancement.
Unveiling POL on the Goerli Testnet: A Catalyst for Polygon 2.0
It’s not just a testnet deployment; it’s a symbol of community cohesion and the bold strides towards the realization of Polygon 2.0. POL contracts, now live on the Goerli testnet, signifies a community-backed accord and echoes the cumulative ambition of the Polygon community.
The prelude to this pivotal move was the introduction of a Polygon Improvement Proposal (PIP) which painted the canvas for POL – envisioned to be the linchpin of the Polygon 2.0 infrastructure. Following this, two salient proposals surfaced, suggesting potential amendments to the token’s burn mechanism, and fundamentally, framing the next chapters of Polygon’s evolution.
POL: The Future Beyond MATIC
POL is not just a token. It’s an envisioned transformation, poised to evolve the legacy of MATIC. Its design blueprint promises to usher in an era accentuated by zero knowledge-based Layer 2 chains. The pillars supporting this vision are staking, reinforced community ownership, and a decentralized governance that champions the ethos of the blockchain community.
Deep Dive into PIPs: Spotlight on PIP-24 and PIP-25
PIP-24: A critical amendment titled “Change EIP-1559 Policy.” At its core, it proposes modifications to the “recipient address of the burn on the Polygon PoS network.” But PIP-24 isn’t just a solitary alteration – it’s the precursor, sculpting the foundation for the Phase 0 of Polygon 2.0, initially showcased in PIP-18.
PIP-25: Counterbalancing the updates, PIP-25 titled “Adjust POL Total Supply,” proposes a mechanism to ensure a perfect 1:1 alignment between all previously burnt MATIC and POL, fortifying consistency within the ecosystem.
EIP-1559 & MATIC: Decoding Token Burns in the Polygon PoS Network
The EIP-1559 serves as the orchestrator for MATIC burns, drawing from the base fees users pay on the network. Since its inception in January 2022, this mechanism has been pivotal, overseeing the burn of an astounding 20 million MATIC tokens. Its influence transcends just burning; it ensures token supply balance and crafts a predictable fee estimation ecosystem for users.
Matic Price Update & Insights:
Currently trading at $0.5592, MATIC has seen a slight 24-hour dip of 1.87%, peaking at $0.5686 and holding strong above $0.5541. With a robust trading volume of 37,682,953.10 MATIC (equivalent to 21,143,591.73 USDT), it suggests active market engagement. As Polygon advances, these figures might be indicative of upcoming market trends and shifts.
