“Polygon takes its next big step towards decentralization as it deploys the highly anticipated POL token contract on the Ethereum network, opening up new possibilities for seamless cross-chain transactions and enhanced scalability.”
Polygon Labs, the team behind the Layer 2 scaling network Polygon, has launched its new token contract on the Ethereum mainnet. The next-generation POL token is intended to replace the existing native token MATIC and power an ecosystem of zero knowledge-based (ZK) Layer 2 chains.
The POL token is designed as a “hyperproductive token” that will enable POL holders to validate multiple chains and perform various roles on each of those chains. This includes sequencing and ZK proof generation. The restaking protocol associated with the POL token allows for this functionality.
The upgrade to the POL token does not affect users of Polygon’s Proof-of-Stake or zkEVM networks. Existing contracts will continue to operate as before. However, the transition from MATIC to POL will eventually make POL the native token of the Polygon network.
Similar to other productive tokens, POL holders can become validators on the network and receive rewards. However, POL takes it a step further by allowing validators to validate across multiple chains.
The transition from MATIC to POL requires a simple technical upgrade. Users need to send their MATIC tokens to an upgraded smart contract, which will return the equivalent amount of POL tokens.
Polygon Labs sees this upgrade as part of its wider goal to bring the Polygon 2.0 roadmap to life. The network aims to become the “value layer of the internet” by unifying protocols across zkEVMs, PoS, and Supernets.
Overall, the launch of the POL token on the Ethereum mainnet marks an important step in Polygon’s evolution and its vision for a scalable and efficient Layer 2 ecosystem.