Polygon has announced the launch of POL contracts on the Goerli Testnet, marking a significant milestone for the Polygon ecosystem. POL serves as the upgraded token for Polygon, also known as the next-generation token for MATIC. This development follows the introduction of POL three weeks ago through a Polygon Improvement Proposal (PIP). The Goerli Testnet is now hosting the POL contract, alongside two additional proposals aimed at shaping Polygon's future.

The primary role of POL, as outlined in PIP-17, is to manage token migration and emission while fostering community ownership, staking, and governance for zk-based Layer-2 chains. This deployment of POL represents a crucial step towards realizing the vision of Polygon 2.0 and was only executed after community consensus was achieved.

It's worth noting that MATIC is currently trading at $0.520255, reflecting a 3.03% increase in the last 24 hours. However, the token has experienced a significant downturn over the past month, with a 13.28% decrease in value. Looking ahead, Polygon aims to garner community support and begin implementing the update in this quarter.

PIP-19 focuses on the adoption of the upgraded token, positioning POL as a native gas token and staking token. This will impact the burning of MATIC, following the mechanism specified in EIP-1559. PIP-24 proposes changes to recipient addresses on the Polygon PoS Network, while PIP-25 aims to adjust the total supply of POL, ensuring a 1:1 allocation between MATIC and POL to maintain consistency.

Users of Polygon zkEVM or MATIC will undergo a seamless transition during the upgrade, with the option to participate in the governance process through the Polygon Community forum. Node operators and stakers can provide feedback to improve compatibility and enhance the environment post-upgrade.

The announcement coincides with the launch of Polylang, a TypeScript for Miden VM, offering an easy-to-use language with enhanced privacy and parallel execution. The activation of SOL Contracts on the Goerli Testnet further supports the architecture introduced by Polygon 2.0, with a focus on the token burning mechanism.