Polygon’s POL token replaces MATIC on the Ethereum mainnet.
POL powers various Polygon networks, including zkEVM and supernets.
The upgrade sets the stage for advanced features in Polygon 2.0.
Polygon Labs has announced the successful launch of the POL token upgrade on the Ethereum mainnet, marking a significant milestone in its Polygon 2.0 roadmap. The POL token now replaces the MATIC token as the primary currency within Polygon’s expansive ecosystem, which includes the main Polygon blockchain, the Polygon zkEVM network, and various supernets.
BREAKING: #Polygon's game-changing POL token upgrade is LIVE on #Ethereum! Replacing MATIC, POL is set to power the future of the Polygon 2.0 roadmap including zkEVM, supernets, and more! Embrace the next-gen hyper-productive ecosystem! #MATIC pic.twitter.com/Krn9yIdGXf
— Collin Brown (@CollinBrownXRP) October 25, 2023
In a press release on October 25, Polygon Labs unveiled the POL token upgrade’s integration into the Ethereum mainnet. This transition reflects the commitment to Polygon 2.0, following an extended period of development, community engagement, and a successful testnet launch.
The POL token is set to power all components of the Polygon network, covering the main Polygon blockchain, the Polygon zkEVM network, and its various supernets. Additionally, the POL upgrade sets the stage for future developments as part of the Polygon 2.0 roadmap, including the introduction of a new staking layer to support Polygon L2.
This upgrade will also transition Polygon PoS to zkRollup technology, further enhancing its capabilities. A robust ZK-powered interoperability and shared liquidity protocol are also in the works.
Polygon initiated the migration from MATIC to POL earlier in September, with the release of three Polygon Improvement Proposals (PIPs). PIP-18, in particular, aims to create a network of interconnected zero knowledge-powered L2 chains that can scale Ethereum to the proportions of the entire Internet.
This transition signifies a substantial shift from MATIC to POL tokens, with the latter serving as the native token for Polygon PoS and as a staking token for the platform. In response to this exciting development, the price of MATIC experienced a 21% surge over a week, with the current trading price at $0.62, despite a 4% decline over the past 24 hours.
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The post Polygon’s Long-Awaited POL Token Contracts Go Live on Ethereum appeared first on Crypto News Land.
