• Polygon developers have submitted three proposals for the implementation of the Polygon 2.0 update.
• Among them is the creation of the POL token, which should replace MATIC.
• The Polygon 2.0 update is expected in 2024.

The Polygon team has published three proposals for the upcoming 2.0 update.

Among the main proposals is the launch of the POL token, which will replace MATIC as the main asset of the ecosystem.

“POL is a next-generation token that can accommodate the ZK-based L2 ecosystem by enabling staking, ownership, and community governance,” Polygon said in a statement.

A key aspect of the PIP-18 proposal is to ensure that the upgrade process does not require any interactions with existing Polygon PoS and Polygon zkEVM networks from end users and developers.

Also planned is the launch of the Staking Layer, which will give validators access to re-staking of capital as part of the restaking.

Not all updates will happen at the same time and are subject to community approval.

PIP-19 provides for the token upgrade from MATIC to POL when paying fees. This ensures that the transition to the new token does not change the compatibility of smart contracts on Polygon PoS. The goal is to ensure that the properties of the code of the upgraded POL remain the same.

Let us recall that in July the Polygon team proposed replacing the MATIC token with the universal POL.