Successful Implementation of POL Contracts on Ethereum Mainnet
Polygon Labs has recently announced the successful implementation of contracts for the highly anticipated cryptocurrency POL on the Ethereum mainnet. This new digital currency has evolved from MATIC and is intricately designed to align with the architecture of the upcoming Polygon 2.0 upgrade.
Migration Process and Current Status
The transition process is in progress, with 10 million MATIC tokens already migrated to POL. Notably, the demigration function remains active, allowing users the flexibility to migrate POL back to MATIC as per their preferences.
Upcoming Activation of PIP-19 and Transition Phases
In early 2024, with the activation of PIP-19, all MATIC on Polygon Proof of Stake (PoS) will seamlessly transform into POL. The final phase of this transition is anticipated in mid-2024, marking the shift of staking operations to POL.
Key Features of the POL Update
The POL update is a pivotal moment in the Polygon 2.0 roadmap. It paves the way for several significant developments, including:
- Launching a new staking layer to empower Polygon layer-2 solutions.
- Updating Polygon PoS to zkRollup technology for enhanced efficiency.
- Implementing an advanced Zero-Knowledge (ZK) powered interoperability and shared liquidity protocol for all Polygon layer-2 networks.
Important Note for Users
Existing Polygon PoS users, Polygon zkEVM users, and MATIC owners need not take any immediate action. The POL update does not replace active systems on Polygon PoS or Polygon zkEVM networks. All existing contracts will continue to function as originally designed, ensuring a seamless transition for the Polygon community.