Polygon Labs has announced that the POL token upgrade is now available on the ethereum mainnet.
The upgrade to POL was launched on the ethereum mainnet after several months of development, community consultations, and a successful testnet launch.
POL token refresh goes live
Although POL has been implemented on the mainnet, this does not imply that the token will automatically replace MATIC. Such a transition requires approval through governance processes and will be synchronized with the release of the Polygon 2.0 update.
According to the official technology/blog/polygon-2-0-milestone-pol-contracts-are-live-on-ethereum-mainnet” target=”_blank” rel=”noopener” data-wpel-link=”external”>advertisementThe POL update serves as a springboard to the upcoming goals outlined in the Polygon 2.0 roadmap.
“POL, a next-generation hyper-productive token, will power a vast ecosystem of zero-knowledge-based Layer 2 chains through a native staking protocol that allows POL holders to validate multiple chains and play multiple roles on each of those. chains (sequencing, ZK test generation, participation in data availability committees, etc.).”
This includes introducing a staking layer to support Polygon L2, upgrading Polygon PoS to zkRollup, and implementing ZK-powered interoperability and shared liquidity protocol for all of these L2s.
Polygon Labs clarified that the update does not alter active systems on the Polygon PoS or Polygon zkEVM networks at this time. In fact, all existing contracts will continue to operate as previously designed.
Polygon 2.0
In June 2023, Polygon Labs introduced Polygon 2.0 with the vision of a scalable ecosystem comprising four distinct protocol layers (staking, interoperability, execution, and testing) in a bid to create an interconnected chain ecosystem that facilitates rapid transfer of value. and a seamless exchange of information using zero-knowledge technology.
The scaling technology company subsequently submitted three polygon improvement proposals (PIPs) detailing its ambitious roadmap.
The latest development does not appear to have had any impact on MATIC, which is down 4.10% over the past day and is currently trading at $0.634. Moving away, the token posted nearly 25% monthly gains despite being embroiled in regulatory turmoil.
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