Polygon, the leading scaling solution for Ethereum (ETH), has revealed the launch of their upgraded token, POL, on the Goerli testnet. This move marks a significant step forward for the Polygon ecosystem and showcases the platform’s dedication to continuous innovation and the creation of Polygon 2.0.
According to a post on X (Twitter) from Polygon co-founder Sandeep Nailwal, the launch was made after a community consensus. Consequently, this testnet deployment pushes POL closer as a replacement to MATIC as the new governance token for the network.
POL Contracts have been deployed on testnet, a major step on our journey to create Polygon 2.0.
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… pic.twitter.com/b11O5U5x2c
— Sandeep Nailwal | sandeep. polygon 💜 (@sandeepnailwal) October 4, 2023
Polygon Upgrades Network to Scale Throughput
Besides the POL testnet launch, two other Polygon Improvement Proposals (PIPs) proposals, PIP-24 and PIP-25, have been submitted to shape the future of Polygon. PIP-24 is designed to upgrade the recipient address of the burned tokens on the network while PIP-25 on the other hand will ensure that all burned MATIC maintains a 1:1 peg to POL.
While Polygon (MATIC) has played a crucial role in securing the network thus far, facilitating transactions, and governing its operations, the POL token is poised to expand its utility and influence as it targets higher throughput.
Interestingly, POL is a multipurpose token that can be used for staking, governance, transaction fees, rewards, and more. It will also be compatible with all Polygon-based networks, including the zkEVM and Supernets.
Notably, the Goerli testnet serves as a testing ground for new developments before they are implemented on the mainnet. By launching POL on this testnet, Polygon attempts to ensure that the token’s functionalities and smart contracts are thoroughly tested and refined before being deployed on the live network.
The approach also reflects Polygon’s commitment to delivering a seamless and secure user experience.
Polygon Unveiled Proposals for the POL Upgrade
Recall that last month, the layer-2 scalability platform unveiled a trio of PIPs aimed at ushering in the highly anticipated Polygon 2.0 upgrade. As the platform charts its path toward its next evolution phase, these PIPs which are PIP-17, PIP-18, and PIP-19, stand as critical milestones in its ongoing journey to enhance its blockchain infrastructure.
Each of these proposals carries unique implications for the network’s future and collectively signifies a pivotal moment in the platform’s development.