Polygon Labs has announced the launch of the POL token upgrade on the Ethereum mainnet. This development comes after months of development, community consultation, and a successful testnet launch.
The POL token upgrade is seen as a stepping stone for the upcoming goals outlined in the Polygon 2.0 roadmap. According to the official announcement, the upgrade will enable POL to power a vast ecosystem of zero-knowledge-based Layer 2 chains. POL holders will be able to validate multiple chains and perform various roles on each of those chains, including sequencing, ZK proof generation, and participation in data availability committees.
However, it’s important to note that the deployment of POL on the mainnet does not automatically replace MATIC. The transition requires approval through governance processes and will be synchronized with the launch of the Polygon 2.0 upgrade.
Polygon Labs has clarified that the POL token upgrade does not alter active systems on either the Polygon PoS or Polygon zkEVM networks. All existing contracts will continue to function as previously designed.
Polygon 2.0, introduced in June 2023, envisions a scaling ecosystem comprising four distinct protocol layers – staking, interop, execution, and proving. The goal is to create an interconnected chain ecosystem that facilitates rapid value transfer and seamless information exchange using zero-knowledge technology.
The latest upgrade and announcements have not had any noticeable impact on MATIC’s price. Despite being embroiled in regulatory turmoil, MATIC has recorded nearly 25% in monthly gains.
For more information about the POL token upgrade, refer to the official announcement here.
Sources:
– Polygon Labs: Polygon 2.0 Milestone: POL Contracts Are Live On Ethereum Mainnet
– Polygon Labs: Polygon 2.0: Everything You Need to Know About 3 PIPs and Phase 0
Quoted statement from Polygon Labs:
“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 (sequencing, ZK proof generation, participation in data availability committees, etc.).”
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