Polygon Deploys Contracts for Next-Generation Cryptocurrency POL on Ethereum Mainnet
Polygon Labs has successfully deployed contracts for its next-generation cryptocurrency, POL, on the Ethereum mainnet. The migration of the POL token contract to the Ethereum network paves the way for it to replace MATIC in the future.
POL Ethereum Contract Deployed
The POL cryptocurrency is designed to evolve from the existing MATIC token and will align with the architecture for the upcoming Polygon 2.0 upgrade. The testnet for Polygon 2.0 was deployed earlier this month. However, there is currently no need for MATIC holders to exchange their tokens for POL.
“The POL token upgrade is now live on Ethereum mainnet. Polygon 2.0, released this summer, is a roadmap for scaling Ethereum to build the Value Layer of the Internet. POL unlocks that future. POL is a next-generation token that can power a vast ecosystem of ZK-based L2 chains. It does that via a native re-staking protocol that allows POL holders to validate multiple chains and perform multiple roles on each of those chains, turning POL into a hyperproductive token. This major milestone is the result of months of development, extensive community consultation, and a successful testnet launch. Big thanks & congratulations to everyone involved.”
This development follows the approval of several Polygon Improvement Proposals (PIPs) in September. These proposals outlined the specifications for the POL token and included PIP-17, which initiated the POL cryptocurrency upgrade, and PIP-19, which recommended adopting POL as Polygon’s primary Proof-of-Stake native gas and staking coin.
Paving The Way For Polygon 2.0
The creation of the POL token took place on October 25th, and it will power a vast ecosystem of zero-knowledge-based Layer-2 chains through a re-staking protocol. This protocol allows token holders to stake POL on multiple chains and perform various functions.
“POL, a next-generation hyperproductive token, will power a vast ecosystem of zero knowledge-based Layer 2 chains via a native re-staking protocol that allows POL holders to validate multiple chains and perform multiple roles on each of those chains.”
The launch of POL will enable the implementation of other aspects of the Polygon 2.0 roadmap, including a new staking layer for the larger Polygon ecosystem, upgrading the Proof-of-Stake network to zkEVM Layer-2, and creating a shared liquidity protocol for all Polygon networks.
“The POL upgrade also paves the way for the next series of milestones in the Polygon 2.0 roadmap. That list includes launching a new staking layer to power Polygon L2s, upgrading Polygon PoS to zkRollup, and implementing an advanced, ZK-powered interoperability and shared liquidity protocol for all these L2s.”
POL Currently Not Being Used
It is important to note that the POL token is not currently being used for any systems in the Polygon Network. MATIC is still being used for staking on Polygon zkEVM and Polygon PoS, as well as for paying gas fees on the network.
Polygon Labs introduced its new Layer-2 ecosystem, Polygon 2.0, in June and announced that it would be using a new token on September 14th. However, at that time, the token was still in proposal stage and had not been deployed on Ethereum. The zero-knowledge proofs used by Polygon Layer-2 for validating transactions between networks will pose competition to Optimism Labs and its optimistic roll-up technology.
Hot Take: Polygon Deploys Contracts for POL Token on Ethereum Mainnet, Paving the Way for Polygon 2.0
Polygon Labs has successfully deployed the contracts for its next-generation cryptocurrency, POL, on the Ethereum mainnet. This significant milestone allows POL to replace MATIC in the future and aligns with the upcoming Polygon 2.0 upgrade. The deployment of the POL token contract enables it to power a vast ecosystem of zero-knowledge-based Layer-2 chains through a re-staking protocol, turning POL into a hyperproductive token. With the implementation of POL, Polygon is paving the way for the next series of milestones in its roadmap, including a new staking layer, zkEVM Layer-2 upgrade, and shared liquidity protocol. This development solidifies Polygon’s position as a leading player in scaling Ethereum and building the Value Layer of the Internet.
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