Polygon has revealed that holders of its MATIC token can now transfer their assets to the newly launched POL token.
On October 26, Polygon, a leading Layer 2 scaling solution for ethereum (eth), announced the start of its POL token upgrade.
The latest development via an
The move marks a significant step in Polygon’s ongoing “Polygon 2.0” revamp, which aims to introduce a new layer of engagement and other advanced features.
Despite the rumors surrounding the new POL token, Polygon’s native MATIC token saw a 4% drop in 24 hours. However, it is worth noting that the token gained more than 14% over the past week, according to data from CoinMarketCap.
<img decoding="async" width="898" height="495" src="https://crypto.news/app/uploads/2023/10/MATIC_1D_graph_coinmarketcap-1.png” alt=”Polygon 2.0 Token Update Goes Live on ethereum Network – 1″/>
The POL token is designed to support Polygon’s next layer of staking. Validators will have the option to re-stake their POL tokens to secure multiple Polygon chains simultaneously. Additionally, they can offer various validation services, including transaction sequencing and test generation.
Polygon’s ecosystem is diverse and features ZkEVM, a Layer 2 rollup, PoS Chain, its established ethereum sidechain, and Supernets, a Layer 3 architecture. The project is also in the process of developing Miden, a Layer 2 solution based at ZK-STARK.
The POL token is not linked to the MATIC regulation
As previously reported by crypto.news, recent regulatory developments do not influence the transition from MATIC to POL. According to Polygon Labs, the classification of MATIC and other tokens as securities by the US Securities and Exchange Commission in its lawsuits against Binance and Coinbase is unrelated to this update.
Polygon Labs initially introduced these changes in June 2023 as part of its Polygon 2.0 roadmap. The roadmap also includes plans for a revamped decentralized governance structure, with a dedicated ecosystem council to oversee smart contract upgrades.
While the POL token upgrade is a major milestone for Polygon, it is clear that the project has a comprehensive roadmap ahead, promising further advancements in the Layer 2 space.
