- Polygon Labs distributed contracts for the project’s next-generation cryptocurrency, POL, on the Ethereum mainnet following a testnet distribution earlier this month.
- POL will be the primary cryptocurrency for the Polygon 2.0 ecosystem, supporting the zero-knowledge-based Layer 2 chains’ ecosystem and featuring functionalities such as staking, community ownership, and governance.
- Even though the POL token has been distributed to the Ethereum mainnet, it won’t immediately replace MATIC. Such a change would require governance approval.
Steps are being taken for Polygon 2.0: Polygon Labs is distributing contracts for the POL token on the Ethereum mainnet. All details about POL token!
Polygon 2.0 Progress: Polygon Labs Is Launching the POL Token
Polygon Labs distributed contracts for the project’s next-generation cryptocurrency, POL, on the Ethereum mainnet following a testnet distribution earlier this month. This development occurred following a series of Polygon Improvement Proposals (PIPs) approved in September. These proposals detailed the features of the POL token and outlined the evolution of MATIC, aiming to align the cryptocurrency with the architecture of Polygon 2.0 upgrade.
Multiple significant proposals were on the table, including PIP-17, which initiated the POL cryptocurrency upgrade, and PIP-19, which recommended adopting POL as Polygon’s proof-of-stake native token and staking token. Consequently, POL will be the primary cryptocurrency for the Polygon 2.0 ecosystem, empowering a broad ecosystem of zero-knowledge-based Layer 2 chains through a native re-staking protocol that enables POL holders to validate multiple chains and perform multiple roles on each of these chains. Polygon Labs stated:
“The next-generation hyper-productive token, POL, will empower a broad ecosystem of zero-knowledge-based Layer 2 chains through a native re-staking protocol that enables POL holders to validate multiple chains and perform multiple roles on each of these chains.”
Final steps: Preparing for the Polygon 2.0 upgrade
Although the POL token has been distributed to the Ethereum mainnet, it won’t immediately replace MATIC. Such a change requires governance approval and will be synchronized with the distribution of the Polygon 2.0 upgrade.
The upgrade involves a series of steps, including launching a new staking layer to fuel Polygon Layer 2 chains, transitioning Polygon proof-of-stake to zkRollup, and implementing ZK-based interaction and shared liquidity protocol for all Layer 2 chains.
