Polygon Labs Unveils POL Token Upgrade on Ethereum Mainnet
Polygon Labs, a trailblazer in the blockchain industry, recently launched the much-anticipated POL token upgrade on the Ethereum mainnet. This significant milestone, achieved on October 25th, marks a pivotal moment in their journey towards Polygon 2.0. The upgrade, a result of meticulous development, extensive community engagement, and successful testnet trials, has set the stage for Polygon’s future.
POL Token: Catalyst for Polygon 2.0
It’s crucial to understand that the POL token’s introduction to the Ethereum mainnet doesn’t immediately replace MATIC. The transition requires a series of governance procedures, intricately synchronized with the imminent launch of Polygon 2.0. POL serves as a foundational element for Polygon 2.0’s ambitious objectives. Described as a “next-generation hyperproductive token,” POL energizes a thriving ecosystem of zero knowledge-based Layer 2 chains. This is made possible through a native re-staking protocol, allowing POL holders to validate multiple chains and undertake vital roles like sequencing, ZK proof generation, and participation in data availability committees.
An Evolution in the Ecosystem
The upgrade introduces a staking layer, reinforcing support for Polygon Layer 2 solutions, and advancing Polygon PoS to zkRollup technology. Additionally, it brings ZK-powered interoperability and a shared liquidity protocol for all Layer 2 solutions. These advancements signify a major step towards a more interconnected blockchain ecosystem.
Maintaining System Integrity
Despite this significant upgrade, Polygon Labs has ensured that active systems on both Polygon PoS and Polygon zkEVM networks remain unaffected. All existing contracts will continue operating as originally designed, ensuring a seamless transition for the network’s users.
Polygon 2.0 Vision
Polygon Labs unveiled their ambitious vision for Polygon 2.0 in June 2023. This vision encompasses four distinct protocol layers: staking, interop, execution, and proving. The ecosystem is designed to facilitate rapid value transfer and seamless information exchange through cutting-edge zero-knowledge technology.