Polygon Labs, a leading innovator in the blockchain space, has officially introduced its much-anticipated cryptocurrency, POL, on the Ethereum mainnet, marking a pivotal moment in the journey towards the Polygon 2.0 era.
This significant development follows a successful testnet deployment and demonstrates Polygon’s unwavering commitment to innovation. Earlier this September, the Polygon community gave its resounding approval to a series of Improvement Proposals, including PIP-17 and PIP-19, which outlined the transition from MATIC to POL. This transition aligns seamlessly with the advanced architecture of Polygon 2.0, ushering in a new chapter in Polygon’s evolution.
POL stands out as the successor to MATIC, with a range of enhanced functionalities. While MATIC has been the foundation of the Polygon ecosystem, POL takes it a step further. Serving as the primary cryptocurrency for Polygon 2.0, POL also underpins a vast network of zero-knowledge-based Layer 2 chains.
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.… pic.twitter.com/gmrsu0ZqLz
— Polygon | Aggregated (@0xPolygon) October 25, 2023
One of POL’s most noteworthy features is its native re-staking protocol, empowering POL holders to validate multiple chains and assume diverse roles on each chain. This flexibility enhances POL’s utility within the ecosystem, providing numerous opportunities for users.
It’s important to note that POL won’t replace MATIC immediately. This significant transition requires governance approval and is strategically timed with the launch of Polygon 2.0. The upcoming upgrade includes various essential steps, such as the introduction of a new staking layer, a shift to zkRollup, and the integration of a zk-based interoperability and shared liquidity protocol for all Layer 2s.
Polygon Labs’ outlined roadmap promises an exciting era for Polygon, setting the stage for a future where POL plays a central role in Polygon’s continued evolution.
