Polygon continues to advance its vision of building the value layer of the Internet.
This week, the Polygon Labs development team has deployed the POL token smart contract, the main token of the new Polygon 2.0 network, on the Ethereum mainnet. With this, Polygon is marking an important milestone in consolidating its vision of Building the Internet value layer and unlocking access to the global economy.
After several months of development, the upgrade to the POL token is materializing to boost the new ecosystem of second layer blockchains or layer 2 based on Polygon 2.0's zero-knowledge (ZK) technology.
POL is a next generation hyper-productive token which will allow its holders to participate in the consensus of multiple Layer 2 blockchains on Polygon 2.0, contributing to security in each of these chains and playing various roles within them.
With the upgrade of POL and the deployment of its smart contract on the Ethereum mainnet, Polygon Labs developers have also set in motion a new series of milestones for Polygon 2.0.
The developers highlighted the construction of the Polygon native re-staking protocol, which will serve as a new staking layer to power L2 chains in the Polygon 2.0 ecosystem. They also highlighted the upgrade of Polygon PoS to zkRollup and the implementation of a new, advanced interoperability and shared liquidity protocol, powered by ZK technology, for all L2s on the Polygon network.
These developments are mentioned as part of the Polygon Improvement Proposal (PIP) number 18, which was presented in mid-September and specifies the Phase 0 update for the construction of the new network.
Earlier this month, Polygon Labs deployed the POL token contract on the Goerli testnet from Ethereum.
As reported by Bit2Me News, the new token POL is designed to replace and supersede every single unit of the MATIC token that exists., the current native token of the Polygon network, on a 1:1 basis.
However, as the developers recently explained, this event will occur in the future, so at present, neither MATIC holders, node validators nor application developers have the need to exchange their MATIC tokens for POL or take any other action in relation to this.
At press time, MATIC is trading at $0,64, showing a daily increase of almost 2% and a weekly increase of more than 26%, according to data from CoinMarketCap.
Continue reading: Polygon proposes creating a Protocol Council to lay the foundations for governance 2.0
