Polygon Labs, makers of the Polygon community, has introduced the rollout of its a lot anticipated POL smart contract token on the Ethereum mainnet.
The Polygon group shared this thrilling growth on X (previously Twitter), explaining that the brand new token improve is meant to exchange the age-old MATIC token as an ecosystem asset.
The POL token improve is now dwell on Ethereum mainnet.
Polygon 2.0, launched this summer season, is a roadmap for scaling Ethereum to construct the Worth Layer of the Web. POL unlocks that future.
POL is a next-generation token that may energy an unlimited ecosystem of ZK-based L2 chains.… pic.twitter.com/gmrsu0ZqLz
— Polygon (Labs) (@0xPolygonLabs) October 25, 2023
On-chain data on the Etherscan platform exhibits that POL was deployed on October 25 at roughly 09:06 AM (UTC).
POL (Polygon Ecosystem Token) was launched on the Ethereum network at block peak 18426253 following 2,620 block confirmations.
Offering an underlying context for retiring the MATIC token, the Polygon group mentioned POL is a key participant in its drive for the way forward for Polygon 2.0.
Polygon 2.0 is the layer-2 scaling solution’s subsequent step towards unlocking the total potential of each the Ethereum and Polygon blockchain protocols.
The Polygon community first knowledgeable the world of its intentions to develop a Polygon 2.0 structure on June 12.
Within the X put up, Polygon said that this new frontier would offer limitless scalability and unified liquidity in a bid to remodel Polygon into a price layer of the web.
1/ Immediately, we’re excited to suggest the Polygon 2.0 structure, designed to offer limitless scalability and unified liquidity, thus reworking Polygon into the Worth Layer of the Web!
— Polygon (Labs) (@0xPolygonLabs) June 29, 2023
Extra particulars have been shared in a September 14 put up with Polygon saying a proposal implementation for 3 Polygon Enchancment Proposals (PIPs).
Within the put up, Polygon Labs outlined that it could concentrate on 4 essential upgrades, together with migrating MATIC to POL, whereby the brand new token would assume duty for community charges and staking features beforehand held by MATIC.
1/ The wait is over. Polygon 2.0 implementation kicks off now with the discharge of three Polygon Enchancment Proposals (PIPs), and a roadmap for Part 0.https://t.co/gk7FW0zCpc pic.twitter.com/YJo3BtQy4y
— Polygon (Labs) (@0xPolygonLabs) September 14, 2023
To this point, the primary section of their roadmap has been efficiently executed. This layer-2 scaling resolution is now gearing up for a full launch, doubtlessly as early because the fourth quarter of this yr.
POL’s Rising Record of Tasks
POL is about to play a pivotal function in powering an unlimited ecosystem of zero-knowledge-based layer 2 blockchains, providing the spine for implementing a re-staking protocol throughout a number of chains.
This could enable POL token holders to safe their belongings on numerous blockchain protocols whereas performing different features elsewhere.
As well as, the profitable deployment of the POL sensible contract token on the Ethereum mainnet will allow the continued implementation of Polygon 2.0’s roadmap.
This new strategic route will see the event of a brand new staking layer for the Polygon community. There may even be a transition from the modular proof-of-stake (PoS) consensus mechanism to a zero-knowledge Ethereum Digital Machine (zkEVM) layer-2 protocol.
On a closing word, a wholly new shared liquidity protocol could be crafted for all Polygon-based networks.
Placing out reviews of customers having to swap their MATIC tokens for POL, the Polygon group mentioned the previous token continues to be the default cost and staking mechanism for on-chain transactions.
POL would solely change it within the close to future because the protocol’s ecosystem token.