Polygon Labs has deployed the contracts for the project’s future cryptocurrency, POL, on the Ethereum mainnet.
Polygon Labs has deployed contracts for the project’s next-generation cryptocurrency, POL, on the Ethereum mainnet following a testnet deployment earlier this month.
The development comes after a series of now-approved Polygon Improvement Proposals in September that detailed the specifications for the POL token. This cryptocurrency is an evolution of MATIC and aims to align with the architecture of the upcoming Polygon 2.0 upgrade. Several key proposals were on the table: PIP-17, which initiates the POL cryptocurrency upgrade, and PIP-19, which recommends the adoption of POL as Polygon’s proof-of-stake native gas and staking coin. As a result, POL will serve as the main cryptocurrency for the Polygon 2.0 ecosystem, supporting an ecosystem of zero-knowledge-based Layer 2 chains and incorporating features such as staking, community ownership and governance.
“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,” said Polygon Labs in a statement.Although the POL token has been deployed on the mainnet, it will not immediately replace MATIC. Such a replacement requires governance approval and will be synchronized with the rollout of the Polygon 2.0 upgrade.
The final upgrade involves several steps: launching a new staking layer to fuel Polygon Layer 2 chains, transitioning Polygon proof-of-stake to zkRollup, and implementing a ZK-powered interoperability and shared liquidity protocol for all the Layer 2s, according to Polygon Labs.© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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