Polygon’s POL Token Contracts Goes Live On Ethereum

Polygon Labs on Wednesday announced that the POL token upgrade is now live on the Ethereum mainnet as part of the Polygon 2.0 roadmap. The POL token will replace the MATIC token as Polygon’s next-generation hyperproductive ecosystem which includes the main Polygon blockchain, the Polygon zkEVM network, and various supernets.

POL Token Contacts Is Live On Ethereum Mainnet

Polygon Labs in a press release on October 25 revealed that POL token upgrade is now live on the Ethereum mainnet. As part of the Polygon 2.0 roadmap, the new POL token will replace the MATIC token as the ecosystem’s native token.

“Today marks a major milestone on the Polygon 2.0 journey toward building the Value Layer of the Internet. The upgrade to POL has been initiated on Ethereum mainnet, after months of development, community consultation and a successful testnet launch.”

POL token will power all Polygon networks — the main Polygon blockchain, the Polygon zkEVM network, and various supernets.

POL upgrade also prepares for the next milestones in the Polygon 2.0 roadmap. It includes the launch of a new staking layer to power Polygon L2, upgrade Polygon PoS to zkRollup, and implement an advanced, ZK-powered interoperability and shared liquidity protocol.

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Polygon Plan To Switch From MATIC To POL

In September, Polygon initiated the migration of MATIC to POL token with the release of three Polygon Improvement Proposals (PIPs). PIP-18 had Phase 0 plans to build a network of interconnected zero knowledge-powered L2 chains that scale Ethereum to the size of the Internet.

It will make significant changes including upgrades from MATIC to POL token as the native token for Polygon PoS and staking token for Polygon PoS.

MATIC price jumped 21% in a week, with the price currently trading at $0.62. The price is down 4% in the past 24 hours.

Also Read: Binance Set Up HKVAEX To Gain Crypto License In Hong Kong

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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