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Revealed: October 25, 2023 at 9:55 am Up to date: October 25, 2023 at 9:56 am
Polygon Labs has taken a big step ahead in its evolution by deploying contracts for its new POL cryptocurrency on the Ethereum mainnet. This transfer follows a profitable testnet deployment and displays Polygon’s steady dedication to innovation.
Earlier in September, the Polygon group had handed a sequence of Enchancment Proposals, together with PIP-17 and PIP-19. These proposals mapped out the transition from MATIC to POL, aligning with the structure of the much-anticipated Polygon 2.0 improve. Designed to succeed MATIC, POL integrates seamlessly with the superior options of Polygon 2.0. It goals to spearhead the following chapter in Polygon’s story.
The POL token improve is now reside on Ethereum mainnet.
Polygon 2.0, launched this summer time, is a roadmap for scaling Ethereum to construct the Worth Layer of the Web. POL unlocks that future.
POL is a next-generation token that may energy an unlimited ecosystem of ZK-based L2 chains.… pic.twitter.com/gmrsu0ZqLz
— Polygon (Labs) (@0xPolygonLabs) October 25, 2023
Matic and Pol
The primary distinctions between the 2 tokens lie of their supposed functionalities. Whereas MATIC has been the cornerstone of the Polygon ecosystem, POL guarantees to take it a notch larger. POL won’t solely function the first cryptocurrency for Polygon 2.0 but additionally facilitate an unlimited community of zero-knowledge-based Layer 2 chains.
Certainly one of its hanging options is a local re-staking protocol. This protocol empowers POL holders, permitting them to validate a number of chains and assume various roles on every chain, thus amplifying its utility within the ecosystem.
Of their assertion, Polygon Labs captures the core worth of POL: “POL, a next-generation, high-efficiency token, will energy a broad ecosystem of zero-knowledge-based Layer 2 chains. Its native re-staking protocol offers POL holders the flexibleness to validate on quite a few chains and assume various roles on every.”
Nonetheless, it’s essential to notice that POL gained’t instantly supplant MATIC. Such a monumental transition warrants governance approval and is timed with the launch of Polygon 2.0. Because the improve approaches, a number of pivotal steps stay.
Amongst these are the introduction of a brand new staking layer to propel Polygon’s Layer 2 chains, a shift from Polygon’s proof-of-stake to zkRollup, and the combination of a zk-based interoperability and shared liquidity protocol for all Layer 2s, as highlighted by Polygon Labs. This roadmap units the stage for what guarantees to be an thrilling period in Polygon’s journey.
Nik is an achieved analyst and author at Metaverse Submit, specializing in delivering cutting-edge insights into the fast-paced world of know-how, with a selected emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain growth. His articles interact and inform a various viewers, serving to them keep forward of the technological curve. Possessing a Grasp’s diploma in Economics and Administration, Nik has a strong grasp of the nuances of the enterprise world and its intersection with emergent applied sciences.
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Nik Asti
Nik is an achieved analyst and author at Metaverse Submit, specializing in delivering cutting-edge insights into the fast-paced world of know-how, with a selected emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain growth. His articles interact and inform a various viewers, serving to them keep forward of the technological curve. Possessing a Grasp’s diploma in Economics and Administration, Nik has a strong grasp of the nuances of the enterprise world and its intersection with emergent applied sciences.
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