Polygon (MATIC) Analysis: POL Contracts Deployed On Ethereum Mainnet
Polygon Labs has recently announced the successful deployment of contracts for its next-generation cryptocurrency, POL, on the Ethereum mainnet.
The team at Polygon Labs has migrated the POL token contract to the Ethereum network, laying the foundation for it to potentially replace MATIC in the future.
POL Ethereum Contract Deployed
The POL cryptocurrency is strategically designed to evolve from the existing MATIC token and is in alignment with the architecture for the upcoming Polygon 2.0 upgrade. Polygon completed the deployment of the testnet earlier this month. It is important to note that, currently, MATIC holders are not required to exchange their tokens for POL.
According to Polygon Labs, “The POL token upgrade is now live on the Ethereum mainnet. Polygon 2.0, set for release this summer, outlines a roadmap for scaling Ethereum to build the Value Layer of the Internet. POL unlocks this future by empowering a vast ecosystem of ZK-based L2 chains through a native re-staking protocol. This protocol allows POL holders to validate multiple chains and perform various roles on each of those chains, turning POL into a highly productive token.”
This significant milestone is the result of months of development, extensive community consultation, and a successful testnet launch, for which Polygon Labs expresses their gratitude to everyone involved.
Paving The Way For Polygon 2.0
Blockchain data indicates that the POL token was created on October 25th at 9:06 a.m. UTC. It will fuel a vast ecosystem of zero knowledge-based Layer-2 chains through the implementation of a re-staking protocol. This protocol enables token holders to stake POL on multiple chains and perform diverse functions simultaneously.
The launch of POL also sets the stage for the implementation of other aspects of the Polygon 2.0 roadmap, including the introduction of a new staking layer for the larger Polygon ecosystem, upgrading the current Proof-of-Stake network to zkEVM Layer-2, and the development of a shared liquidity protocol for all Polygon networks.
POL Currently Not Being Used
It is important to note that the POL token is not currently being utilized for any systems within the Polygon Network. Staking on Polygon zkEVM and Polygon PoS is being conducted using the MATIC token. Additionally, all gas fees on the network are being paid with the MATIC token.
Polygon Labs had previously revealed the development of its new Layer-2 ecosystem on June 29th, referring to it as Polygon 2.0. Later, on September 14th, the team confirmed that Polygon 2.0 would be employing a new token. However, at that time, the token was still in the proposal stage and had not been deployed on Ethereum. Polygon Layer-2 will employ zero-knowledge proofs to validate transactions across various networks. Competitors in this space include Optimism Labs, which will leverage its optimistic roll-up technology to secure messages between networks.