Here’s Why It Is Super-Important For Polygon

In a tweet on October 4, Sandeep Nailwail, the co-founder of Polygon, revealed that POL Contracts have been deployed on the Goerli testnet, describing the discharge as a major “step on their journey of making Polygon 2.0.” The deployment of those good contracts additionally noticed the discharge of two Polygon Enchancment Proposals (PIPs), PIP-24 and PIP-25. 

POL Contracts Launch On Goerli Testnet

In response to Polygon Labs, the functioning of the 2 PIPs can affect how good contracts chargeable for burning MATIC tokens work. The contracts had been fashioned according to specs said underneath Ethereum Enchancment Proposal (EIP)-1559.

EIP-1559, initially applied on Ethereum in August 2021, overhauled how the pioneer good contract platform calculates fuel charges. Particularly, the proposal addressed the skyrocketing fuel charges brought on by community congestion. 

With decrease fuel charges and congestion ranges, the community’s effectivity, Ethereum builders mentioned, could be considerably enhanced. Whereas its implementation was profitable, Ethereum fuel charges stay the very best within the trade primarily as a result of the platform anchors decentralized finance (DeFi) and non-fungible token (NFT) operations.

On Polygon, EIP-1559 is essential in burning MATIC collected from the bottom payment paid when customers ship transactions or deploy good contracts.

In response to Polygon, for the reason that implementation of the EIP-1559, the proof-of-stake (PoS) community has burned over 20 million MATIC, regularly decreasing the circulating provide. Below PIP-24, the neighborhood proposes an replace to the EIP-1599 burn mechanism, together with modifications to the recipient deal with.

This modification might be important in implementing Part 0 of Polygon 2.0. However, PIP-25 might be vital in transition. The proposal outlines find out how to correctly redeem MATIC to POL in a 1:1 ratio, stabilizing the broader Polygon ecosystem.

Polygon 2.0 Upgrading For Larger Throughput

Polygon 2.0 is an improve of Polygon that focuses totally on additional enhancing scalability, emphasizing safety and user-friendliness. With this improve, Polygon plans to combine zero-knowledge (ZK) proofs, a way that improves transaction privateness.

Polygon Labs is already channeling efforts to improve its Polygon zkEVM resolution. The layer-2 roll-up resolution makes use of ZK proofs in order that deploying dapps can course of transactions cheaply and in a extra personal atmosphere whereas benefiting from the safety of the Ethereum mainnet.

Past ZK proofs, Polygon 2.0 will undertake a brand new structure, shards. By shards, the community can course of transactions in parallel, boosting throughput. With larger scalability, the community would deal with extra intensive dapps and sustainably develop its consumer base. 

Function picture from Canva, chart from TradingView