The official announcement stated, “Today marks a major milestone on the Polygon 2.0 journey toward building the Value Layer of the Internet. The upgrade to POL has been initiated on Ethereum mainnet, after months of development, community consultation and a successful testnet launch.”
Polygon Labs has launched the token contracts for POL, the next-gen cryptocurrency that will eventually replace MATIC as Polygon's native token, on the Ethereum (ETH) mainnet.
In the blog post, Polygon Labs noted the launch of the POL token will pave the way for the updates planned under the Polygon 2.0 roadmap. The firm also clarified that MATIC holders will not be affected by this development as the staking systems on Polygon PoS and the Polygon zkEVM will continue to run on MATIC.
Earlier in July, Polygon Labs published a white paper detailing their plans for the new POL token. As per the document, POL will introduce the third generation of native assets called hyperproductive tokens to the Polygon protocol.
Among other features, these new tokens will improve the scalability of the Polygon ecosystem by allowing validators to verify multiple chains. Polygon Labs reassured the community that the transition from MATIC to POL will be a seamless procedure where users will send their MATIC assets to a smart contract and receive the equivalent amount of POL tokens.
Written by
Ayush Pande
Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.
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