Polygon Labs Distributes Contracts for POL Token on Ethereum Mainnet
Polygon Labs has recently distributed contracts for its next-generation cryptocurrency, POL, on the Ethereum mainnet after a successful testnet distribution earlier this month. This milestone follows the approval of several Polygon Improvement Proposals (PIPs) in September, outlining the features of POL and the evolution of MATIC to align with the Polygon 2.0 upgrade.
POL: The Core Cryptocurrency for Polygon 2.0 Ecosystem
POL will serve as the primary cryptocurrency for the Polygon 2.0 ecosystem, supporting zero-knowledge-based Layer 2 chains. It boasts features such as staking, community ownership, and governance. The token will empower a diverse ecosystem of Layer 2 chains through a native re-staking protocol, enabling POL holders to validate multiple chains and perform various roles on each of them.
POL Token Distribution and Governance Approval
Despite the distribution of POL tokens on the Ethereum mainnet, it will not immediately replace MATIC. Such a transition necessitates governance approval and will be synchronized with the overall Polygon 2.0 upgrade. Polygon Labs is diligently working on finalizing the upgrade process, which includes launching a new staking layer for Polygon Layer 2 chains, transitioning to zkRollup for Polygon’s proof-of-stake, and implementing ZK-based interaction and shared liquidity protocols for all Layer 2 chains.
Conclusion
The introduction of the POL token marks a significant step in the evolution of Polygon’s ecosystem. With its innovative features and broad ecosystem support, POL is poised to play a central role in the Polygon 2.0 upgrade. Stay tuned for more updates as Polygon Labs continues to advance the project and enhance the capabilities of its decentralized network.
