Polygon (MATIC) has deployed POL contracts on Ethereum, paving the way for Polygon 2.0. POL is designed to replace MATIC in the future.
Key Takeaways
- Polygon Labs has deployed contracts for the next-generation cryptocurrency, POL, on the Ethereum mainnet.
- POL will replace MATIC in the future as part of the Polygon 2.0 upgrade.
- This deployment follows a series of approved Polygon Improvement Proposals (PIPs).
- POL will power zero-knowledge-based Layer-2 chains with a re-staking protocol.
- It paves the way for a new staking layer, zkRollup, and shared liquidity protocol in Polygon 2.0.
Polygon Labs has taken a significant step forward by deploying contracts for POL, its next-generation cryptocurrency, on the Ethereum mainnet. This move sets the stage for POL to eventually replace MATIC as part of the anticipated Polygon 2.0 upgrade.
Analysis With Prediction
The POL cryptocurrency is designed to evolve from the existing MATIC token and align with the architecture of Polygon 2.0. While Polygon completed the deployment of its testnet earlier this month, they have made it clear that MATIC holders do not need to exchange their tokens for POL at this time.
Polygon Labs stated, “The POL token upgrade is now live on the 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.”
This development follows a series of now-approved Polygon Improvement Proposals (PIPs), including PIP-17, which initiated the POL cryptocurrency upgrade, and PIP-19, which recommended POL as Polygon’s primary Proof-of-Stake native gas and staking coin. Consequently, POL will serve as the main cryptocurrency for the Polygon 2.0 ecosystem, supporting zero-knowledge-based Layer-2 chains, community ownership, staking, and governance.
Polygon (MATIC) Analysis: POL Contracts Deployed On Ethereum Mainnet#ethereum #ETH #matic-network #MATIC #tafouio #cryptonews pic.twitter.com/3DO1SEDjIu
— tafou.io (@tafouio) October 26, 2023
The POL token’s creation on October 25th marks a pivotal moment for Polygon, enabling it to power a wide array of zero knowledge-based Layer-2 chains through a native re-staking protocol. This will empower token holders to validate multiple chains and perform various functions across these chains.
Polygon’s move to deploy POL contracts also sets the stage for further developments in the Polygon 2.0 roadmap, including a new staking layer, zkRollup implementation, and an advanced ZK-powered interoperability and shared liquidity protocol for all Polygon networks.
To Conclude
Polygon’s deployment of POL contracts on the Ethereum mainnet is a significant milestone in the journey toward Polygon 2.0. This move underscores Polygon’s commitment to enhancing scalability and functionality within the Ethereum ecosystem, ultimately contributing to the growth of the broader blockchain industry. POL’s role as a versatile token powering Layer-2 chains highlights the potential for innovation and expansion within the Polygon network. As the transition from MATIC to POL unfolds, it will be interesting to see how this impacts the dynamics of the Polygon ecosystem and its position in the blockchain space.
