Polygon Labs, the creators of the Polygon network, have exciting news to share with the crypto community. They have announced the highly anticipated rollout of their new smart contract token, POL, on the Ethereum mainnet. This token upgrade aims to replace the longstanding MATIC token as an ecosystem asset.
The deployment of POL took place on October 25 at approximately 09:06 AM (UTC), as confirmed by on-chain data on the Etherscan platform. It was launched on the Ethereum network at block height 18426253, following 2,620 block confirmations.
The Future of Polygon 2.0
POL is a key player in the future vision of Polygon 2.0, the layer-2 scaling solution developed by the Polygon network. With the development of Polygon 2.0, the team aims to unlock the full potential of both the Ethereum and Polygon blockchain protocols.
The initiative to develop Polygon 2.0 architecture was first announced on June 12, and in their recent post, Polygon highlighted that this new frontier would provide unlimited scalability and unified liquidity. The goal is to transform Polygon into a value layer of the internet.
Further details were shared in a September 14 post, where Polygon Labs outlined their proposal implementation for three Polygon Improvement Proposals (PIPs). These proposals focus on four main upgrades, including the migration of MATIC to POL. The new token will be responsible for network fees and staking functions, which were previously handled by MATIC.
The first phase of the roadmap has been successfully executed, and Polygon’s layer-2 scaling solution is now preparing for a full launch, possibly in the fourth quarter of this year.
POL’s Role and Impact
POL is set to play a crucial role in powering a vast ecosystem of zero-knowledge-based layer 2 blockchains. It will serve as the backbone for implementing a re-staking protocol across multiple chains. This feature will enable POL token holders to secure their assets on various blockchain protocols while performing other functions elsewhere.
The successful deployment of the POL smart contract token on the Ethereum mainnet will also pave the way for the implementation of Polygon 2.0’s roadmap. This strategic direction includes the development of a new staking layer for the Polygon network and a transition from the modular proof-of-stake (PoS) consensus mechanism to a zero-knowledge Ethereum Virtual Machine (zkEVM) layer-2 protocol.
In addition, a shared liquidity protocol will be created for all Polygon-based networks, enhancing the overall user experience.
It is important to note that while reports have surfaced of users swapping their MATIC tokens for POL, the Polygon team clarified that MATIC remains the default payment and staking mechanism for on-chain transactions. POL will gradually replace it as the protocol’s ecosystem token in the near future.
With the rollout of POL, Polygon Labs is taking a significant step forward in realizing the full potential of Polygon 2.0 and cementing its position as a leading player in the blockchain industry.
