PIP-19: Update Polygon PoS Native Token to POL
Authors: Will Schwab, Daniel Gretzke, Dhairya Sethi, Zero Ekkusu
Type: Contracts
Table of Contents:
- Abstract
- Motivation
- Definitions
- Specification
- Backward Compatibility
- Security Considerations
- Copyright
Abstract
This proposal calls for upgrading the native token of the Polygon PoS network from MATIC (0x7d1afa7b718fb893db30a3abc0cfc608aacfebb0) to POL (0x455e53CBB86018Ac2B8092FdCd39d8444aFFC3F6) in a method that ensures maximum backward compatibility. The authors recommend this by upgrading the PoS Plasma Bridge Contract (0x401f6c983ea34274ec46f84d70b31c151321188b) to a new implementation that:
- Converts all the MATIC in the bridge to POL
- Fulfills all withdrawal requests for the native asset of Polygon PoS Chain with POL
- Credits all deposits in POL or MATIC with the native asset of the Polygon PoS chain.
This proposed upgrade will not change any contracts on the Polygon PoS Network. Likewise, the native tokenās properties will remain unchanged. All contracts will function as designed. The native asset of the Polygon PoS chain will change from being a claim on the Plasma Bridgeās MATIC, to a claim on the Plasma Bridgeās POL.
MATIC will still be an operational ERC20 token on Ethereum throughout this phase. Similarly, staking rewards for validators will remain denominated in MATIC until further technical upgrades are proposed and, if welcomed by the community, then implemented.
Motivation
The native token is the token used by users of the Polygon PoS network to pay gas fees in order to transact. The present native token is redeemable for MATIC which was set as the native token upon genesis of the Polygon PoS network. Now that POL (0x455e53CBB86018Ac2B8092FdCd39d8444aFFC3F6), the updated successor of MATIC, has been proposed, the authors propose setting it as the native token of the network via an upgrade of the Plasma Bridge in a maximally backward compatible manner.
Definitions
Plasma Bridge: Polygon Plasma is the official bridge used to bridge MATIC tokens from Ethereum to Polygon chain. Withdrawals have a required 7-day delay. This delay is designed to allow users to challenge a malicious withdrawal.
Specification
Upgrade the DepositManagerProxy contract to a new implementation at 0xb00aa68b87256E2F22058fB2Ba3246EEc54A44fc.
The address of the DepositManagerProxy will remain the same at: 0x401F6c983eA34274ec46f84D70b31C151321188b
This change in the DepositManager will make sure both POL and MATIC can be bridged for PoS gas tokens (172):
// new: auto-migrate MATIC to POL
if (_token == matic) {
_migrateMatic(_amountOrToken);
}
// new: bridge POL as MATIC, child chain behaviour does not change
else if (_token == registry.contractMap(keccak256("pol"))) {
_token = matic;
}
Here we change the transferAssets function to only pay out POL, when MATIC is withdrawn from PoS (81):
// new: pay out POL when MATIC is withdrawn
if (_token == registry.contractMap(keccak256("matic"))) {
require(
IERC20(registry.contractMap(keccak256("pol"))).transfer(_user, _amountOrNFTId),
"TRANSFER_FAILED"
);
} else {
require(IERC20(_token).transfer(_user, _amountOrNFTId), "TRANSFER_FAILED");
}
INFO: when calling the processExits function of the WithdrawManager, we still need to use the MATIC token address as input for now!
Backward Compatibility
Contracts that expect to receive MATIC from the Plasma bridge on Ethereum may be affected.
Security Considerations
This upgrade adjusts a core contract of the Polygon Ecosystem, all proper security procedures including necessary audits will be taken, and should be carefully reviewed prior to activation.
References
Copyright
All copyrights and related rights in this work are waived under CC0 1.0 Universal.
