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 release as a significant “step on their journey of creating Polygon 2.0.” The deployment of these smart contracts also saw the release of two Polygon Improvement Proposals (PIPs), PIP-24 and PIP-25.
POL Contracts Release On Goerli Testnet
According to Polygon Labs, the functioning of the two PIPs can impact how smart contracts responsible for burning MATIC tokens work. The contracts were formed in line with specifications stated under Ethereum Improvement Proposal (EIP)-1559.
EIP-1559, initially implemented on Ethereum in August 2021, overhauled how the pioneer smart contract platform calculates gas fees. Specifically, the proposal addressed the skyrocketing gas fees caused by network congestion.
With lower gas fees and congestion levels, the network’s efficiency, Ethereum developers said, would be significantly enhanced. While its implementation was successful, Ethereum gas fees remain the highest in the industry mainly because the platform anchors decentralized finance (DeFi) and non-fungible token (NFT) operations.
On Polygon, EIP-1559 is crucial in burning MATIC collected from the base fee paid when users send transactions or deploy smart contracts.
