Polygon Labs Deploys Next-Generation Cryptocurrency Contracts on Ethereum Mainnet
Polygon Labs has successfully deployed contracts for its next-generation cryptocurrency, POL, on the Ethereum mainnet. This follows a testnet deployment earlier this month. The deployment of POL comes after the approval of several Polygon Improvement Proposals (PIPs) in September. These proposals outlined the specifications for the POL token, which is an evolution of MATIC and designed to align with the upcoming Polygon 2.0 upgrade.
Two key proposals were approved: PIP-17, which initiates the POL cryptocurrency upgrade, and PIP-19, which recommends adopting POL as Polygon’s proof-of-stake native gas and staking coin. As a result, POL will serve as the primary cryptocurrency for the Polygon 2.0 ecosystem, supporting zero-knowledge-based Layer 2 chains and incorporating features like staking, community ownership, and governance.
Polygon Labs stated that POL is a next-generation token that will power an extensive ecosystem of zero knowledge-based Layer 2 chains through a native re-staking protocol. This protocol allows POL holders to validate multiple chains and perform various roles on each chain.
Preparing for the Polygon 2.0 Upgrade
Although the POL token has been deployed on the Ethereum mainnet, it will not immediately replace MATIC. The replacement requires governance approval and will be synchronized with the rollout of the Polygon 2.0 upgrade.
The final steps towards the upgrade include launching a new staking layer to fuel Polygon Layer 2 chains, transitioning Polygon’s proof-of-stake to zkRollup, and implementing a ZK-powered interoperability and shared liquidity protocol for all Layer 2s.
Hot Take: Polygon Takes Another Step Towards Enhanced Scalability
Polygon Labs’ deployment of contracts for the POL cryptocurrency on the Ethereum mainnet marks another significant milestone in the project’s journey towards enhanced scalability. With the upcoming Polygon 2.0 upgrade, POL will play a crucial role as the primary cryptocurrency for Polygon’s ecosystem of zero-knowledge-based Layer 2 chains.
This deployment showcases Polygon’s commitment to continuous development and innovation in the blockchain space. By incorporating features like staking, community ownership, and governance, Polygon aims to create a robust and versatile platform that can support various decentralized applications and enable seamless scalability.
As Polygon prepares for the final steps of the upgrade, including the replacement of MATIC and the implementation of zkRollup technology, it is poised to become a leading solution for high-performance blockchain infrastructure. The future looks promising for Polygon and its growing community as it strives to revolutionize the scalability of decentralized networks.
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