Polygon Labs Introduced POL Token Improve Dwell on ETH Mainnet

• Polygon Labs introduced the POL token improve which is now reside on ETH mainnet.
• Developer relations engineer Jarrod Watts defined POL and MATIC can’t co-exist.
• Watts mentioned customers don’t must take any motion in the meanwhile past offering suggestions.

On Wednesday, Polygon Labs introduced in a put up on X that the POL token improve is now reside on Ethereum mainnet. The Labs burdened that Polygon 2.0 “is a roadmap for scaling Ethereum”  in developing the Worth Layer of the Web. Due to this fact the brand new token POL will substitute MATIC in an improve as they “can’t co-exist.”

In line with Polygon Labs, POL represents a sophisticated token able to fueling an in depth community of Zero-Information-based Layer 2 chains. That is achieved by way of an inherent re-staking protocol, enabling POL holders to validate a number of chains and undertake varied roles inside these chains. In a follow-up to the unique tweet, the agency additionally shared the contact tackle for the POL token on Ethereum.

Whereas there have been some questions associated to the improve, Polygon Labs Developer relations engineer Jarrod Watts clarified everybody’s doubts. As an example, to a query about unstaking of MATIC when swapping it for POL, Watts replied that the person’s involvement can primarily encompass providing suggestions on the instructed modifications within the PIPs (Polygon Enchancment Proposals) and staying vigilant on Github and the discussion board for any forthcoming node software program updates. He provides that that is to make sure compatibility together with your particular chain as soon as the PIPs achieve approval from the group.

Equally, Watts famous that buying POL will contain a migration course of performed by way of a sensible contract. Utilizing a screenshot, Watts additional defined that the improve doesn’t have an effect on the present operations of both the Polygon PoS or Polygon zkEVM networks in the meanwhile. Moreover, customers can interact in discussions on the discussion board in the event that they wish to take part within the governance course of.

Polygon co-founder Mihailo Bjelic additionally shared the information on X declaring the launch of POL. Celebrating the “community-driven governance mechanism,” Bjelic famous,

The POL contracts along with the Polygon Protocol Council, introduced final week, are interlocking gears in a community-driven governance mechanism that can develop into more and more essential in figuring out the way forward for Polygon protocols within the 2.0 period.

On October 19, Polygon proposed the creation of the Polygon Protocol Council. In consequence, MATIC skilled heightened buying and selling exercise in 24 hours. Coin Version reported that crypto merchants had bought and offered 33.8% extra MATIC tokens inside the previous 24 hours in comparison with the day earlier than.