Title: Milestone Achieved: Polygon Contracts Deployed on Goerli Testnet

Introduction:
After three weeks of careful consideration and community consultations, the contracts for Polygon 2.0 have finally been deployed on the Goerli testnet. This significant milestone marks the network’s readiness for the next phase of development.

Two New Polygon Improvement Proposals:
Based on valuable community feedback, two new Polygon Improvement Proposals (PIPs) have been introduced: PIP-24 and PIP-25. Each proposal addresses essential aspects of the Polygon ecosystem.

PIP-24: Changes to the EIP-1559 Burn System:
PIP-24 focuses on modifying the recipient address of the burn on the Polygon Proof-of-Stake (PoS) network, which has already removed over 20 million MATIC tokens from circulation since its inception in January 2022. By making this change, the proposal aims to lay the foundation for the implementation of Phase 0 of Polygon 2.0.

PIP-25: Adjusting the Total Supply of POL Tokens:
In contrast, PIP-25 aims to bring consistency to the network’s economic mechanisms by ensuring a harmonious 1:1 ratio between previously burnt MATIC tokens and the total supply of POL tokens. This adjustment is crucial for a seamless transition from MATIC to POL.

Upcoming Governance Structure for Polygon 2.0:
In the coming weeks, Polygon plans to unveil the initial steps of the new governance structure for Polygon 2.0. The centerpiece of this structure will be the Ecosystem Council, consisting of leading thinkers and technology experts from the Web3 community. Their role will be instrumental in directing the network towards its goals and maintaining its security and efficiency.

No Immediate Action Required:
For users of Polygon PoS, Polygon zkEVM, or MATIC holders, there is no immediate action required at this stage. The same applies to node operators and stakers. However, community members are strongly encouraged to actively participate in the governance process and offer feedback on the proposed changes.

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Introducing Polygon POL: The Next-Generation Token:
Polygon POL is the revolutionary token designed to replace MATIC in the upcoming Polygon 2.0 architecture. Its purpose is to facilitate an ecosystem of zero-knowledge-based Layer 2 chains, enabling staking, community ownership, and governance. POL will serve as the native gas token for the Polygon PoS network, handling emission and token migration. This introduction of POL signifies a transformative step for Polygon, augmenting its capabilities and aligning with the grand vision of scaling ethereum to the magnitude of the Internet.

As Polygon moves forward with the deployment of contracts on the Goerli testnet and the implementation of PIPs, the path towards Polygon 2.0 becomes clearer. Exciting times lie ahead for the Polygon community and the entire Web3 ecosystem.

[Image source: Shutterstock]



### News source: blockchain.news

By Team